Sweet spot for Halliburton - Hell for the rest of us
Halliburton Shares Soar 10 Percent
HOUSTON (AP) -- Oilfield services firm Halliburton Co.'s shares soared 10percent Friday after it reported that an influx of new government contracts at its KBR and energyservices units drove it to a second-quarter profit.
"It was a fundamentally solid quarter," Halliburton chief executive David Lesar said during a Friday morning conference call with analysts. "There are good reasons for all of us to feel proud and good about what we have accomplished."
In December 2002, when Halliburton announced its asbestos settlement before the start of the war in Iraq, the company's shares sold for just over $18.
"I think they are in a sweet spot right now as the numbers today proved," said analyst Dan Pickering "The market agrees. They are loving it."
Halliburton shares rose $4.59, or 9.4 percent, to close at $53.29 Friday on the New York Stock Exchange, surpassing the previous 52-week closing high of $50. Read more