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Nov. 6, 2019, 4:38 p.m. EST

Stocks drift to close steady after China trade deal reported delayed as earnings season winds down

HP Inc. shares gain following report of potential Xerox bid

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By Andrea Riquier and Joy Wiltermuth

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Energy exploration and production companies have been a clear area of weakness again this reporting season, said Diane Jaffee, a senior portfolio manager at TCW.

“A host of E&P companies have reported over the past couple of days and it’s been widely discouraging,” she told MarketWatch.

Shares of Diamondback Energy /zigman2/quotes/201200230/composite FANG -1.02%  lost 14.44% Wednesday, its largest ever percentage fall according to Dow Jones Market data, after the shale operator reported a dip in profits due to lower oil and gas prices. Shares of Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY -5.06%  shed 5.49%.

Shares of Chesapeake Energy Crop. /zigman2/quotes/201364537/composite CHK -2.25% plunged 29.15% to 91 cents after reporting disappointing third-quarter results on Tuesday.

Check out : Chesapeake Energy’s stock breaks the buck for the first time in 20 years

Chicago Fed President Charles Evan on Wednesday said the U.S. economy may not need additional interest rate cuts, noting that the economy appears “quite resilient,” in an interview with Yahoo Finance.

New York Federal Reserve Bank President John Williams was scheduled to speak at 6:30 p.m. ET at a global risk forum in New York.

Which stocks are in focus?

Shares of Xerox Holdings Corp . /zigman2/quotes/201169674/composite XRX -5.53% closed higher after the Wall Street Journal said the company is considering a cash-and-stock offer for personal-computer and printer-maker HP Inc . /zigman2/quotes/203461582/composite HPQ +0.87% , which has a market value of about $27 billion. HP gained 6.36%.

Shares of Humana /zigman2/quotes/203095337/composite HUM +1.69% rallied 3.46% Wednesday, after the health care services company reported third-quarter profit and revenue that beat expectations, and provided an upbeat outlook. CVS Health /zigman2/quotes/209664499/composite CVS -1.49%  rose on stronger than expected earning also.

WW International Inc ., /zigman2/quotes/200896816/composite WW -0.83%   the company formerly known as Weight Watchers, raised its outlook for the year but the after-hours stock movement indicated that the hike left too much chance of a disappointment for Wall Street’s taste. The stock closed down 14.82%.

Wendy’s Co . /zigman2/quotes/204070192/composite WEN +0.38% shares fell after the fast-food chain reported third-quarter results that beat expectations and raised its full-year guidance.

Shares of New York Times Co. /zigman2/quotes/202090840/composite NYT +1.58%  slipped 3.85% after the media company said it sees continued turbulence in digital ads as it reported its quarterly results.

Japanese technology company SoftBank Group Corp . /zigman2/quotes/207303954/delayed JP:9984 +1.57% reported hefty losses as its earnings were hammered by office-space sharing startup WeWork. Japan-traded shares rose 0.65%.

Reporting after the bell, Qualcomm /zigman2/quotes/206679220/composite QCOM +3.55%  beat diminished earnings expectations, with the stock closing less than a point lower.

How are others assets trading?

The yield of the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -1.11% fell to 1.814% Wednesday, from 1.865% late Tuesday when it registered its biggest one-day rise in five weeks.

December gold  on Comex gained 0.6% after losing ground at a psychologically important level at $1,500 on Tuesday.

Oil slipped, with West Texas Intermediate crude for December delivery  settling down fractionally at $56.35 a barrel, after settling 1.2% higher on Tuesday on the New York Mercantile Exchange. Supply rose sharply, a government agency said Wednesday.

The ICE U.S. dollar index /zigman2/quotes/210598269/delayed DXY -0.16% , a gauge of the greenback’s performance against six major rivals, fell 0.06% to 97.93, after gaining 0.4% a day ago.

In Asia overnight, the China CSI 300 /zigman2/quotes/210598128/delayed XX:000300 +0.27%  fell 0.45%, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22%  declined 0.4%. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.74%  ended little-changed, while Japan’s NIKKEI 225 Index /zigman2/quotes/210597971/delayed JP:NIK +0.13% edged up 0.2%. In Europe, the Stoxx Europe 600’s /zigman2/quotes/210599654/delayed XX:SXXP -1.44% rose 0.2%.

