Despite the volatile market and horrible economy one company appear to be somewhat bullet proof. By that we mean, despite downgrades and downward pressure the stock is holding strong.
We’re talking about Exxon .
Shares of this oil giant are holding strong at $80 despite downgrades from both UBS & Goldman and a 33% profit decline.
How did they do it?
They’re also a refiner, reminds Pete Najarian. They make diesel and that’s very desirable all over the world.
Also, they have $32 billion of cash on their balance sheet, adds Tim Seymour. This is a very strong company in a sector that I think will remain very important for the next five years.