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Sector Update: Energy

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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