While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
While Hong Kong leader Carrie Lam painted a bleak picture of the city's economy, she expressed hope that dialogue with protesters could provide "a way out."China Politicsread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
U.S. President Donald Trump and his former White House communications director Anthony Scaramucci have had a public falling out recently.Politicsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia were mixed on Tuesday, as the People's Bank of China published its new loan prime rates which would result in cheaper borrowing costs for companies.Asia Marketsread more
Energy stocks may be bottoming as a number of bullish historical signals herald a potential reversal for the worst-performing S&P 500 sector this year, according to Tom Lee of Fundstrat Gloabl Advisors.
Energy stocks are currently a "style orphan" because they are not cheap enough for value investors and aren't delivering enough upward momentum for growth investors, the closely followed Wall Street bull said in a research note on Friday.
However, Lee is monitoring the energy sector for signs that a value recovery has reached "escape velocity." The S&P 500 Energy sector is down more than 9 percent this year while the S&P 500 is up more than 12 percent.
"After all, by definition 'Value' is equity cheap relative to intrinsic value, and Energy stocks are the poster child, especially if oil is recovering," wrote Lee, managing partner and head of research at Fundstrat.
The shape of the so-called futures curve suggests that oil supplies are tightening after three years of oversupply that has weighed on crude prices, Lee notes. To be sure, U.S. West Texas Intermediate crude oil for immediate delivery is still cheaper than prices for WTI shipped in the upcoming months. But prices for oil contracts dated after February begin to plateau early next year and drop after that.
WTI crude futures curve, source: Factset
This structure signals that the oil price recovery is intact and "Almost always drives a rally in Energy equities," Lee writes.
However, Lee sees other signs of an energy rebound. Energy stocks are trailing materials to a degree that has marked a bottom for the sector in three periods in the past.
U.S. stocks in value sectors like consumer staples, telecommunications and energy have also underperformed their global peers in the MSCI World Index, another reason to expect value names to outperform, Lee said.
Out of 27 energy stocks that Fundstrat examined, it identified 11 names with a bullish outlook. Some of the stocks that ranked favorably in both its quantitative and technical analyses are Pioneer Natural Resources, Concho Resources, EOG Resources and ConocoPhillips.