Schlumberger Ltd. (SLB)

[eFinanceMarkets]

$SLB Schlumberger (SLB -0.6%) kicked off Q2 oil service earnings, beating expectations with a generally positive take on the domestic and international markets, but it is not enough to provide a boost in trading for the broader sector as investors focus on the macro environment.

Piper Jaffray analyst Bill Herbert sees Q2 results as "considerably better" than expectations but free cash flow was the "lone blemish" in the quarter.

Wells Fargo's Jud Bailey says SLB’s strong North American results are positive for peers including Halliburton (HAL -1.6%), as well as small-cap servicers such as C&J Energy (CJ -5.3%), RPC Inc. (RES -2.9%), Superior Energy Services (SPN -6.4%) and Keane Group (FRAC -3.8%).

Seaport Global's Mike Urban thinks SLB's signs of life in international markets are a very positive read-through for HAL, but SLB is being "mum on the macro," which investors could interpret negatively.