- Morgan Stanley downgrades oil services companies Baker Hughes (BHI +0.9%), Weatherford (WFT +1.4%) and Cameron (CAM +2.1%) to Equal Weight from Overweight with slightly reduced price targets.
- The firm says BHI is not likely to outperform peers until it cuts costs to close its margin gap, which it is not likely to achieve without an environment that will foster rapid growth; market share also continues to modestly erode.
- On CAM, while long-term growth drivers are intact, reduced 2014-15 growth in subsea and infrastructure spend is likely to further delay normalization of margins; also, shares have recovered nicely post the Q3 2013 miss.
- While the firm expects WFT to put its back office issues around taxes and DoJ settlements behind it, the stock likely would need a high-growth environment to outperform.
From other sites
at CNBC.com (May 18, 2015)
at CNBC.com (Mar 19, 2015)
Video at CNBC.com (Mar 18, 2015)
Video at CNBC.com (Mar 13, 2015)
Video at CNBC.com (Mar 6, 2015)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs