After a day of disappointment on Wednesday, markets have returned to normal on Thursday with a number of high profile companies beating estimates and setting up for some nice intraday gains. Here are a couple to keep an eye on.
First on today’s watch list is ConocoPhillips. ConocoPhillips explores for, develops, and produces crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide.The company has had a mixed week so far, trading relatively flat throughout Monday and Tuesday before gapping into Wednesday and declining ever since. Today however, the company has reported its first quarter 2014 earnings before the bell in the US.
Net income declined slightly versus the same quarter last year, from $2.14 billion, or $1.73 cents a share to $2.12 billion, or $1.71 cents a share, but came in way ahead of expectations. This upside surprise should boost the stock as the day matures. Currently up 1.52% at 75.44 pre market, look for an initial target of yearly highs at 74.77.
Exxon Mobil Corporation (XOM)
Sticking with the industry for today’s second hot stock, another one to keep an eye on is Exxon Mobil Corporation. Exxon explores and produces crude oil and natural gas all over the world. As with Conoco, Exxon posted earnings early Thursday morning, beating expectations across the board. Earnings including items hit $2.10 per share, versus $2.12 per share during the same period last year, compared to a consensus forecast of $1.88 per share on $108.8 billion in revenue. In addition to an intraday play, Exxon is leading the charge as far as US energy independence is concerned, with a real focus on the shale industry. This makes the company something of an attractive buy and hold for the longer term participants.
The stock recently broke all time highs to trade above the 100 flat handle, making target target projection difficult. A 0.55% premarket gain would suggest a similar intraday movement however, so look for an initial target at 103.53.
To contact the reporter of this story: Samuel Rae at Samuel@forexminute.com