Vestas Wind Systems VWS -3.14%decrease; red down pointing triangle
The Danish wind turbine maker last year unveiled plans to build a new blade factory in Szczecin, near the Baltic Sea coast, to support Europe’s build-out of offshore wind parks.
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Dominic Chopping
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A weak session is setting up for Tuesday, with oil under pressure after unexpectedly downbeat China export data. So the preference is for bonds this morning, as stock futures tilt south.
Onto our call of the day, which deals with another worry — a wall of government debt that will be with us for decades. It comes from Bridgewater’s highly regraded co-chief investment officer Bob Prince, who was speaking at the Global Financial Leaders’ Investment Summit on Tuesday, hosted by the Hong Kong Monetary Authority.
Prince touches on asset liability mismatches, such as what was seen during the banking crisis earlier this year. He explains that one big factor behind a crisis is when a certain economic regime exists for an extended period of time and “people extrapolate that into the future on the basis of leverage and asset liability mismatches. Then you get a shift in that regime.”
The events of March, which saw the collapse of SVB, Signature Bank and Silvergate, were a perfect example of that, Prince says. Then he turns to what he calls the “broader effects of a transition from 15 years of abundant free money,” that was first used to battle deleveraging pressures in the financial system in 2008 and then the pandemic.
One long-term effect of that gets particular attention by Prince, who points out how U.S. government Treasury debt to GDP was about 70% in 2008, around where it had been for decades.
“The after effects of offsetting deleveraging and pandemic, you’ve had a massive wealth shift from the public sector to the private sector and that’s left the government with debt to GDP up from 70% up to 120%. And the particular vulnerability of that is in the debt rollovers and the gross issuance that you’re going to see in the coming decades . You’re stuck with that debt until you pay it off and that means you have to roll it over like anybody else does,” said Prince.
“Gross debt issuance will be running at 25% for as far as the eye can see, that means every year you’re issuing 25% of GDP in debt. In 1960, the average amount of debt issuance was 12% of GDP,” he said.
Prince says most people really don’t pay attention to debt rollovers because they just assume those will get done, but notes that when countries have experienced balance of payments crisis in the past, mostly emerging markets, that is because they have been unable to roll over that debt.
In the U.S. case, it’s crucial to look at who is holding the debt, particularly the 27% held by foreign investors and 18% by central banks. “Foreign investors would normally be a reliable source of investment but it does heighten sensitivity to geopolitical risk, and so geopolitical risk converges with debt rollovers and gross issuance of the Treasury is an issue that you need to pay attention to in the coming years.
While not an “acute problem,” he says, it’s a lingering one, and when it comes to central banks it’s also unclear whether their holdings also present a “rollover risk.”
Prince also touches on the fact that that all that “abundant free money” has fueled a private-equity boom, but with interest rates now at 8% instead of 2% or 3%, “the pace and transaction cycle is bound to slow,” and they are starting to see that.
“When we talk to institutional investors around the world, many of them are experiencing liquidity issues right now and the liquidity issues result from the fact so much money was allocated to private assets and the transaction cycle is slowing,” he said.
MarketWatch 50: Forget U.S. stocks for now. Invest here instead, says Bridgewater’s co–investment chief
A team of analysts at Citigroup led by Nathan Sheets have also weighed in on government debt, telling clients in a new note that “it’s unwise for policy makers to experiment or test” where the threshold for too much debt lies. Here’s their chart showing the bleak trajectory:
Dirk Willer, head of global asset allocation at Citigroup, said a debt crisis scenario in the U.S. would likely mean a selloff of risk assets globally. He notes that bonds in rival countries may not be the best bet as they don’t always benefit. And both gold and bitcoin underperformed during the U.K. gilt crisis, so those may be out.
Also in attendance at the conference in Hong Kong, Deutsche Bank’s CEO is worried geopolitics could create another market event and Citadel’s Ken Griffin said investors should put money in China.
