Energy Stocks Finally Gain Ground After Tough Week
Posted on March 23, 2012 at 10:05 AM EDT
It has been a difficult week for energy names: Commodities including oil took a hit on concerns about China’s slowing growth while downbeat forecasts from names like Baker Hughes (BHI) also weighed on the sector. The Dow Jones U.S. Energy Sector (IYE) is down about 4.5% so far this week. Yet, today glimmers of hope [...]

It has been a difficult week for energy names: Commodities including oil took a hit on concerns about China’s slowing growth while downbeat forecasts from names like Baker Hughes (BHI) also weighed on the sector. The Dow Jones U.S. Energy Sector (IYE) is down about 4.5% so far this week.

Yet, today glimmers of hope returned to the sector, with a number of beaten down names reclaiming some lost ground. Shares of Baker Hughes, National Oilwell Varco (NOV), Cameron International (CAM) and Halliburton (HAL) were all rising 1% or more in recent morning trading.

Big integrated names were a mixed bag, with ExxonMobil (XOM) and ConocoPhillips (COP) mostly flat; Chevron (CVX) was recently up 0.3%.

However, solar names were mostly left out of the party: First Solar (FSLR) was falling 2.5%, Canadian Solar (CSIQ) was down 1.8% and SunPower (SPWR) lost 1.4% in recent trading.

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