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A Look Into Energy Sector Value Stocks
BENZINGA 10:51 AM ET 8/18/2022
Symbol Last Price Change
FANG 129.2down +3.43 (+2.7272%)
DVN 66.83up +2.69 (+4.194%)
EPSN 6.989down +0.189 (+2.7794%)
LPI 73.41down +4.15 (+5.9919%)
QUOTES AS OF 11:03:28 AM ET 08/18/2022
Understanding Value Stocks
A value stock is traditionally defined in terms of how investors in the marketplace are valuing that company's future growth prospects. Low P/E multiples are good base indicators that the company is undervalued and can most likely be labelled as a value stock.
Benzinga Insights has compiled a list of value stocks in the energy sector that may be worth watching:
Diamondback Energy (NASDAQ:FANG) - P/E: 5.84
Devon Energy (NYSE:DVN) - P/E: 8.13
Epsilon Energy (NASDAQ:EPSN) - P/E: 6.24
Laredo Petroleum (NYSE:LPI) - P/E: 1.86
Centennial Resource Dev (NASDAQ:CDEV) - P/E: 5.37
Most recently, Diamondback Energy reported earnings per share at $7.07, whereas in Q1 earnings per share sat at $5.2. Devon Energy has reported Q2 earnings per share at $2.59, which has increased by 37.77% compared to Q1, which was 1.88. The company's most recent dividend yield sits at 9.86%, which has increased by 1.13% from 8.73% last quarter.
Epsilon Energy saw an increase in earnings per share from 0.24 in Q1 to $0.44 now. The company's most recent dividend yield sits at 3.54%, which has decreased by 0.86% from 4.4% last quarter.
Laredo Petroleum has reported Q2 earnings per share at $7.5, which has increased by 45.07% compared to Q1, which was 5.17. Centennial Resource Dev has reported Q2 earnings per share at $0.6, which has increased by 1100.0% compared to Q1, which was 0.05.
These 5 value stocks were selected by Benzinga Insights based on quantified analysis. While this methodical judgment process is not meant to make final decisions, our technology can give investors additional perception into the sector.
Why Cisco Stock Is Trading Higher Today
BENZINGA 9:46 AM ET 8/18/2022
Symbol Last Price Change
CSCO 49.6784down +3.0184 (+6.4689%)
QUOTES AS OF 09:50:50 AM ET 08/18/2022
Cisco Systems Inc (NASDAQ:CSCO) shares are trading higher Thursday after the company reported better-than-expected financial results and issued full-year earnings guidance above analyst estimates.
Cisco said fiscal fourth-quarter revenue was flat year-over-year. The company reported quarterly revenue of $13.1 billion, which beat average analyst estimates of $12.73 billion, according to Benzinga Pro.
Cisco reported adjusted fourth-quarter earnings of 83 cents per share, which beat average analyst estimates of 82 cents per share.
"Full year product orders and backlog are both at record highs and reflect the strong demand we continue to see for our innovation and the overall value we bring to our customers as they accelerate their digital transformation," said Chuck Robbins, chair and CEO of Cisco.
Cisco said it expects fiscal first-quarter revenue to grow between 2% and 4% year-over-year. First-quarter adjusted earnings are expected to be between 82 cents and 84 cents per share versus average analyst estimates of 84 cents per share.
Cisco expects fiscal-year 2023 revenue growth to be between 4% and 6%. Fiscal 2023 adjusted earnings are expected to be between $3.49 and $3.56 per share versus average analyst estimates of $3.35 per share.
See Also: S&P 500, Nasdaq Futures Relay Cautious Optimism As Fed Speeches Loom; Cisco Takes Off On Earnings
Analyst Assessment: Several analysts adjusted price targets on the stock following the company's results.
Rosenblatt analyst Mike Genovese maintained Cisco with a Neutral rating and raised the price target from $48 to $53.
Raymond James analyst Simon Leopold maintained Cisco with an Outperform rating and lowered the price target from $63 to $59.
