Energy Stocks See a Mid-Day Reversal
(Chart: Yahoo Independent Oil & Gas Index)Occidental Petroleum Corp (OXY) makes a 3.8 billion dollar takeover bid for Vintage Petroleum (VPI). Clearly energy stocks are still undervalued otherwise there would be no takeover activity.
Oil and gas stocks have rallied nicely in afternoon trading (See chart above).
posted by Big Ben at Friday, October 14, 2005
1 Comments:
If oil companies are buying each other, than they know oil won't plummet any time soon.
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