Read: ‘Stock-market correction is over’ after broad surge amid ‘epic’ market rallies
Stock futures
ES00,
NQ00,
are pointing to a weak to flat session ahead, while the 10-year Treasury yield
BX:TMUBMUSD10Y
eases back. U.S. crude
CL.1,
is under $80 a barrel after worse-than-forecast China exports signaled more economic bumps in the global growth engine. The dollar
DXY
is up.
Planet Fitness stock
PLNT,
is surging on upbeat results and an improved growth outlook. Uber
UBER,
is up as earnings beat forecasts, but revenue fell short. D.R. Horton
DHI,
stock is also getting a boost from results. EBay
EBAY,
Occidental Petroleum
OXY,
Akamai Tech
AKAM,
and Gilead Sciences
GILD,
after the close.
Reporting late Thursday, Tripadvisor
TRIP,
delivered blowout results and the stock is surging, while Sanmina
SANM,
is down 14% after the manufacturing services provider’s disappointing results.
UBS
UBS,
UBSG,
swung to a $785 million quarterly loss on lingering effects of its Credit Suisse takeover, but it pulled in $33 billion in new deposits and shares are up.
After a decade of turmoil, office-sharing group WeWork
WE,
filed for Chapter 11 bankruptcy protection on Monday.
The U.S. trade deficit climbed 5% in September to $61.5 billion as imports rebounded. Still to come is consumer credit at 3 p.m. Fed Vice Chair for Supervision Michael Barr speaks at 9:15 a.m., followed by Fed Gov. Christopher Waller at 10 a.m.
The International Monetary Fund boosted its China outlook for 2023 and 2024.
Big banks are cooking up new ways to offload risk.
Retirees continue to flock to places where climate risk is high.
How to know when it’s time to retire
According to this recent JPMorgan survey, two-thirds of investors are ready to start pumping more money into equities, while just 19% plan to increase bond exposure. Also, note that 67% also said they did not expect performance of the Magnificent 7 stocks — Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta — to “crack before the end of the year.”
These were the top-searched tickers on MarketWatch as of 6 a.m.:
|
TSLA, |
Tesla |
|
AMC, |
AMC Entertainment |
|
NVDA, |
Nvidia |
|
AAPL, |
Apple |
|
NIO, |
NIO |
|
GME, |
GameStop |
|
AMZN, |
Amazon.com |
|
PLTR, |
Palantir Technologies |
|
MULN, |
Mullen Automotive |
|
MSFT, |
Microsoft |
|
NVDA, |
Nvidia |
Fifteen people ended up with eye pain and sight issues after a Bored Ape NFT event.
A death metal band asked for singers on social media. A choir responded.
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Updated Nov. 1, 2023 3:33 am ET
Orsted booked a 28.4 billion Danish kroner ($4.02 billion) impairment charge in the third quarter related to its U.S. offshore wind portfolio and said it will stop development of two wind farm projects off the coast of New Jersey amid spiraling costs and supplier delays.
The Danish renewable-energy company had previously warned of up to DKK16 billion of impairments after flagging increasing supply-chain risks at U.S. projects, while a lack of favorable progress on U.S. tax credits and higher interest rates were also sending project costs higher.
Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Two things investors can be sure about: Nothing lasts forever and the stock market always overreacts. The spiking of yields on long-term U.S. Treasury securities has been breathtaking, and it has led to remarkable declines for some sectors and possible bargains for contrarian investors who can commit for the long term.
First we will show how the sectors of the S&P 500
have performed. Then we will look at price-to-earnings valuations for the sectors and compare them to long-term averages. Then we will screen the entire index for companies trading below their long-term forward P/E valuation averages and narrow the list to companies most favored by analysts.
