NEW YORK, NY / ACCESSWIRE / July 24, 2017 / Shares of General Electric saw a drop on Friday after reporting weak financial results for the second quarter. Traders may also be nervous about new leadership taking over August 1st as Jeff Immelt leaves the company. Shares of Schlumberger also saw a small decline despite reporting second quarter results that beat estimates, but were dragged lower as oil prices took a fall.

RDI Initiates Coverage on:

General Electric Company
https://ub.rdinvesting.com/news/?ticker=GE

Schlumberger Limited
https://ub.rdinvesting.com/news/?ticker=SLB

General Electric Company's shares closed down 2.92% on a little over 90 million shares traded on Friday. While trading volume was significant, the stock sank to the lowest close it has seen in almost two years. The last time shares fell this much after an earnings result was back in 2013. The company released disappointing second quarter results and a discouraging outlook looking ahead. This is now the eighth straight quarter that General Electric has seen its shares drop after reporting results. Since exiting CEO Jeff Immelt was in office, the company has lost around $170 billion in market value. For the second quarter, General Electric posted a 59% decline in profit. Looking forward, Immelt said, "Given our outlook on oil and gas, we are trending to the bottom end of the range of $1.60 to $1.70 EPS for the year." The street had been calling for $1.62 for 2017. John Flannery will be taking over as CEO on August 1st. Analyst Jim Corridore of CFRA remarked, "It's discouraging that we're going to wait again for the company to perform as we wait for the new CEO to review everything."

Access RDI's General Electric Company Research Report at:
https://ub.rdinvesting.com/news/?ticker=GE

Schlumberger Limited's shares closed down a modest 0.73% on Friday with nearly 11 million shares traded. The Netherlands-based company reported a loss of $74 million in the second quarter and a loss of 5 cents per share. Adjusted earnings however came in at 35 cents, which topped Wall Street's expectations of just 30 cents per share. Revenue for the period came at $7.46 billion which was also ahead of the $7.26 billion that Wall Street was looking for. So why the loss for the world's largest oilfield services company after beating estimates? Lower oil prices. Raymond James analyst Praveen Narra remarked, "Schlumberger posted a strong beat driven primarily by robust Production and Drilling results, including a very strong U.S. land (and particularly frac) increase. We expect the stock to outperform on the print along with other U.S. service providers. We expect investor inquiry into the outlook for U.S. land and the pace of international recovery, particularly given the oil price weakness." Since the beginning of the year, shares of the stock have slid 20%.

Access RDI's Schlumberger Limited Research Report at:
https://ub.rdinvesting.com/news/?ticker=SLB

Our Actionable Research on General Electric Company (NYSE: GE) and Schlumberger Limited (NYSE: SLB) can be downloaded free of charge at Research Driven Investing.

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Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.

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