Afternoon update
$LKQ lost more than a fifth of its value Friday after a CEO exit and a preliminary Q3 warning, while crude above $100 lifted energy names across the…
$LKQ lost more than a fifth of its value Friday after a CEO exit and a preliminary Q3 warning, while crude above $100 lifted energy names across the board.
- LKQ fell 21.23% to a $4.46B market cap after ousting CEO Justin Jude. It guided Q3 adjusted EPS to 47-53 cents versus a 69-cent estimate, with preliminary revenue of $3.3B against $3.41B expected and down from $3.50B a year ago.
- The weakest segment was Europe. Organic revenue in LKQ's European parts and services business declined 9.8% in the quarter.
- SLB rose 7.01% to $78.7B. Q3 adjusted EPS of 64 cents beat the 62-cent estimate on $9.45B revenue versus $9.28B expected, with strength in North American drilling. WTI crude broke above $100 on US-Iran tensions, lifting energy shares broadly.
- Micron was the most active stock, up 3.26% at a $1.0T market cap, and led a rebound in chip stocks that capped a volatile week following Thursday's near-3% Nasdaq drop.
- Energy led with an average gain of 2.56% (8 of 10 advancing, XLE +2.71%). Consumer staples lagged at -2.19%, with all 10 names declining and Colgate-Palmolive down 3.67% (XLP -2.10%).
The S&P 500 slipped 0.38% while the Nasdaq held at +0.01%. That leaves a 4.75-point spread between the leading and lagging sector baskets heading into the weekend.
Not financial advice. For informational and educational purposes only.
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