FMC Technologies Shares Dip 10 Percent on Bleak Second Quarter Earnings

FMC Technologies (FTI) was the worst performing stock in the S&P 500 on Wednesday. Shares of the oil and gas technology company wrapped up the session to the downside by 10 percent on the heels of disappointing second quarter earnings, released on Tuesday. The stock is TheStreet's Move of the Day. Earnings per share came in at $0.52 a share, missing estimates of $0.61. Revenue fell almost 15 percent over the past year to $1.7 billion, largely in line with estimates. Revenue stemming from the Houston, TX-based company's land technologies division dipped 29% to $363 million. Plus, energy infrastructure revenue slipped 32% to $101 million. Subsea technologies revenue slumped 7 percent to $1.2 billion, but would have risen by over $62 million during the quarter, had it not been for foreign exchange headwinds. The stock reached an all-time low for the year on Wednesday. Shares fell 29.3 percent since the start of the year. TheStreet's Scott Gamm reports from New York.