Credit Suisse analyst Sami Badri maintained Cisco with an Outperform rating and raised the price target from $60 to $65.
Barclays analyst Tim Long maintained Cisco with an Overweight rating and raised the price target from $55 to $56.
Goldman Sachs analyst Rod Hall maintained Cisco with a Neutral rating and raised the price target from $45 to $50.
CSCO Price Action: Cisco has a 52-week high of $63.35 and a 52-week low of $40.82.
The stock was up 5.29% at $49.13 at time of publication.
Unusually active option classes on open August 18th
THE FLY 9:40 AM ET 8/18/2022
Symbol Last Price Change
CRIS 1.559up +0.509 (+48.4762%)
SAVA 31.36up +5.64 (+21.9285%)
BBIG 1.6821down +0.2921 (+21.0144%)
MANU 13.755up +0.085 (+0.6218%)
LLY 316.5down -0.32 (-0.101%)
CVS 103.45down -1.47 (-1.4011%)
SDC 1.6707down -0.1393 (-7.6961%)
QUOTES AS OF 09:41:27 AM ET 08/18/2022
Unusual total active option classes on open include: Curis(CRIS) , Knight Transportation (KNX), Cassava Sciences(SAVA) , Vinco Ventures(BBIG) , Manchester United(MANU) , Eli Lilly(LLY) , Walgreen Boots (WBA), Costco (COST), CVS Health(CVS) , and SmileDirectClub(SDC) .
Ford Motor Idles Under Major Bellwether Indicator: What To Watch When Engine Kicks In
BENZINGA 9:33 AM ET 8/18/2022
Symbol Last Price Change
F 15.95up -0.08 (-0.4991%)
QUOTES AS OF 09:37:23 AM ET 08/18/2022
Ford Motor Co. (NYSE:F) broke up from a bull flag pattern on Aug. 11, which Benzinga indicated prior. Over the following days, the stock tested the 200-day simple moving average (SMA) as resistance before beginning to consolidate under the level.
The 200-day SMA is a bellwether that indicates whether a stock is trading in a bull cycle or a bear cycle. Ford, like many other big-cap stocks, has recently been trading near to the 200-day SMA, which may suggest the market as a whole is trying to figure out whether the bear cycle is over or whether the most recent rebound has been a bull run within a larger bear market.
Ford's rejected of the 200-day SMA on Tuesday caused the stock to retrace to the downside and possible print a higher low within the uptrend pattern.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods.
Traders can use moving averages to help identify an uptrend, with rising lower time frame moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term uptrend.
Rising longer-term moving averages (such as the 200-day simple moving average) indicate a long-term uptrend.
A stock often signals when the higher high is in by printing a reversal candlestick such as a doji, bearish engulfing or hanging man candlestick. Likewise, the higher low could be signaled when a doji, morning star or hammer candlestick is printed. Moreover, the higher highs and higher lows often take place at resistance and support levels.
In an uptrend the "trend is your friend" until it's not and in an uptrend there are ways for both bullish and bearish traders to participate in the stock:
Bullish traders who are already holding a position in a stock can feel confident the uptrend will continue unless the stock makes a lower low. Traders looking to take a position in a stock trading in an uptrend can usually find the safest entry on the higher low.
Bearish traders can enter the trade on the higher high and exit on the pullback. These traders can also enter when the uptrend breaks and the stock makes a lower low indicating a reversal into a downtrend may be in the cards.
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The Ford Chart: Ford began trading in an uptrend on July 14 and has since made a consistent series of higher highs and higher lows. Ford's most recent confirmed higher low was formed on Aug. 9 at $15.15 and the most recent higher high was formed at the $16.68 level on Wednesday. The latter level aligns perfectly with the 200-day EMA.
It's unlikely a stock or major market ETF will regain the 200-day SMA or lose the level as support on the first time. When a stock approaches the 200-day SMA from below, it often takes several attempts before the bulls will have enough power to drive the stock up above the level.
