Tuesday, October 16, 2012

SECTOR COMMENTARY

Energy stocks rebounded from yesterday’s underperformance and led the broader markets to the upside today despite a lackluster performance in oil and gas futures.  The energy sector was led higher by the refining complex followed by drillers but all sub-industries experienced gains.  However, a few natural gas-levered producers slipped into negative territory.

Shares of Murphy Oil surged 8% on soaring volume after saying it will spin-off its U.S. downstream operations into a separately traded company along with authorizing a special dividend of $2.50 per ...