Why National Oilwell Varco Stock Is Slumping Today

Shares of National Oilwell Varco (NYSE: NOV) had tumbled more than 13% by 12:45 p.m. EDT on Tuesday. Weighing on the oil stock was its disappointing second-quarter results.

Cratering crude prices during the second quarter had a significant impact on National Oilwell Varco's financial results. The oilfield equipment maker's sales tumbled almost 30% year over year to $1.5 billion. Meanwhile, it reported a loss of $0.24 per share, which was $0.07 worse than analysts expected even though it exceeded its cost reduction targets.

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Source Fool.com