Microsoft’s skid is a 128-point drag on the Dow industrials early Wednesday
Microsoft Corp.'s stock ...
Microsoft Corp.'s stock MSFT, -7.88% took a 7.7% dive in morning trading Wednesday, toward the biggest one-day decline in 2 1/2 years, after the software behemoth provided a disappointing second-quarter revenue outlook. The stock was by far the biggest decliner in the Dow Jones Industrial Average DJIA, 0.29%, as the second-place loser was fellow software company Salesforce Inc.'s stock CRM, -1.52%, which fell 1.6% in sympathy. The $19.37 price decline in Microsoft's stock was shaving about 128 points off the Dow's price, while the Dow fell 7 points, or less than 0.1%, despite 22 of 30 components gaining ground.
Nasdaq steers Wall Street lower at open after tech earnings disappointments
U.S. stocks opened mostly lower on Wednesday as earnings from Microsoft ...
U.S. stocks opened mostly lower on Wednesday as earnings from Microsoft MSFT, -7.65% and Alphabet GOOG, -7.67% disappointed investors, dragging on the Nasdaq. The S&P 500 SPX, -0.70% fell 33 points, or 0.9%, to 3,825. The Dow Jones Industrial Average DJIA, 0.00% rose 13 points, or less than 0.1%, to 31,849. The Nasdaq Composite COMP, -1.61% retreated 242 points, or 2.2%, to 10,956.
The American Petroleum Institute (API) reported a build this week for crude oil of 4.520 million barrels....
The American Petroleum Institute (API) reported a build this week for crude oil of 4.520 million barrels. U.S. crude inventories have grown by roughly 32 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by six times that figure, at 192 million barrels.
The build in crude oil inventories includes the Department of Energy’s release of 3.4 million barrelsfrom the Strategic Petroleum Reserves in the week ending October 21, leaving the SPR with 401.7 million barrels
Benchmark U.S. crude oil for December delivery rose 74 cents to $85.32 a barrel Tuesday. Brent crudefor December delivery rose 26 cents to $93.52 a barrel.
Wholesale gasolinefor November delivery rose 19 cents to $2.92 a gallon. November heating oilrose 5 cents to $3.97 a gallon. November natural gasrose 41 cents to $5.61 per 1,000 cubic feet.
Chesapeake Energy Trims Workforce Ahead of Oil Properties Sale
U.S. shale gas producer Chesapeake Energy Corp. last week cut...
U.S. shale gas producer Chesapeake Energy Corp. last week cut about 3% of its workforce, according to people familiar with the matter, as it readies a sale of South Texas oil properties.
The company this year said it would exit oil-producing properties in the Eagle Ford shale region of Texas to focus on its mainstay natural gas operations. The Oklahoma City-based company this year has faced pressure from an activist investor to boost its value.
About 40 workers, including geologists and geoscientists, involved in its oil production were dismissed last week, the people said. Chesapeake has about 1,200 employees in total.
