Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The embattled leader is expected to outline a timetable for her successor to be chosen.Europe Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Danish shipping group A.P. Moller-Maersk on Friday posted first-quarter profit close to expectations and warned that trade tensions and slowing economic growth constitute...Earningsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
ExxonMobil shares have outperformed many big energy "yield" names during oil's massive slide, but it might be time for investors to jump off the Dow component's bandwagon, Bank of America Merrill Lynch said Thursday.
The bank downgraded ExxonMobil's stock to neutral from buy and kept its price target unchanged at $96. Exxon's stock traded at $88.53 at Thursday's close.
"After strong relative performance and a valuation we estimate 'discounts' long-term oil at around $73, the shares have moved ahead of sector peers, reflecting perhaps a flight to XOM's defensive characteristics on the way down and relative scale that positions the stock as the 'go to' name for portfolio managers looking to reduce relative energy underweights as oil prices recover," BofA said in a note to clients Wednesday.
"While we acknowledge this momentum may continue, under our long-term price assumption of $80 (Brent), we believe fair value for XOM stands at $96, leaving just 8% upside potential from current levels," BofA said.
Entering Thursday trading, ExxonMobil shares had gained 14.5 percent in 2016 and 12.2 percent over the past six months.
XOM year-to-date chartSource: FactSet
Disclosure: BofA makes a market in ExxonMobil stock.