Here are total returns, with dividends reinvested, for the 11 sectors of the S&P 500, with broad indexes below. The sectors are sorted by ascending total returns this year through Monday.
| Sector or index | 2023 return | 2022 return | Return since end of 2021 | 1 week return | 1 month return |
| Utilities | -18.4% | 1.6% | -17.2% | -11.1% | -9.6% |
| Real Estate | -7.1% | -26.1% | -31.4% | -3.0% | -8.8% |
| Consumer Staples | -5.4% | -0.6% | -6.0% | -2.2% | -4.4% |
| Healthcare | -4.2% | -2.0% | -6.1% | -1.7% | -3.3% |
| Financials | -2.5% | -10.5% | -12.7% | -2.5% | -4.7% |
| Materials | 1.3% | -12.3% | -11.2% | -1.9% | -7.0% |
| Industrials | 3.5% | -5.5% | -2.1% | -1.8% | -7.3% |
| Energy | 4.0% | 65.7% | 72.4% | -1.9% | -1.4% |
| Consumer Discretionary | 27.0% | -37.0% | -20.0% | -0.6% | -5.2% |
| Information Technology | 36.5% | -28.2% | -2.0% | 0.8% | -5.9% |
| Communication Services | 42.5% | -39.9% | -14.3% | 1.1% | -1.3% |
|
S&P 500 |
13.1% | -18.1% | -7.4% | -1.1% | -4.9% |
|
DJ Industrial Average |
2.5% | -6.9% | -4.5% | -1.7% | -4.0% |
|
Nasdaq Composite Index COMP |
28.0% | -32.5% | -13.7% | 0.3% | -5.1% |
|
Nasdaq-100 Index |
36.5% | -32.4% | -7.7% | 0.5% | -4.2% |
| Source: FactSet | |||||
Returns for 2022 are also included, along with those since the end of 2021. Last year’s weakest sector, communications services, has been this year’s strongest performer. This sector includes Alphabet Inc.
GOOGL
and Meta Platforms Inc.
META,
which have returned 52% and 155% this year, respectively, but are still down since the end of 2021. To the right are returns for the past week and month through Monday.
On Monday, the S&P 500 Utilities sector had its worst one-day performance since 2020, with a 4.7% decline. Investors were reacting to the jump in long-term interest rates.
Here is a link to the U.S. Treasury Department’s summary of the daily yield curve across maturities for Treasury securities.
The yield on 10-year U.S. Treasury notes
jumped 10 basis points in only one day to 4.69% on Monday. A month earlier the 10-year yield was only 4.27%. Also on Monday, the yield on 20-year Treasury bonds
rose to 5.00% from 4.92% on Friday. It was up from 4.56% a month earlier.
Market Extra: Bond investors feel the heat as popular fixed-income ETF suffers lowest close since 2007
The Treasury yield curve is still inverted, with 3-month T-bills
yielding 5.62% on Monday, but that was up only slightly from a month earlier. An inverted yield curve has traditionally signaled that bond investors expect a recession within a year and a lowering of interest rates by the Federal Reserve. Demand for bonds pushes their prices down. But the reverse has happened over recent days, with the selling of longer-term Treasury securities pushing yields up rapidly.
Another way to illustrate the phenomenon is to look at how the Federal Reserve has shifted the U.S. money supply. Odeon Capital analyst Dick Bove wrote in a note to clients on Friday that “the Federal Reserve has not deviated from its policy to defeat inflation by tightening monetary policy,” as it has shrunk its balance sheet (mostly Treasury securities) to $8.1 trillion from $9 trillion in March 2022. He added: “The M2 money supply was $21.8 trillion in March 2022; today it is $20.8 trillion. You cannot get tighter than these numbers indicate.”
Then on Tuesday, Bove illustrated the Fed’s tightening and the movement of the 10-year yield with two charts:
Bove said he believes the bond market has gotten it wrong, with the inverted yield curve reflecting expectations of rate cuts next year. If he is correct, investors can expect longer-term yields to keep shooting up and a normalization of the yield curve.
