The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Plunging oil prices may be rough for energy companies, but they're a tail wind for the U.S. economy, billionaire value investor Mario Gabelli told CNBC on Tuesday.
In a "Squawk Box" interview, Gabelli, founder, chairman, and CEO of Gamco Investors, cited two industries that he's betting on because of lower oil and gasoline prices: They're auto parts and convenience stores.
"The users of energy, the owners of the cars are feeling better, so that they buy parts at AutoZone, O'Reilly's [and] Genuine Parts. Those businesses are doing quite well," Gabelli contended. "They benefit because there are 250 million cars are on the road. There's deferred maintenance."
Those three stocks have also been performing solidly this year. As of Monday's close, AutoZone is up 28 percent in 2014, Genuine Parts is up 24 percent and O'Reilly Automotive is up 47 percent.
Another company in the auto part space, Pep Boys, has not been executing well and its stock is off 27 percent this year, he said.
As for convenience stores, Gabelli said he likes Murphy USA and Casey's General Stores based on lower oil prices as consumers start feeling better about filling up their tanks. Shares of Murphy and Casey's are up 46 percent and 17 percent, respectively, for 2014 as of Monday's close.
"Every week you're going to feel better. But you don't do it right away. Seventy percent of gasoline purchases are with debit cards or credit cards. And it's going to take about a month when you're bill is lower and you got more money leftover."
In the media space, where Gabelli is also heavily invested, he believes that CBS should buy Viacom, the company behind MTV and Paramount Pictures. "Someone is going to try to put the two together. They make sense to come back together." The two media giants split into separate companies at the end of 2005, with the two stocks trading separately as of Jan. 3, 2006.
Viacom is down 15 percent so far this year, while CBS is off 18 percent in 2014 as of Monday's close.
At an investor conference on Monday, which Gabelli attended, Viacom stressed the importance of the global marketplace for media consumption, "the notion of a smartphone, watch what you want, where you want to watch," as the Gamco Investors boss put it.
Gabelli also pointed to Viacom's buy back of $2.5 billion in stock this year as a positive. "I'm increasing my ownership of the company for my clients," while keeping the number of Viacom shares owned constant.
Disclosure: According to the 13F filing from Gamco Investors at the end of September, the investment company owns shares in all the stocks mentioned in this article.