Raymond James analyst Praveen Narra previewed the Oilfield Services space, telling investors in a research note that he expects Q3 to be another disappointing quarter for the oil services market as activity plunged throughout the quarter. The weakness in the quarter was apparent from June, but was exacerbated by September's steep activity decline that was far more pronounced than expected, Narra says, adding that it appears "unlikely" that Q4 will offer a reprieve from pain, and is more likely to accelerate due to E&P budget exhaustion. The analyst expects consensus estimates to decline further through earnings season. He lowered his price target for Cactus, Inc (WHD) to $37 from $40, for Halliburton (HAL) to $32 from $37, for National Oilwell Varco (NOV) to $28 from $34, for Newpark Resources to $10 from $12, for Nine Energy Service (NINE) to $11 from $15, for Patterson-UTI Energy (PTEN) to $12 from $17, for Oil States International (OIS) to $20 from $23, for Unit Corp (UNT) to $8 from $14 and for USA Compression to $20 from $21.

Sees Q2 adjusted EBITDA $260M-$280M.

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Reports Q1 revenue $5.8B, consensus $5.67B. "Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Activity in North America recovered from fourth-quarter lows, and our international business delivered its 11th consecutive quarter of year-on-year growth," commented Jeff Miller, Chairman, President and CEO. "Our customers' multi-year activity plans across markets and asset types confirms my confidence in the strength and duration of this upcycle. Halliburton demonstrated its commitment to shareholder returns in the first quarter and repurchased $250 million of common stock - a solid start to the year and a good benchmark for our expectations going forward," concluded Miller.