Bullish traders will want to see Ford consolidate under the 200-day on lower-than-average volume, perhaps to form a bull flag pattern, and then for big bullish volume to come in and break the stock above the bellwether.
Bearish traders want to see Ford continue to reject the 200-day SMA and then for big bearish volume to come in and drop the stock below the eight-day exponential moving average, which would be bearish at least for the short-term.
Ford has resistance above at $16.45 and $17.02 and support below at $15.51 and $14.34.
Citigroup Maintains Sell on Cisco Systems, Raises Price Target to $44
BENZINGA 8:09 AM ET 8/18/2022
Symbol Last Price Change
CSCO 46.66down 0 (0%)
QUOTES AS OF 04:00:01 PM ET 08/17/2022
Citigroup analyst Jim Suva maintains Cisco Systems(NASDAQ:CSCO) with a Sell and raises the price target from $40 to $44.
It made a long term bottom around 52 and now it is attempting to form a head and shoulders form and needs to go above the next resistance area near 61-63.
I see that some wildly low and high options premiums are offered just before 9:30 am and shortly after. That is when I place my offer to buy or sell options either below or slightly above those "unreasonable" prices. Usually at least one trade goes through right after the open for a nice gain. But I do a lot of research before pricing. Like WB stated: "if after playing 5 minutes you do not spot the patsy, it is you."
GLOBAL MARKETS-Stocks gain, shrugging off latest policymaker inflation concerns
REUTERS 7:06 AM ET 8/18/2022
Symbol Last Price Change
C 53.76up 0 (0%)
QUOTES AS OF 04:10:00 PM ET 08/17/2022
* European indexes recover, Wall St looks set to open up
* ECB's Schnabel says inflation outlook no better
* Dollar regains poise, near three-week high
* Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
By Tommy Wilkes
LONDON, Aug 18 (Reuters) - European stocks reversed early losses on Thursday as investors remained bullish even after Federal Reserve policy meeting minutes and comments from a European Central Bank official showed that the inflation outlook had not improved.
Stocks have staged a strong rebound in the past two months on hopes a peak in the pace of monetary tightening is within sight, but they remain vulnerable to central banker warnings that the fight against price pressures is far from over.
Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, according to the minutes of their July 26-27 policy meeting released on Wednesday.
While not explicitly hinting at a particular pace of coming rate increases, beginning with the Sept. 20-21 meeting, the minutes showed U.S. central bankers committed to raising rates as much as necessary to tame inflation.
ECB board member Isabel Schnabel told Reuters in an interview that the euro zone inflation outlook had not improved since a July rate hike, suggesting she favoured another large interest rate increase next month even as recession risks harden.
That initially rattled investors and sent stocks lower but by 1050 GMT, the Euro STOXX was up 0.27%, while Wall Street futures pointed to a slightly stronger open after the main indexes closed lower overnight. .
However, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.5% and the MSCI World Index was flat.
"After a very strong run for risk assets thanks to a narrative that we might have seen "peak inflation", yesterday put a stop to that as multiple headlines came through that poured cold water on the prospect that central banks were about to let up on hiking rates," said Deutsche Bank analysts.
The latest central banks to hike were the Reserve Bank of New Zealand on Wednesday and the Norwegian bank on Thursday, both raising rates by 50 basis points.
NEED TO HEDGE?
The dollar rose towards a three week high after the Fed's minutes, although its gains faded as the general mood picked up in the mid-day European session. The euro slipped 0.1% to $1.0168 while the British pound briefly fell back below $1.20.
After the recent rally across risk assets, some fund managers are warning about the outlook.
"Investors need to hedge urgently - the environment which has led to this bear market rally, which we concede we did not see being as strong as it has been, is about to change," said Mohammed Apabhai, Citigroup's(C) head of Asia Pacific Trading Strategies.
"The Fed has seen monetary conditions loosening and is now set to continue with its tightening. In particular, it is now set to double the pace of quantitative tightening from the current $47.5 billion to $95 billion starting Sept. 1," Apabhai said, referring to the Fed's shrinking of its balance sheet.