This has set up a brutal environment for utility stocks, which are typically desired by investors who are seeking dividend income. In a market in which you can receive a yield of 5.5% with little risk over the short term, and in which you can lock in a long-term yield of about 5%, why take a risk in the stock market? And if you believe that the core inflation rate of 3.7% makes a 5% yield seem paltry, keep in mind that not all investors think the same way. Many worry less about the inflation rate because large components of official inflation calculations, such as home prices and car prices, don’t affect everyone every year.
We cannot know when this current selloff of longer-term bonds will end, or how much of an effect it will have on the stock market. But sharp declines in the stock market can set up attractive price points for investors looking to go in for the long haul.
A combination of rising earnings estimates and price declines could shed light on potential buying opportunities, based on forward price-to-earnings ratios.
Let’s look at the sectors again, in the same order, this time to show their forward P/E ratios, based on weighted rolling 12-month consensus estimates for earnings per share among analysts polled by FactSet:
There is a limit to how many columns we can show in the table. The S&P 500’s forward P/E ratio is now 17.94, compared with 16.79 at the end of 2022 and 21.53 at the end of 2021. The benchmark index’s P/E is above its 10- and 15-year average levels but below the five-year average.
If we compare the current sector P/E numbers to 5-, 10- and 15-year averages, we can see that the current levels are below all three averages for four sectors: utilities, real estate, financials and communications services. The first three face obvious difficulties as they adjust to the rising-rate environment, while the real-estate sector reels from continuing low usage rates for office buildings, from the change in behavior brought about by the COVID-19 pandemic.
Your own opinions, along with the pricing for some sectors, might drive some investment choices.
A broader screen of the S&P 500 might point to companies for you to research further.
We narrowed the S&P 500 as follows:
Here are the 20 companies that passed the screen, for which analysts’ price targets imply the highest upside potential over the next 12 months.
There is too much data for one table, so first we will show the P/E information:
| Company | Ticker | Current P/E to 5-year average | Current P/E to 10-year average | Current P/E to 15-year average |
| SolarEdge Technologies Inc. | SEDG | 89% | N/A | N/A |
| AES Corp. | AES | 66% | 75% | 90% |
| Insulet Corp. | PODD | 18% | N/A | N/A |
| United Airlines Holdings Inc. | UAL | 42% | 50% | N/A |
| Alaska Air Group Inc. | ALK | 51% | 57% | N/A |
| Tapestry Inc. | TPR | 39% | 49% | 70% |
| Albemarle Corp. | ALB | 39% | 50% | 73% |
| Delta Air Lines Inc. | DAL | 60% | 63% | 21% |
| Alexandria Real Estate Equities Inc. | ARE | 59% | 68% | N/A |
| Las Vegas Sands Corp. | LVS | 96% | 78% | 53% |
| Paycom Software Inc. | PAYC | 61% | N/A | N/A |
| PayPal Holdings Inc. | PYPL | 33% | N/A | N/A |
| SBA Communications Corp. Class A | SBAC | 27% | N/A | N/A |
| Advanced Micro Devices Inc. | AMD | 58% | 39% | N/A |
| LKQ Corp. | LKQ | 92% | 44% | 78% |
| Charles Schwab Corp. | SCHW | 75% | 54% | 73% |
| PulteGroup Inc. | PHM | 94% | 47% | N/A |
| Lamb Weston Holdings Inc. | LW | 71% | N/A | N/A |
| News Corp Class A | NWSA | 93% | 73% | N/A |
| CVS Health Corp. | CVS | 75% | 61% | 67% |
| Source: FactSet | ||||
Click on the tickers for more about each company or index.
News Corp
NWSA
is on the list. The company owns Dow Jones, which in turn owns MarketWatch.
