Concordia, Hawes, Pellati (212) 829-5483
Oil -1.3% (front month contract expiration) and gas -1.29% were lower as weak economic data on U.S. jobless claims raised concerns the the recovery is faltering. Drillers and Service stocks underperformed following Sterne Agee's downgrade of NBR -3.9%, PTEN -3.1% and HP -2.9%. Reports on Friday of more oil in the Gulf than originally thought also weighed on the space. Barron's feature article over the weekend was positive on HP asaying they will continue to benefit from a move to new high performance drilling rigs. CSIQ -5.91% led most solar stocks lower after reporting earnings and after negative comments by Auriga. After bouncing off its 200 day FSLR outperformed the group +1.48% and was upgraded to a buy this morning by UBS. Utilities held their ground as a defensive play with the UTY +.41%.
No real pattern developed in our order flow. Sell volume slightly exceeded buy volume. Most of our activity was in the E & P and service stocks.
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