Exxon Mobil and IBM both in negative territory
Oil giant Exxon Mobil (XOM) and International Business Machines (IBM) have both traded lower though the year. XOM is currently in a weak upward trend, but the position remains down 5.9% on the year. Oil prices have firmed, which has helped XOM move slightly higher, and the stock should continue to build on recent gains as long as the company is able to post solid quarterly numbers on October 27. IBM has struggled for years as the company has put more emphasis on its cloud and artificial intelligence business, but the gains it has made in these areas have not been strong enough to balance out declining revenues in its enterprise businesses. IBM has reported revenue declines for 21 straight quarters, and that trend is expected to continue when it next reports earnings on October 17. XOM has upside potential if oil prices remain strong or move higher, but IBM will need to show higher sales before Wall Street starts to come back into the stock. Both stocks have made three dividend payments on the year.
Charts courtesy of www.stockcharts.com