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Halliburton Company (NYSE:HAL) reports that North American margins were impacted negatively by increasing costs and pricing pressures withing production enhancement segments. The company is the second-largest oilfield service company in the world, following Schlumberger, and last month, it warned of a guar bean shortage in India which wold depress margins at its pressure pumping operations in shale fields, which is a main profit driver for Halliburton. Shares of Halliburton Company are trading 0.55% lower today.
Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX): Bayer HealthCare Pharmaceuticals (BAYRY), Onyx Pharmaceuticals (NASDAQ:ONXX), and Astellas Pharma announced that the Phase 3 trial evaluating the efficacy and safety of the addition of Tarceva, or erlotinib, tablets to Nexavar, or sorafenib, tablets did not assist the overall survival of patients suffering from unresectable hepatocellular carcinoma, or HCC, vs. Nexavar alone. The safety and tolerability of the treatment combination were mostly as expected based upon the experiences and use of the products by themselves, and no new or unexpected toxicities or changes to the safety of the product were found. The study’s data will be presented at a future scientific meeting. Bayer and Onyx jointly developed Nexavar. Tarceva is marketed jointly by Astellas and Genentech, a member of the Roche Group (RHHBY). Shares of Onyx Pharmaceuticals, Inc. are trading 0.84% higher today.
Piedmont Natural Gas Company Inc. (NYSE:PNY): The global economic outlook was further dimmed by weekend reports regarding the prediction of an adviser to China’s central bank that the second largest economy in the world could continue to slow within the third quarter. The number 2 crude consumer’s economic growth slowed to three-year low of 7.6 percent withing the second quarter, while foreign demand for China’s exports weakened and attempts to control inflation prohibited activity. In other energy trading, gasoline decreased 6.8 cents at $2.88 a gallon, heating oil decreased 7.1 cents to $2.85 a gallon, and natural gas fell 3.1 cents to $3.05 per 1,000 cubic feet. Shares of Piedmont Natural Gas Company Inc. are trading 0.74% lower today.
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