Diamonds and Dogs
Hess (HES) is up 8% to a 10 month high following the attacks on Saudi Arabia's oil fields and refiners over the weekend. The largest oil refiner in the world was attacked over the weekend causing the price of oil to jump 10%. Goldman Sachs strategists put out a list of recommendations in the oil space including Hess. The attacks definitely increase the tensions in the Middle East possibly bringing the US into the conflict if Iraq is behind the attacks.
More headaches for GM (GM). The auto company is down 3% after the UAW and roughly 46,000 GM members go on strike for the first time since 2007. Some estimate the strike could cost GM $10s of millions per day. One analyst put the strike cost at roughly $40 million to $50 million in earnings before interest and taxes (EBIT). GM is also trying to update and revamp their production to compete against the more fuel efficient and electric cars hitting the markets.
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