Here’s the list again, with ratings and consensus price-target information:
| Company | Ticker | Share “buy” ratings | Oct. 2 price | Consensus price target | Implied 12-month upside potential |
| SolarEdge Technologies Inc. | SEDG | 74% | $122.56 | $268.77 | 119% |
| AES Corp. | AES | 79% | $14.16 | $25.60 | 81% |
| Insulet Corp. | PODD | 68% | $165.04 | $279.00 | 69% |
| United Airlines Holdings Inc. | UAL | 71% | $41.62 | $69.52 | 67% |
| Alaska Air Group Inc. | ALK | 87% | $36.83 | $61.31 | 66% |
| Tapestry Inc. | TPR | 75% | $28.58 | $46.21 | 62% |
| Albemarle Corp. | ALB | 81% | $162.41 | $259.95 | 60% |
| Delta Air Lines Inc. | DAL | 95% | $36.45 | $58.11 | 59% |
| Alexandria Real Estate Equities Inc. | ARE | 100% | $98.18 | $149.45 | 52% |
| Las Vegas Sands Corp. | LVS | 72% | $45.70 | $68.15 | 49% |
| Paycom Software Inc. | PAYC | 77% | $260.04 | $384.89 | 48% |
| PayPal Holdings Inc. | PYPL | 69% | $58.56 | $86.38 | 48% |
| SBA Communications Corp. Class A | SBAC | 68% | $198.24 | $276.69 | 40% |
| Advanced Micro Devices Inc. | AMD | 74% | $103.27 | $143.07 | 39% |
| LKQ Corp. | LKQ | 82% | $49.13 | $67.13 | 37% |
| Charles Schwab Corp. | SCHW | 77% | $53.55 | $72.67 | 36% |
| PulteGroup Inc. | PHM | 81% | $73.22 | $98.60 | 35% |
| Lamb Weston Holdings Inc. | LW | 100% | $92.23 | $123.50 | 34% |
| News Corp Class A | NWSA | 78% | $20.00 | $26.42 | 32% |
| CVS Health Corp. | CVS | 77% | $69.69 | $90.88 | 30% |
| Source: FactSet | |||||
A year may actually be a short period for a long-term investor, but 12-month price targets are the norm for analysts working for brokerage companies.
Don’t miss: This fund shows that industry expertise can help you make a lot of money in the stock market
U.S. stocks ended higher Friday after Federal Reserve Chairman Jerome Powell warned the central bank may need to raise interest rates even higher to temper a strong U.S. economy and quell inflation, while assuring investors that monetary policy would proceed cautiously.
For the week, the Dow fell 0.4%, the S&P 500 gained 0.8% and the Nasdaq climbed 2.3%, according to Dow Jones Market Data. The Dow booked back-to-back weekly losses, while the S&P 500 and technology-heavy Nasdaq Composite each…
WeWork Inc. disclosed Tuesday that there’s “substantial doubt” about its ability to continue operating, as the company seeks to improve its financial positioning.
Shares of the company, which provides co-working spaces, were down 33% in Tuesday’s after-hours trading.
WeWork
WE,
lost $397 million in the second quarter and has $680 million of liquidity. In light of its losses and expected cash needs, “substantial doubt exists about the company’s ability to continue as a going concern,” WeWork said in its second-quarter earnings release.
Its ability to continue “is contingent upon successful execution of management’s plan to improve liquidity and profitability over the next 12 months.”
See also: Proterra stock craters as electric-bus maker files for Chapter 11 bankruptcy
As part of that liquidity planning, WeWork will aim to cut its rent and tenancy costs through restructuring as a renegotiation of lease terms. The company is also looking to boost revenue by lowering member churn, and it will try to rein in expenses and capital expenditures. Finally, WeWork is seeking additional capital through the issuance of debt or equity, or via asset divestitures.
The company was a hot technology player before the pandemic, enabling businesses to obtain flexible arrangements for workspaces, but it’s struggled to find its footing again now that companies and employees have become more comfortable with remote work.
WeWork’s losses narrowed in the latest quarter, though they were still sizable, as the company logged a net loss of $397 million, or 21 cents a share, compared with a loss of $635 million, or 76 cents a share, in the year-prior period. The FactSet consensus was for a 12-cent loss per share, based on three estimates.
