Markets will start morning trade with stock indices at record highs. Excluding year-to-date performance, the rally left out the energy sector.
Oil prices rose by around 2% yesterday. Markets are growing concerned about global energy supply disruptions after a Ukrainian drone struck Russia’s Novatek fuel terminal. WTI crude prices must rebound to the $80, otherwise the markets will view yesterday’s bounce as a blip.
Occidental Petroleum (OXY), Devon Energy (DVN), and Exxon Mobile (XOM) are some of the energy stocks to watch. Monitor Sunoco (SUN) today. It agreed on Monday to buy NuStar Energy (NS) for $7.3 billion in an all-stock deal.
Biggest Losers
Gilead Sciences (GILD) dropped by 10% on Monday. It posted disappointing results for Trodelvy. This drug is a candidate for treating metastatic non-small cell lung cancer.
B. Riley (RILY) will try to continue its rebound from the previous day’s sell-off. Short-sellers have a commanding 68% short interest. The SEC is reportedly investigating the firm’s dealings with clients connected to alleged securities fraud. After the markets closed, RILY stock lost 4.2% on rumors reported by Bloomberg that CEO Brian Kahn would step down.
B. Riley is a highly successful firm. It advises, underwrites, and lends money to companies. It recently completed a $1 billion an at the market offering for Plug Power (PLUG.