The yield on the benchmark 10-year Treasury notes was little changed at 2.88%
The two-year yield, which rises with traders' expectations of higher Fed funds rates, was unchanged at 3.28%.
Euro zone government bond yields rose after the ECB's Schnabel's comments, with the German 10-year bond yield climbing as many as 6 basis points before easing back.
U.S. crude rose 1.27% to $89.2 a barrel as strong U.S. fuel consumption data and expected falls in Russian supply this year trumped concerns about slowing demand. Brent crude gained 1.51% to $98.04 per barrel.
Spot gold inched up 0.46% to $1,769 per ounce.
(Additional reporting by Scott Murdoch in Hong Kong Editing by Mark Potter and Tomasz Janowski)
It's too early to declare victory but researchers have developed a nasal spray that not only protects against COVID and its variants but prevents infection. As I look out over this decade it is these leaps forward that assure me only a Luddite would not embrace the future both socially and technologically.
If we investors get too bogged down in every detail of our current political or economic issues, we'll miss the big picture and the massive move forward in tech, biotech, robotech and communications.
https://covid19.nih.gov/news-and-stories/antiviral-nasal-spray-shows-promise-fighting-covid-19
Attached below is a long term chart of the Communications sector. As you can see this 'growth' sector is still under performing. It contains companies like TMUS, VZ, T, LUMN, ATVI, TWTR, EA, GOOGL, NFLX, PINS, META, SNAP, SPOT, FOX, SIRI, LYV, DIS, CMCSA & WBD. The big dog here is GOOGL but what you might notice is that many of these companies were beneficiaries of the COVID lockdown and have cooled off massively since then.
I currently have investments in GOOGL, DIS, VZ, CMCSA & LUMN. NFLX is on my watchlist as they're changing their subscription model to include a lower priced subscription with ads.
Technically this chart presents challenges as we appear to be at resistance and volume has dropped quickly as the sector has moved up only marginally. For long term investors it looks like there is good opportunity here. I intend to overweight this sector. I'm not advising, just letting readers know what I'm doing.
Best of luck Nick. This week has been stronger than I thought it would be but the most volatile days are usually Thursday and Friday during the week options expire.
There is very limited liquidity in the pre-market so the open is much more about traders and retail investors psychology than it is about value or where wall street wants the market to move. On down days, I often prefer buying during 'amateur hour', early in the trading session where bad news is often exaggerated and pricing is out of balance. The pros always come in during the afternoon and especially the last hour. What today's trading said to me is that when the SPX hit 4,300 WS had their algos set to sell. That may be resistance again tomorrow.
I loaded up on sold Puts so we hope for an upside at least for tomorrow.
I hope you're right, otherwise I've made a wrong turn.
It's choppy waters.
More like hoping for a move back down to 3,900 over the next 6-8 weeks. Near term the best hope is today through next Tuesday as billions and billions in 8/19 options are unwound - including one of mine, a MMM $145 call.
Are you figuring on a small retreat for the averages.
I now belatedly find out I was supposed to have taken with me some of Chevron's most confidential records, files I had worked on, because working with them made them mine. Indeed, many contain my own handwriting.
If only I had known.
Sold 5 Puts in SPG, strike 95 exp.23/01, premium 3.35.
Sold BAC 5 Puts strike at 33, exp. 11/18, premium 1.01.
Short Interest Sector Focus: Basic Materials Sector
BENZINGA 12:23 PM ET 8/5/2022
Symbol Last Price Change
DNMR 5.03up -0.44 (-8.0439%)
GEVO 3.345up -0.235 (-6.5642%)
AMRS 3.2225down -0.4475 (-12.1935%)
LTHM 29.78up -0.87 (-2.8385%)
LWLG 12.05down +0.57 (+4.9652%)
GPRE 37.87down -0.35 (-0.9158%)
MGPI 115.075up +1.235 (+1.0849%)
WDFC 207.3up -1.05 (-0.504%)
CLF 18.355up -1.305 (-6.6378%)
QUOTES AS OF 12:20:26 PM ET 08/17/2022
As of the close of business on Thursday, 8/4, we captured the Top 10 Highest Short Interest % stocks within the Basic Materials Sector.
