Diamonds and Dogs
More bottom fishing in the oil patch. Phillips 66 (PSX) is the diamond today after billionaire investor Warren Buffett's company has amassed a stake worth nearly $4.5 billion in the oil refiner. Within the energy space, the refiners are benefitting the most from the lower prices and spread between certain oil costs. Warren sold his position in the stock earlier this year or last year, but after a 17% drop this month, it looks like he's back in. Phillips 66 is one of the few oil company's higher for the day.
China, China, China. More weakness and fears of an economic slowdown in China is hitting the region. Alibaba (BABA) down 3% is dog of the day and the closest proxy for the Chinese economy with their affiliated ecommerce retailers generating $300 billion in sales. Other Chinese related stocks getting hit include JD.com (JD) and Netease (NTES). The more the Chinese government gets involved in their markets, the more the mess they seem to make.