Energy stocks are mostly lower with the NYSE Energy Sector Index falling about 0.5% while shares of energy companies in the S&P 500 are down nearly 0.7% as a group. Crude oil for September delivery settled 95 cents lower at $106.94 per barrel while September natural gas was down 4 cents to $3.35 per 1 million BTU.
In company news, Chevron ( CVX ) has pared a portion of its earlier decline, trading ahead of the close at $124.44 a share, down 1.6%, after posting lower adjusted Q2 earnings that also trailed analyst expectations by $0.21 per share.
The oil major was down as much as 2.5% this morning after reporting Q2 earnings of $2.77 per share, ex one-time items, down from a $3.66 per share gain in the year-ago period. Revenue declined 8.3% from the same quarter last year to $57.37 billion, missing the analyst consensus by $7.64 million.
In other sector news,
(+) ATHL, Prices initial public offering of 15.8 million shares at $20 each, the top of its projected $18 to $20 range and generating nearly $316 million in gross proceeds.
(-) LTBR, Narrows Q2 net loss by $0.03 from a year ago, posting $0.08 per share loss. Revenue declines 30% year over year to $700,000. Expects R&D costs of $3 million to $4 million over next 12 to 15 months - roughly matching to nearly double current spending levels.
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