Shares of Exxon Mobil (NYSE: XOM) fell to set another fresh 52-week low today, as oil continues to fall.Shares of Exxon have traded down as low as $58.30 earlier in the session, and headed into the afternoon session, the stock has rebounded a bit, but is still trading down 8.7% to $62.20, down $5.80 on the day.
It's been a tough week for the stock, which is now down around 21% from its close last Friday.
As recession fears continue to spread, oil has been moving steadily lower, and once again today the precious crude is down, falling another $5.82 a barrel to $80.77, and was under the psychological $80 earlier in the day, trading all the way to $78.61 earlier in the session.
How low oil will fall remains to be seen. I personally don't see oil falling below the low $70's, but there are plenty of analysts out there that would disagree with me, and I have read several reports recently of experts predicting oil down closer to the $50 mark. Time will tell, but should the global economic landscape continue to erode, I may be changing my tune sooner than later.
Just how bad has the past few months been for oil giant Exxon? Let's close by taking a look at a 12-month chart on the stock so you can see in graphical terms just how hard the mighty have fallen:
Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.
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Reader Comments (Page 1 of 1)
10-10-2008 @ 2:32PM
girly girl said...
Exxon shouldn.t be surprise after all they had to many records breaking quarters. So with pushing the gas prices so high people had to choose on whether to buy gas or pay their bills, than they cut back on their driving. People didn't take vacations this year, so it finally has come back to them. I feel bad for their small investors not their CEO and board of directors.
10-10-2008 @ 5:36PM
Bill said...
Shame on you for your lack of compassion! CEOs and the Board of Directors are people too and they need to eat. Our last CEO retired with an annual pension of only 400M per year; also, he was rewarded for their spectacular windfall profits by the Board of Directors with a last year income of 900M. Now, you cannot expect Exxon to be able to fulfill this entitlement without some Arabs to blame for the high price of gasoline and fuel oil. Perhaps the new CEO can negotiate a government bailout, like AIG. Has anyone seen published the income last year of the CEO at AIG?