Halliburton To Slash 5000 More Jobs

Discussion in 'Stock Market Forum' started by Rainman, Feb 27, 2016.

  1. Rainman

    Rainman Senior Investor

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    Halliburton, oilfield service provider, will slash it's workforce by 8%. Since oil prices began to drop the company has cut it's work force by 25%. The news, that they'd be cutting 5000 jobs however didn't please investors and following the announcement Halliburton stock dropped. More people will be losing their jobs if oil prices don't recover soon . . .
     
  2. baudwalk

    baudwalk Senior Investor

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  3. rz3300

    rz3300 Guest

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    Well that is sure to send a ripple effect through the economy. I do not pretend to know a whole lot about the company, but I do know that they are government contracted a lot and perform a lot of privatization functions of the military. I am sure that some people will see this as a positive politically perhaps, but that many people out of work is certainly a large concern as well.
     
  4. Lynk

    Lynk Member

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    Wow this is really fascinating. I know that the price of plastics is directly related to the price of crude oil also. Do you think this will have a big effect on stocks in the coming year? Lowered oil prices could result in lower costs for a lot of consumer goods that most people don't immediately think of. This could stimulate growth in other areas I am thinking...
     
  5. Corzhens

    Corzhens Senior Investor

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    That's the fear of Venezuela - as the price of oil dips, other industries would certainly be affected. Now it is loud and clear for that since Halliburton is a service provider and it is downsizing due to a slack in the oil industry. Some other related industries may follow suit so prospectors and speculators are wary of the stocks for now. As my nephew stockbroker said, it is the time to observe and just watch from the sidelines because no one knows what this oil price destabilization would bring next. And I believe him.
     
  6. baudwalk

    baudwalk Senior Investor

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    As I have written elsewhere, Corzhens, for 2016 consumer discretionary and technology sectors were recommended by my brokerage firm and contacts as the best plays. The energy sector was virtually last. So far, those ideas are working for me.
     
  7. kgord

    kgord Senior Investor

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    Yes, well I am still rejocing over the lower gas prices. It helps my personal economy. Yes, maybe there will be a time when we will have to pay the piper so to speak, but just elect Trump, he'll know what to do...cough, cough. Seriously, I hope the lowered oil prices don't affect the economy that much. Maybe there is still time to recover.
     
  8. crimsonghost747

    crimsonghost747 Senior Investor

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    This is just one of the many similar news, though here of course the size of the company makes the numbers look huge. These things are happening all over the oil sector right now simply because the companies need to cut costs to stay competitive. It's not just cutting jobs, it's lowering wages, more work and less vacation, smaller benefits packages etc.
     
  9. gracer

    gracer Senior Investor

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    The downfall of oil prices have significantly impacted the many industries and employees that depend on it. In my country, our local government is now preparing for the influx of returning citizens who are working under oil companies abroad. It is expected that there will be more laying off from the oil producing countries and it will surely be a big loss for our country since many families will lose their source of income once their family members will lose their jobs soon.
     
  10. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Anybody catch Seadrill yesterday?

    http://www.bloomberg.com/news/artic...s-fredriksen-piles-up-cash-short-bets-covered

    Sometimes having the courage to bottom-fish with a few bucks and be patient can pay off. :D

    SDRL

    Transaction
    Date
    Transaction
    Type
    Dividend Per
    Share
    Shares
    Transacted
    Share Price
    $
    Split
    Ratio
    Commission
    $
    Transaction
    Value $
    Share
    Balance
    [​IMG]
    10/12/2015Buy295.00007.10000.002,094.50295.0000
    10/16/2015Buy295.00007.26500.002,143.18590.0000
    10/19/2015Buy295.00006.96000.002,053.20885.0000
    12/6/2015Buy295.00005.43000.001,601.851,180.0000
    12/7/2015Buy100.00004.91000.00491.001,280.0000
    12/8/2015Buy100.00004.55000.00455.001,380.0000
    12/11/2015Buy100.00004.12000.00412.001,480.0000
    12/17/2015Buy100.00003.85000.00385.001,580.0000
    12/30/2015Buy100.00003.44000.00344.001,680.0000
    1/5/2016Buy100.00003.29000.00329.001,780.0000
    1/6/2016Buy120.00003.07000.00368.401,900.0000
    1/11/2016Buy100.00002.67000.00267.002,000.0000
    1/12/2016Buy100.00002.54000.00254.002,100.0000
    1/15/2016Buy100.00002.26000.00226.002,200.0000
    1/20/2016Buy100.00001.67000.00167.002,300.0000
    2/8/2016Buy100.00001.85500.00185.502,400.0000
    3/4/2016Sell2,300.00005.76000.0013,248.00100.0000
     

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