TUESDAY, OCTOBER 23, 2012
Energy and materials stocks led the broader markets sharply lower with all key S&P sectors in the red as commodities plummeted after some disappointing earnings results and amid worries over Spain's economy. Morgan Stanley downgraded the energy sector to ‘Underweight’ from ‘Market weight’ and all oil and gas sub-industries experienced steep losses.
Refiners were slight underperformers, weighed down as Deutsche Bank reduced the group to a ‘Neutral’ rating. Shares of Helix Energy plummeted more than 7% after reporting earnings that were adversely impacted ...