Skip to main content

Market Overview

Pisani: Energy Stocks Are 'On Fire,' Retail Sales Were 'Disappointing'

Share:
Pisani: Energy Stocks Are 'On Fire,' Retail Sales Were 'Disappointing'

U.S. equities were trading slightly higher on Thursday with all major indices trading in the green. However, as CNBC's Bob Pisani pointed out Thursday morning, energy stocks are "on fire."

Pisani pointed out that the S&P Energy index was trading higher by more than 1.5 percent shortly after the opening bell. The reason for the outperformance versus other sectors was attributed to a rise in oil prices, an ongoing wild fire near Canada's oil sands and concerns out of Lybia.

Pisani continued that many of the "high beta energy names" are seeing large gains, led by Chesapeake Energy Corporation (NYSE: CHK), Concho Resources Inc (NYSE: CXO) and others.

Meanwhile, retail sales figures were "all disappointing," in particular L Brands Inc (NYSE: LB) given a 4 percent decline in Victoria's Secret comp sales and flat growth at Costco Wholesale Corporation (NASDAQ: COST).

"It was weak right across the board," Pisani said. "Everybody had a little disappointing year so you can't just say this is an L Brands particular problem with retail right now."

Finally, Pisani suggested the S&P 500's valuation at close to 18x forward earnings is "full" and it will be "tough" for the index to once again cross over the 2,100 mark.

 

Related Articles (COST + CHK)

View Comments and Join the Discussion!

Posted-In: Bob Pisani CNBC energy stocks retail sales retailers S&P 500 ValuationMarkets Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com