After hours the Street heard from two important engineering companies. Shares of Fluor Corp rose 5 percent to $80.00 in extended trade on Monday after the engineering and construction company posted a jump in second-quarter profit and increased its full-year earnings forecast.
Apparently slowing global isn’t affecting Fluor Corp, says Guy Adami. “Their backlog is up to $33 billion and they’ve raised guidance. But don’t rush in, however, because they typically pull back.”
"Be careful of this trade," counsels Jeff Macke. "Typically they gap a lot higher on tremendous numbers and then they’re largely defenseless over the next three months. I think the risk is greater than the reward."
Meanwhile, U.S. engineering and construction company McDermott International said on Monday its second-quarter net income rose 19 percent, helped by higher profits in its offshore oil and gas and power generation businesses.