Diamonds and Dogs

10/14/20

Value hunting in the oil space. Oil and gas producer, Concho Resources (CXO) is up 12% lifting the sector on speculation ConocoPhillips is looking to acquire their oil and gas assets in the productive Permian Basin, with operations concentrated specifically in the Delaware and Midland Basins.

The big banks missed on earnings. Bank of America (BAC) and Wells Fargo (WFC) are both lower by 4% following lackluster earnings and sales. One step forward, one step back. Multiplex operator, AMC Entertainment (AMC) is down 17% on speculation the company is considering a potential bankruptcy filing due to the fact the company will run out of money by the end of the year.

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