Why Baker Hughes Stock Is Tumbling Hard Today
Shares of Baker Hughes (NASDAQ: BKR), a leader in services for the oil and gas industry, are tumbling 13.2% in morning trading Wednesday after the company reported missing top- and bottom-line estimates for the second quarter.
Baker Hughes said its results were hurt by inflation, the ongoing supply chain crisis, and suspending operations in Russia following the country's invasion of Ukraine. Its stock fell below $25 a share by 10:45 a.m. ET today.
Consumer energy demands are rapidly retreating as inflation that reached 9.1% in June, the highest recorded level in over 40 years, sapped spending power. Gasoline prices had also hit unprecedented levels of $5 per gallon, though they have since eased back on recession fears. AAA says the average national price of a gallon of regular gas is now $4.47, down almost $0.20 in the past week or so.
Source Fool.com
