Why Baker Hughes Stock Fell 25% in February
Shares of Baker Hughes Company (NYSE: BKR) declined by just a touch more than 25% in February according to data from S&P Global Market Intelligence. That, however, was just a continuation of a trend: The broadly diversified energy services giant's stock fell a painful 37% through the first two months of the year. There's a very clear tie to COVID-19 here, but the story goes beyond that single issue.
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Toward the end of January, Baker Hughes reported earnings that showed it was continuing to make progress in its efforts to integrate its business with the energy services operations of General Electric. Financial results weren't great, but they weren't terrible either, with sales and revenue both up 1% for the year. That was actually a respectable showing, since oil and natural gas services businesses have been facing weak demand because of low commodity prices. The market didn't really care.
Source Fool.com
