Meanwhile, Schork is expecting more consolidation in the energy sector. Schlumberger announced Wednesday it plans to acquire oil equipment manufacturer Cameron International for $14.8 billion.
With crashing oil prices and banks redetermining credit to exploration and production firms this fall, companies will have the inability to hedge and will have to look at cash flow, he said.
That means some will have to seek to squeeze out productivity or sell assets.
"If you are selling assets in this market, you are selling into a buyer's market. So if you are a highly levered company you are easy pickings right now," said Schork.
And that means "finally" an "opportunity for a cash-rich company to swoop in and get some bargains now."
—CNBC's Fred Imbert and Reuters contributed to this report.