This year has been potentially one of the most challenging years for energy stocks. In a historic event, oil prices traded in negative territory.Gradually, the industry seems to be overcoming the headwinds. Brent oil currently trades at $42 and I believe that some upside is due as fall approaches.According to U.S. Energy Information Administration, the cost of crude oil is a major component in the price of heating oil. Therefore, as the demand for heating oil increases, higher oil demand can boost energy stocks sentiments.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 6 International Stocks to Buy for Impressive Returns NowAt the same time, as 2021 approaches there is hope for gradual recovery in the global economy. This is likely to trigger upside for crude oil and energy stocks. Any significant development related to the novel coronavirus vaccine can act as another catalyst.These four energy stocks are worth...
(Bloomberg) -- Saudi Arabia’s state oil company has suspended a deal to build a $10 billion refining and petrochemicals complex in China, according to people familiar with the matter, as the company slashes spending to cope with low oil prices.Saudi Arabian Oil Co., or Aramco, decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners, said the people, who asked not to be identified as the matter is private. The uncertain market outlook was behind the decision, they said.Aramco declined to comment. China North Industries Group Corp., or Norinco, one of the partners, didn’t immediately respond to an email seeking comment. No one answered a call to Panjin Sincen, the third partner, outside office hours, or responded to an email.The oil-price crash and the virus’s impact on energy demand have changed the calculations for energy companies’ projects around the world. Aramco plans...
Pfizer has said repeatedly since June that it was targeting October for its application and the companies started a large late-stage study last month of the candidate vaccine, one of the few globally in later stages of development. On Thursday they reported data from previous early-stage trials of the vaccine, BNT162b2, that showed it induced similar immune responses and had milder side effects than prior data on another candidate. Pfizer stock, down 1% this year, has trailed the stellar rises in value of major pharmaceutical companies this year....
Aug. 18 was a bad day for Sorrento Therapeutics (NASDAQ:SRNE). SRNE stock tumbled nearly 7% in after-hours trading on news that the company's chief financial officer (CFO) Jiong Shao's employment was "terminated in its entirety."Source: Shutterstock The ouster of Shao comes on the heels of a critical report by Hindenburg Research. The report makes negative claims about one of Sorrento's Covid-19 diagnostic products.For its part, Sorrento is considering legal action for what it terms as "false and/or misleading statements for the sole apparent purpose of negatively manipulating the company's stock price."InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe problem for Sorrento is firing its CFO lends credibility to a claim that was at the heart of the report. Namely that prior to making a bold announcement of a potential Covid-19 cure, the company was on the brink of insolvency.Other than that, it's been business as usual for Sorrento. *...
Since the pandemic began, I've been bullish on U.S. airline equities, including American Airlines (NASDAQ:AAL), as I predicted that demand for flights in the U.S. this summer would far surpass the Street's average estimates, but as summer starts to wind down it's unclear that AAL stock is still a buy.Source: GagliardiPhotography / Shutterstock.com My first call turned out to be a pretty good one, as airlines' ticket sales from May until August did indeed come in well above the expectations that most pundits and analysts had in March and April. As a result, most of those who followed my bullish calls on AAL stock and other airlines made money, even if they did not make a proverbial "killing."But heading into autumn, I'm turning bearish on the airline stocks. That's largely, though not only, because I continue to believe that weather remains a huge factor in the spread of the coronavirus.InvestorPlace -...
Readers of mine know that I'm very bullish on clean energy stocks, since I see the world in 2030 as one being populated with electric vehicles, hydrogen fuel cells and hydrogen/wind/solar power. But one obscure, small clean energy stock which I haven't rung the bull horn on is FuelCell Energy (NASDAQ:FCEL). That's because in my opinion, FCEL stock is a bubble that should be avoided at current levels.Source: Kaca Skokanova/Shutterstock Remember, I've consistently pounded on the table on so many big and small clean energy stocks, like Tesla (NASDAQ:TSLA), NIO (NYSE:NIO), Kandi (NASDAQ:KNDI), Arcimoto (NASDAQ:FUV), Plug Power (NASDAQ:PLUG), so on and so forth. But FuelCell is all hype.There's a lot of investor demand right now for clean energy stocks, mostly because the market is starting to see the future I see, wherein clean energy becomes ubiquitously adopted across various end-market verticals by 2030.InvestorPlace - Stock Market News, Stock Advice & Trading...
