Concordia, Hawes, Pellati (212) 829-5483
Oil fell 1.31% as jobless claims unexpectedly rose and manufacturing activity in the mid-Atlantic region fell sharply in August. Natual gas fell 1.6% despite a lower than expected increase in weekly inventories. Solar stocks, pressured by weak equities and a lower euro, underperormed with the TAN -3.49%. CSIQ was the only alternative energy stock to close in positive territory, +6.92%. It was strong all day heading into their earnings report after the bell. They reported a good number, but apparently not the strong number the street expected as it sold off after hours. Oil service stocks weighed on the energy sector with OSX -2.25%. MMR continued to outperform and led all E&P stocks closing up 3.94% on strong volume. If no news emerges, I would expect some profit taking in the name today.
- RIG says BP's continued refusal to provide documents is blocking efforts to determine the true cause of the spill and ultimate liability.
- A U.S. scientist said 75% of the oil was still in the Gulf and a research study detected a 22-mile plume of oil.
Energy flow showed primarily hedge fund buying of E&P and oil service stocks on weakness. Buy orders outpaced sells 2-1.
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