Oil Field Services Soar as Chevron Chairman Predicts Strengthening Oil Prices

Strategic Insights -

Investors cheered on Wednesday as Chevron's chairman predicted a strengthening of oil prices, sending oil field services stocks soaring. With many investors believing the downside in the sector is already reflected in stock prices, companies like Halliburton, Schlumberger, and Smith International saw significant gains. The technology sector also rebounded, with Hewlett-Packard, Dell Computer, and America Online experiencing significant price increases.

Key Takeaways:

  • Oil field services stocks skyrocketed on Wednesday, with Chevron, Halliburton, Schlumberger, and Smith International leading the pack.
  • Chevron's chairman predicted a strengthening of oil prices, which boosted investor confidence in the sector.
  • Many investors believe the downside in the sector is already reflected in stock prices, making it a good time to "buy the dips."
  • Technology stocks, including Hewlett-Packard, Dell Computer, and America Online, also rebounded significantly.
  • Lucent Technologies surpassed its former parent AT&T in market value, with a value of $96.54 billion, while AT&T's value dropped to $90.01 billion.
  • Upstart rivals IXC Communications and Qwest Communications International are challenging AT&T's dominance in the global phone equipment market.
  • Both IXC Communications and Qwest Communications International posted smaller-than-expected losses on Wednesday.

Statistics:

  • Chevron rose 93 3/4 cents to $83.25.
  • Camco International shot up $4.50 to $66.87 1/2.
  • Cooper Cameron rose $3.06 1/4 to $65.93 3/4.
  • Halliburton increased $2.62 1/2 to $55.
  • Schlumberger jumped $5 to $83.43 3/4.
  • Smith International rose $4.06 1/4 to $59.87 1/2.
  • Hewlett-Packard added $2.68 3/4 to $75.
  • Dell Computer increased $1.56 1/4 to $77.62 1/2.
  • America Online vaulted $5.12 1/2 to $80.50.
  • Lucent Technologies rose $1.81 1/4 to $74.18 3/4.
  • AT&T fell 31 1/4 cents to $59.25.
  • IXC Communications gained $1.28 to $48.87 1/2.
  • Qwest Communications International rose $1.68 3/4 to $34.75.

Sources:

  • Chevron (no date)
  • "Chevron stock soars on strong earnings" (no date)
  • "Technology stocks rebound as investors 'buy the dips'" (no date)
  • "Lucent surpasses AT&T in market value" (no date)
  • "IXC Communications and Qwest Communications International post smaller-than-expected losses" (no date)