PXD, DNR, HES, OXY, SFL, HOKU, SSL Popular Stocks
U.S. stock indexes and major commodity futures closed lower Friday as Wall Street scrambled to catch up with steep sell-offs that occurred overseas during the Thanksgiving holiday while U.S. exchanges were closed. U.S. stocks were falling on Friday as the Dow Jones Industrial Average lost 154 points to 10310, the S&P 500 dropped 19 points to 1091 and the Nasdaq Composite slid 38 points to 2138.
Dubai concerns were taking oil prices down, sending the energy sector into a steep decline as well. Independent explorer and producer Pioneer Natural Resources (NYSE:PXD, $41.25, -$1.86, -4.31%) and independent producer Denbury Resources Inc. (NYSE:DNR, $13.39, -$0.73, -5.17%) were among the steepest decliners. Hess Corp. (NYSE:HES, $57.80, -$1.59, -2.68%) and Occidental Petroleum Corp. (NYSE:OXY, $81.20, -$2.83, -3.37%) also fell.
Ship Finance International Ltd.’s (NYSE:SFL, $12.78, -$0.58, -4.34%) third-quarter earnings fell 28%, falling short of analysts’ estimates, as the company’s revenue plunged by nearly one-third. The Bermuda-based shipping company, which employs on long-term charter a fleet of oil tankers and other transport ships, missed analysts’ expectations for the quarter.
Hoku Materials Inc. (NASDAQ:HOKU, $2.19, -$0.04, -1.79%) said it plans to amend its polysilicon contract with Jinko Solar Co. Hoku said both companies have agreed to reduce the term of the sales agreement by one year. The first shipment date is set for December 2010, instead of December 2009. The delay will result in a 10% reduction of the total volume of polysilicon to be sold by Hoku to Jinko.
Sasol Ltd. (NYSE:SSL, $39.26, -$1.79, -4.36%), the world’s largest producer of motor fuels from coal, is confident of submitting the plans for a proposed 80,000 barrels a day coal-to-liquids plant in China by the end of the year, a senior executive said Friday.
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