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4/17/15: The decline in crude prices is having a pronounced impact on oil field service companies. Shares of Schlumberger Ltd. (NYSE: SLB) were up 2.3% in pre-market hours despite reporting a 39% decline in first-quarter earnings. The company is cutting costs and has announced 11,000 new layoffs thanks to declining North American drilling activity.
Shares of Philip Morris International Inc. (NYSE: PM) surged more than 8.7% after the company beat Wall Street first-quarter profit and revenue estimates.