U.S. Stocks In Red Amid Euro Talks; Hot Stocks: RIMM, HAL, CHK
Monday, January 23, 2022 12:29 PM

U.S. stocks traded in red in mid-day trading as investors remained cautious amid talks between Eurozone finance ministers to tackle debt issues in the region.

S&P 500 Index lost 0.35 percent to trade at 1,310.80. The Dow Jones Industrial Average fell 0.37 percent to 12,673.10. The Nasdaq Composite Index dropped 0.53 percent to 2,772.02.

In corporate news, Research In Motion (NASDAQ: RIMM) (TSX:RIM.TO) fell 6.4 percent to $15.91 on the NASDAQ. The Blackberry maker named Thorsten Heins as its president and CEO, saying its co-CEOs Jim Balsillie and Mike Lazaridis have stepped down from the position.

Halliburton Co. (NYSE:HAL) is down 3.9 percent to $34.79 after it warned of rising costs. The company reported better-than-expected quarterly earnings, helped by jump in revenue as demand for its oilfield services increased. Excluding a $15 million charge, after-tax, or 2 cents per share, fourth-quarter earnings per share were $1.00, topping Wall Street projections of 99 cents a share. Revenue jumped 37 percent to $7.0 billion, better than analysts' expectations of $6.8 billion.

Chesapeake Energy Corp. (NYSE:CHK) gained 3.9 percent to $21.79 after second-largest natural gas producer in the U.S. disclosed plans to curtail output in response to lower prices. It sees flat or lower total natural gas production in the U.S. this year, as it plans to curb production in the Haynesville and Barnett shales as well as cut its dry gas drilling. Chesapeake plans to postpone its gross operated gas output by up to 1.0 Bcf per day. 

The companies due to report their quarterly results after the market closes are: CSX (NYSE: CSX), Texas Instruments (NASDAQ: TXN), Albermarle (NYSE: ALB), Crane (NYSE: CR), Kansas City Southern (NYSE: KSU), Polycom (PLCM), among others.

The European markets ended in green amid meeting over Greece debt. U.K. FTSE 100 closed 0.88 percent higher. German DAX30 gained 0.47 percent and French CAC 40 advanced 0.50 percent.
In the currency market, the euro gained 0.80 percent against the U.S. dollar to 1.3035, and the British pound edged 0.05 percent higher against the greenback. The dollar fell 0.11 percent against the Japanese yen to 76.9233.
 Crude oil futures strengthened 0.86 percent to $99.18/barrel, while gold futures advanced 1.00 percent.