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Actionable news in NOV: NATIONAL OILWELL VARCO Inc,

Why National Oilwell Varco (NOV) Stock is Gaining Today

NEW YORK (TheStreet) -- Shares of National Oilwell Varco (NOV - Get Report) are higher by 9.4% to $36.21 in mid-morning trading on Friday, after the oil relates services and equipment provider posted a narrower than expected loss for the 2016 first quarter.

The company reported a loss of 6 cents per share versus the loss of 10 cents per share analysts surveyed by Thomson Reuters had forecast.

Revenue for the quarter fell by 55% when compared to the same period in 2015 to $2.19 billion, roughly in line with the $2.24 billion analysts had been expecting.

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National Oilwell Varco cited a decline in oil prices and oil field activity for its rough quarter. The company's customers began cutting spending to "bare minimum" levels.

"The fifth quarter of this extraordinary downcycle saw our revenues decline sharply once again, leading us to intensify our cost reduction efforts. While this market has been very tough on our business, I am grateful...