Energy stocks are paring their losses slightly in afternoon
trade, with the NYSE Energy Sector Index now down 0.77% and the
S&P Energy Index slipping 1.00%. The recent gains come after
crude oil also trimmed its earlier losses, with the NYMEX crude
contract now off 18 cents at $83.85 a barrel after being down about
$1 only 90 minutes ago.
In company news, shares of Hercules Offshore Inc (
) are down nearly 10% this afternoon after analysts at Raymond
James lowered their rating rating for the oilfield service company
to Market Perform.
The downgrade is affecting other oil and gas exploration and
production shares, with ATP Oil & Gas (
) also down 10% today following a near 30% surge during Friday
Solar energy stocks are higher today, led by Westinghouse Solar
), after the company and CBD Energy reported they have received a 5
million-megawatt purchase commitment from the commercial division
of Harvey Norman, one of Australia's largest whitegoods and
electrical retailers. Product shipments are expected to begin in
calendar Q4 following a certification process for WEST systems with
deliveries taking about six months.
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