Why did SCL.HA move?
Written after the close on
Schlumberger rose sharply in the latest session on four new Saudi well contracts. Over the last five trading days Schlumberger fell clearly while the S&P 500 was roughly flat, so the week was weak even though the final session bounced. The drop likely reflected profit-taking and caution ahead of the late-October earnings report, partly offset by the Saudi Aramco well contracts won earlier in the week. Watch the late-October results for confirmation of whether the contract wins are feeding through to orders and margins.
Earlier this week
Schlumberger fell sharply as oilfield-services nerves outweighed fresh Saudi contracts. Over the last five trading days Schlumberger weakened markedly, outpacing a slightly softer broad market, with the heaviest selling in the most recent session. The pullback likely reflects profit-taking after the stock had held near recent highs into the late-October earnings report, and partly a cautious read on oilfield spending even after the company won four Saudi well contracts earlier in the week. Watch the late-October results and any follow-through in oil prices, since demand for drilling and well services is what usually drives this stock.