Halliburton Plunges on Outlook

Shares drop on a first-quarter shortfall.
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Halliburton (HAL) - Get Report plunged 7% after saying it expects first-quarter earnings to be below analyst consensus estimates.

The oil services giant said it expects to make 49 cents to 54 cents a share for the quarter, below the 59-cent Thomson Financial analyst consensus estimate.

"During the first quarter, the Production Optimization and Fluid Systems Divisions of Halliburton's Energy Services Group have experienced reduced activity in North America," the company said. "A significant portion of these lower than anticipated results is attributable to decreased drilling and completion activity in Canada and the northern U.S."

Shares fell $2.29 to $30.11.