9 Buzzing Early Movers: Halliburton Drops 2%, Research in Motion Falls 5% and Chesapeake Cuts Production

Despite reporting a 36 percent increase in net earnings, shares of Halliburton Co. (NYSE:HAL) fell 2 percent in early trading.  The oilfield service company report a profit of $906 million (98 cents per share), compared to $605 million (66 cents per share) a year earlier.  Shares of Schlumberger (NYSE:SLB) are traded slightly higher on the news.

PetMed Express Inc.’s (NASDAQ:PETS) shares surged more than 18 percent after fiscal third-quarter beat expectations.  The company reported a profit of $3.9 million (19 cents per share), compared to $4.5 million (20 cents per share) in the previous year.

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Research in Motion (NASDAQ:RIMM) shares dropped 5 percent after announcing that its co-CEOs Mike Lazaridis and Jim Balsillie were stepping down from their roles.  RIM continues to struggle against smartphone competition from Apple Inc. (NASDAQ:AAPL) and Google Inc. (NASDAQ:GOOG).

Boston Scientific Corp. (NYSE:BSX) shares jumped more than 1 percent after it received a positive patent ruling in a case with Johnson & Johnson (NYSE:JNJ) involving stents used for heart patients.

In response to record low natural gas prices, Chesapeake Energy Corp. (NYSE:CHK) said it will reduce drilling and cut production.  Shares surged 6 percent after the announcement.  “An exceptionally mild winter to date has pressured U.S. natural gas prices to levels below our prior expectations and below levels that are economically attractive for developing dry gas plays in the U.S., shale or otherwise,” said Chief Executive Aubrey K. McClendon.  Shares of Devon Energy (NYSE:DVN) and BP PLC (NYSE:BP) also jumped on the news.

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To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com