The company also managed to grow revenue in its latest quarter, bringing in an $844 million haul on the top line, up from $815 million a year earlier, though analysts had been looking for $850 million.
“The company’s transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real-estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs,” Interim Chief Executive David Tolley said in a release.
The company’s prior CEO stepped down in May.
See more: WeWork bonds sink after top executives resign from cash-burning company
U.S. stock index futures slipped lower Tuesday after a three-day break, with Chinese equities wilting on disappointment over the monetary stimulus efforts in the world’s number-two economy.
On Friday, the Dow Jones Industrial Average
DJIA,
fell 109 points, or 0.32%, to 34299, the S&P 500
SPX,
declined 16 points, or 0.37%, to 4410, and the Nasdaq Composite
COMP,
dropped 93 points, or 0.68%, to 13690.
Investors were in a cautious mood following the U.S. long weekend in honor of the Juneteenth federal holiday, but that’s after a strong run. The S&P 500 gained 2.6% last week, its fifth week in a row of gains, as the tech-heavy Nasdaq Composite took its winning run to eight weeks.
Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, said both retail and institutional investor sentiment are at their highest levels in over two years.
“We note that the consensus is right about 80% of the time, which means such shifts in sentiment and positioning can often be right as the collective intelligence of the market knows best,” he said. “However, given our fundamental view on growth, we find it hard to get on board with the current excitement and narrative supporting it. In other words, if second half growth re-accelerates as expected, then the bullish narrative being used to support equity prices will be proven correct.”
One event that investors have to weigh is the resumption this fall of student loan payments, and what that may mean for consumers’ disposable income. Student loan payments have been paused since the start of the pandemic in March 2020.
China cut its 1- and 5-year lending rates by 10 basis points, which investors viewed to be modest, particularly after a Friday state council meeting didn’t result in other concrete measures. According to Societe Generale, there were expectations the 5-year rate, the benchmark for mortgages, would be cut by 15 basis points.
The Hang Seng
HSI,
fell 1.5% in Hong Kong.
Alibaba
BABA,
the Chinese internet giant, also was in the spotlight after announcing that its CEO and chairman will step down to focus on the cloud division, with Brooklyn Nets owner Joseph Tsai becoming chairman.
Tuesday’s economic data include housing starts data, which showed a 21.7% rise in May after a revised 2.9% drop in April. Building permits also climbed 5.2% in May.
A panel later Tuesday will include both New York Federal Reserve President John Williams and Fed Vice Chair for Supervision Michael Barr. On Wednesday Fed Chair Jerome Powell is due to deliver semi-annual congressional testimony.
Cava Group, the Mediterranean-focused fast-casual restaurant chain that’s making its trading debut on Thursday, is confident it has access to enough funding to expand its business and make a profit, according to Chief Financial Officer Tricia Tolivar.
But Tolivar declined to provide a timeline to profitability in an interview with MarketWatch.
The…
Even during a year in which the S&P 500 index declined 19%, with 72% of its stocks in the red, there were plenty of winners.
Before showing you the list of the best performers in the benchmark index, let’s look at a preview: Here’s how the 11 sectors of the S&P 500
SPX,
performed for the year:
| Index | 2022 price change | Forward P/E | Forward P/E as of Dec. 31, 2021 |
| Energy | 59.0% | 9.7 | 11.1 |
| Utilities | -1.4% | 18.9 | 20.4 |
| Consumer Staples | -3.2% | 21.0 | 21.8 |
| Health Care | -3.6% | 17.6 | 17.2 |
| Industrials | -7.1% | 18.3 | 20.8 |
| Financials | -12.4% | 11.9 | 14.6 |
| Materials | -14.1% | 15.8 | 16.6 |
| Real Estate | -28.4% | 16.5 | 24.2 |
| Information Technology | -28.9% | 20.1 | 28.1 |
| Consumer Discretionary | -37.6% | 21.3 | 33.2 |
| Communication Services | -40.4% | 14.3 | 20.8 |
| S&P 500 | -19.4% | 16.8 | 21.4 |
| Source: FactSet | |||
Maybe you aren’t surprised to see that the energy sector was the only one to increase during 2022. But it might surprise you to see that despite the sector’s weighted price increase of 59%, its forward price-to-earnings ratio declined and remains very low relative to all other sectors.
