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Sector Update: Energy

Energy stocks were narrowly higher, with the NYSE Energy Sector Index rising about 0.2% while shares of energy companies in the S&P 500 were up about 0.3% as a group. Crude oil for December delivery was down 52 cents at $78.16 per barrel while December natural gas was up for a fourth day in a row, rising 9 cents to $4.29 per 1 million BTU.

In company news, Ion Geophysical Corp. ( IO ) declined Thursday after seismic services provider for the petroleum industry recorded a Q3 net loss exceeding analyst estimates.

The company turned in a $24.5 million, or $0.15 per share, net loss during the three months ended Sept. 30, missing the analyst consensus looking for a $0.01 per share net loss. Revenue grew 33% year over year to $106.5 million, also trailing the Street view by around $18.5 million.

IO shares recently were down more than 9% at $2.42 a share, just 2 cents above its session low. The stock has traded within a 52-week range of $2.30 to $4.73 a share, falling almost 30% over the past year prior to Thursday's losses.

In other sector news,

(+) ANR, (+5.8%) Extending post-election surge for coal-mining stocks, with the incoming Republican majority in both houses of Congress seen as much more friendly to coal interests.

(-) BBG, (-6.9%) Q3 net loss of $0.06 per share is $0.06 wider than Capital IQ consensus looking for break-even quarter. Revenue declines 8.9% compared with year-ago levels to $135.26 mln but still beats estimates by around $1.83 mln.

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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