If Halliburton (NYSE:HAL) has been able to dig deep down again and beat earnings estimates for what would be the fifth quarter in a row, there could be a sign an earnings rally is in the making in light of the beaten down oil sector.
Presumably the North American market should lead the way for Halliburton this quarter, as signals from the giant oil company has implied that's the case, especially in the land drilling segment of the company.
For the quarter, the rig count on North American soil has increased 12 percent from the prior quarter, making the case for a nice upward move in that regard.
As far as the Gulf situation, only approximately 3 cents of the earnings of Halliburton in the first quarter came from there, and even when taking into consideration revenue being down, which could put pressure on earnings, most still think Halliburton will beat estimates one more time, based on the land drilling mentioned and their past history of beating estimates over the last four quarters.
If they do it again, it could spark a rally today on outperforming once again.