Looks like OIS is headed to test the upper trend line in the daily charts in the iBox. Once this consolidation runs its course, OIS will be a good security to trade from the long side again.
$OIS Oil States (NYSE:OIS) says it expects to record a one-time non-cash charge of $27M-$30M in Q4 as a result of the recently enacted tax legislation.
OIS cites the U.S. transition tax on its unremitted foreign earnings and to provide reserves against its foreign tax credits which were recorded as assets prior to the tax reform; the company also is required to revalue its other U.S. deferred tax assets and liabilities to reflect the lower corporate income tax rate.
OIS expects the tax changes will have a positive impact on its future U.S. income tax expense.
Now read: Permian Basin DUC Wells Up 112% Y/Y, Backlog Grows To 2,613 DUC Wells »
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