Markets End the Week on an Upswing
Oil Flat as Markets RallyThe price of oil remained flat on Friday, even as markets across the world rallied. There is currently a supply glut, even as drivers use more gas over the summer.
Supply is only part of the reason that prices have remained flat. The world also has a close watch on the United States and Iran, which are in talks to lift sanctions in return for the dismantling of the Iranian nuclear program. If sanctions were to be lifted, Iran may be able to sell its oil normally on the world market. Analysts are concerned that this could drive oil prices even lower.
In trading today, the Energy sector continued to lead the way in losses. Four of the top five biggest losers in the marketplace were from the sector. Noble Corporation (NE), a contract driller, lost over 4% to close at $14.29 per share. Diamond Offshore Drilling (DO), Pioneer Natural Resources (PXD), and CONSOL Energy (CNX) each lost over 3%.
Apple (AAPL) Snaps Losing Streak With Big GainsDevice giant Apple (AAPL) has had a rough week, with real losses totaling over 5% of its share price through Thursday. This comes on the back of news that sales of its Apple Watch had plummeted by more than 90% last month. Today's 2.67% gains could be very short-lived unless Apple can boost sales of its new wearable device. Apple closed the trading day up 3.21 points to $123.28 per share.
Honeywell (HON) Secures $4 Billion Line of CreditAccording to the latest EDGAR filings from the SEC, Honeywell International (HON) has secured a $4 billion line of credit from J.P. Morgan Chase (JPM). The loan is to be repaid over 5 years. Honeywell filed the disclosure statement at 4:57 PM on Friday, which is usually done in order to avoid a negative reaction in the marketplace and press.
The line of credit has some analysts concerned that Honeywell (HON) is taking on too much debt, especially as revenue growth has slowed. In trading today, Honeywell gained 1.23 points and closed at $102.41 per share with a $79 billion market cap.
Published on Jul 10, 2015By Aaron Phillips