Monday, June 2, 2014
NOV -9.5% premarket
After completing its spinoff of its independent distribution business, ticker DNOW, NOV took a hit in pre market trading this morning, down as much as 9.5%. Clay Williams now holds the executive chairman position with NOV being that Merrill Miller Jr., the previous executive chairman stepped down and holds the same position with the new publically traded company DNOW. Today is the first day NOW will be traded on the stock exchange. As for NOV being down quite a bit in pre markets, I believe it is a over reaction by the investors with the change that is taking place today. I don't think this is a reason to get out of the position just yet and am expecting a quick recovery of the stock price. I will report back to the group when I have more information about this situation for any further action. Thank you.