Why NOW Stock Plunged Nearly 18% in July
Shares of NOW (NYSE: DNOW) slumped 17.7% in July, according to data provided by S&P Global Market Intelligence. Lower oil prices weighed on the oil-field equipment distribution company's stock last month. That volatility caused investors to fear that the company would post poor second-quarter results.
Crude prices continued their sell-off last month, falling another 2.1%. Those weaker prices led investors to worry that oil companies would reduce their drilling budgets later this year. That would likely impact the demand for the oil-field equipment distributed by companies like NOW, which would drag down the company's profitability.
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