It might also surprise you that West Texas Intermediate crude oil
CL.1,
gave up most of its gains from earlier in the year:
The reason investors are still confident in energy stocks is that oil producers have remained cautious when it comes to capital spending. They don’t want to increase supply enough to cause prices to crash, as they did in the run-up to the summer of 2014, after which prices fell steadily through early 2016, causing bankruptcies and consolidation in the industry.
Now the oil companies are focusing on maintaining supply, raising dividends and buying back shares, as Occidental Petroleum Corp.’s
OXY,
chief executive explained in a recent interview with Matt Peterson. Click here for more about Occidental and the long-term supply/demand outlook for oil.
Here are the 20 stocks in the benchmark index that rose most during 2022, excluding dividends. Proving that there are always exceptions, not all of them are in the energy sector.
| Company | Ticker | Sector | Industry | 2022 price change |
| Occidental Petroleum Corp. |
OXY, |
Energy | Oil & Gas Production | 117.3% |
| Hess Corp. |
HES, |
Energy | Oil & Gas Production | 91.6% |
| Marathon Petroleum Corp. |
MPC, |
Energy | Oil Refining/ Marketing | 81.9% |
| Exxon Mobil Corp. |
XOM, |
Energy | Integrated Oil | 80.3% |
| Schlumberger Ltd. |
SLB, |
Energy | Contract Drilling | 78.5% |
| APA Corp. |
APA, |
Energy | Integrated Oil | 73.6% |
| Halliburton Co. |
HAL, |
Energy | Oil & Gas Production | 72.1% |
| First Solar Inc. |
FSLR, |
Information Technology | Semiconductors | 71.9% |
| Valero Energy Corp. |
VLO, |
Energy | Oil Refining/ Marketing | 68.9% |
| Marathon Oil Corp. |
MRO, |
Energy | Oil & Gas Production | 64.9% |
| ConocoPhillips |
COP, |
Energy | Oil & Gas Production | 63.5% |
| Steel Dynamics Inc. |
STLD, |
Materials | Steel | 57.4% |
| EQT Corp. |
EQT, |
Energy | Oil & Gas Production | 55.1% |
| Chevron Corp. |
CVX, |
Energy | Integrated Oil | 53.0% |
| McKesson Corp. |
MCK, |
Health Care | Medical Distributors | 50.9% |
| Cardinal Health Inc. |
CAH, |
Health Care | Medical Distributors | 49.3% |
| EOG Resources Inc. |
EOG, |
Energy | Oil & Gas Production | 45.8% |
| Enphase Energy Inc. |
ENPH, |
Information Technology | Semiconductors | 44.8% |
| Merck & Co. Inc. |
MRK, |
Health Care | Pharmaceuticals | 44.8% |
| Cigna Corp. |
CI, |
Health Care | Managed Health Care | 44.3% |
| Source: FactSet | ||||
Click on the tickers for more information about the companies.
Click here for Tomi Kilgore’s detailed guide to the wealth of information available for free on the MarketWatch quote page.
Don’t Miss: These 20 stocks were the biggest losers of 2022
Berkshire Hathaway
Vice Chairman Greg Abel, the likely successor to CEO Warren Buffett, bought about $68 million of the company’s shares last Thursday in what appears to be his first purchases of Berkshire stock since he assumed the position in 2018.
In several Form 4 filings Monday with the Securities and Exchange Commission, Abel disclosed that he purchased 168 Berkshire Hathaway (ticker: BRK/A, BRK/B) Class A shares through the Gregory Abel Revocable Trust on behalf of his wife, children, and other family members.