Oilfield services company Smith International Inc. said Monday it sold 28 million new shares of stock at $26.50 per share.

Shares of Schlumberger Ltd. climbed on Monday as an analyst upgraded the stock, citing strong operating results, its attractive international exposure compared with peers and optimism about the oilfield services' earnings outlook.

Shares of Smith International Inc. on Wednesday recovered from some of Tuesday's decline as an analyst upgraded the oil service company, calling its share price attractive.

Smith International Inc., a provider of products and services used by operators during the drilling, completion and production phases of oil and natural gas development activities, said Monday it has launched a public offering of 28 million shares of its common stock.

Stocks skidded Tuesday after a report showed consumer confidence is waning amid worries about the job market. It was a struggle all morning as investors juggled another batch of disappointing earnings results against an encouraging report on the housing market.

Stock futures drifted slightly lower ahead of the open Tuesday as investors waited for the next batch of earnings and key economic data.