Thursday, April 22, 2010

Energy Sector Updates

Energy: Energy is mostly down with the tape today, weighed down by integrateds and coals. Integrateds are lagging, off 1-2%, and led down by COP after they warned of flaring at one of its California refineries. Services are mostly higher on average thanks to earnings from CPX. Drillers are mostly stronger as well today, led by NBR after it was upgraded by a competitor. Refiners are down but slightly outperforming as crack spreads move higher. E&PS are mixed today as a few names are higher on positive ratings from a competitor and on the natural gas storage report. Coals are lagging on earnings from BTU and MEE. MEE is the weakest after saying the mine explosion at the Upper Big Branch mine will cost them more than $200M, double last year’s profit. Shipping and tanker stocks are mixed as the Baltic Dry Index moves lower. Solar stocks are mostly lower today, led lower by CSIQ which continues to slide after updating its 1Q outlook on Tuesday
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