<STRONG>Additional reporting by Rob Schroeder</STRONG>

/zigman2/quotes/201200230/composite
US : U.S.: Nasdaq
$ 42.58
-0.44 -1.02%
Volume: 4.33M
May 29, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
3.52%
Market Cap
$6.72 billion
Rev. per Employee
$3.06M
loading...
/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 12.95
-0.69 -5.06%
Volume: 61.38M
May 29, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
3.40%
Market Cap
$11.66 billion
Rev. per Employee
$1.60M
loading...
/zigman2/quotes/201364537/composite
US : U.S.: NYSE
$ 13.01
-0.30 -2.25%
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May 29, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$127.28 million
Rev. per Employee
$4.37M
loading...
/zigman2/quotes/201169674/composite
US : U.S.: NYSE
$ 15.88
-0.93 -5.53%
Volume: 20.76M
May 29, 2020 3:59p
P/E Ratio
6.07
Dividend Yield
6.30%
Market Cap
$3.38 billion
Rev. per Employee
$303,395
loading...
/zigman2/quotes/203461582/composite
US : U.S.: NYSE
$ 15.14
+0.13 +0.87%
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May 29, 2020 3:59p
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7.44
Dividend Yield
4.66%
Market Cap
$21.65 billion
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$1.07M
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/zigman2/quotes/203095337/composite
US : U.S.: NYSE
$ 410.65
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May 29, 2020 4:00p
P/E Ratio
21.09
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0.61%
Market Cap
$54.29 billion
Rev. per Employee
$1.31M
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/zigman2/quotes/209664499/composite
US : U.S.: NYSE
$ 65.57
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May 29, 2020 3:59p
P/E Ratio
11.87
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3.05%
Market Cap
$85.71 billion
Rev. per Employee
$659,586
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/zigman2/quotes/200896816/composite
US : U.S.: Nasdaq
$ 23.90
-0.20 -0.83%
Volume: 1.23M
May 29, 2020 4:00p
P/E Ratio
13.39
Dividend Yield
N/A
Market Cap
$1.61 billion
Rev. per Employee
$84,118
loading...
/zigman2/quotes/204070192/composite
US : U.S.: Nasdaq
$ 21.26
+0.08 +0.38%
Volume: 2.89M
May 29, 2020 4:00p
P/E Ratio
41.66
Dividend Yield
0.94%
Market Cap
$4.73 billion
Rev. per Employee
$131,400
loading...
/zigman2/quotes/202090840/composite
US : U.S.: NYSE
$ 39.23
+0.61 +1.58%
Volume: 1.47M
May 29, 2020 3:59p
P/E Ratio
46.11
Dividend Yield
0.61%
Market Cap
$6.54 billion
Rev. per Employee
$461,371
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/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 4,908.00
+76.00 +1.57%
Volume: 1.36M
June 1, 2020 9:03a
P/E Ratio
32.93
Dividend Yield
0.90%
Market Cap
¥9992.53 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/206679220/composite
US : U.S.: Nasdaq
$ 80.88
+2.77 +3.55%
Volume: 10.56M
May 29, 2020 4:00p
P/E Ratio
23.98
Dividend Yield
3.21%
Market Cap
$90.98 billion
Rev. per Employee
$607,486
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.65
-0.0073 -1.11%
Volume: 0.00
May 31, 2020 8:22p
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/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
98.19
-0.15 -0.16%
Volume: 0.00
May 31, 2020 8:13p
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/zigman2/quotes/210598128/delayed
XX : China Securities Index
3,867.02
+10.39 +0.27%
Volume: 9.38B
May 29, 2020 3:00p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,852.35
+6.13 +0.22%
Volume: 20.68B
May 29, 2020 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
22,961.47
-171.29 -0.74%
Volume: 3.62M
May 29, 2020 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
21,905.36
+27.47 +0.13%
Volume: 0.00
June 1, 2020 9:03a
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
350.36
-5.11 -1.44%
Volume: 0.00
May 29, 2020 5:50p
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Andrea Riquier reports on housing and banking from MarketWatch's New York newsroom. Follow her on Twitter @ARiquier. Joy Wiltermuth is a MarketWatch markets reporter and editor based in New York.

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