The average short interest for stocks within the Basic Materials sector stands at 2.88%. Therefore, the below stocks are showing a more pessimistic outlook than their peers within the respective sector.
DANIMER SCIENTIFIC (NYSE:DNMR) 29.38%
GEVO INC (NASDAQ:GEVO) 27.12%
AMYRIS INC (NASDAQ:AMRS) 22.20%
LIVENT CORPORATION (NYSE:LTHM) 20.66%
LIGHTWAVE LOGIC (NASDAQ:LWLG) 19.27%
GREEN PLAINS INC (NASDAQ:GPRE) 16.98%
MGP INGREDIENTS (NASDAQ:MGPI) 12.96%
PIEDMONT LITHIUM I (NASDAQ:PLL) 11.46%
WD-40 CO (NASDAQ:WDFC) 11.44%
CLEVELAND CLIFFS (NYSE:CLF) 10.80%
Short Interest is the percentage of a stocks' outstanding shares being sold short, which is utilized as a gauge for stock price sentiment. When short interest increases, this is generally considered a negative "bear" market indicator, whereas when short interest decreases, this is generally considered a positive "bull" market indicator.
SPX is approaching 4250 and the RSI turned into a negative direction.
I sold MO 10 Puts.
A home for the future, makes a lot of sense. I am working on a 22 year old house yo meet the needs of nature in the future. The safe room is there, but the rest needs to be updated also.
And the ones that miss the turn get absorbed or go out of business, ie: Wang. Misses the personal computer demand.
When we do our build in Annapolis it will be our first all electric home with a heat pump, solar and a Tesla Powerwall. MD is a solar rights state with strong solar access laws and net metering.
Sold 5 Puts in F with a strike price of 14, expiration date December and a premium of 75 cents.
Great companies evolve as times change.
Added to GSK @ $34.42. Everyone loved GSK when they split the healthcare unit, (HLN), off but now everyone hates GSK. It's down about 40% from the peak with a ~5% dividend and forward P/E of 10.5X. There is litigation risk with Zantac lawsuits but the downside seems overdone.
Delta Air Lines call volume above normal and directionally bullish
THE FLY 11:05 AM ET 8/17/2022
Symbol Last Price Change
DAL 34.525down -0.815 (-2.3062%)
QUOTES AS OF 11:12:58 AM ET 08/17/2022
Bullish option flow detected in Delta Air Lines(DAL) with 17,445 calls trading, 1.5x expected, and implied vol increasing over 1 point to 40.33%. Nov-22 41 calls and Nov-22 40 calls are the most active options, with total volume in those strikes near 11,800 contracts. The Put/Call Ratio is 0.24. Earnings are expected on October 13th.
Sold more Puts yesterday: MSFT, C, CVS, JNJ and SPG. Today, so far offered for sale 10 Puts in MO at 42.5.
It is good to read that these projects are one of the less expensive choices and really work. I am thinking about generating most of my electricity with solar panels covering the roof and also saving rain water for my home. We get tremendous showers of a couple of inches almost daily , 6 months out of the year.
I am also holding HQH for income purposes in several accounts. I had been adding to it on pullbacks. I have it as a DRIP in some accounts, in addition.
Added to HQH @ $20.30. This CEF is currently trading 5.5% below NAV as it has under performed and healthcare stocks are currently under performing the market. Current yield is 7.8%.
Added to GOOGL @ $120.27 & CMCSA @ $39.74.
In 2018, the California Water Commission approved $2 billion to support construction of two new water reservoirs — Sites and Temperance Flat — and expansion of two others — Pacheco and Los Vaqueros.
But these dam projects have been in limbo without additional Federal financing for the past four years until the Biden administration approved a $2.2 billion loan to complete financing for the dam projects in March of this year as part of last year's Bipartisan Infrastructure Bill Biden signed into law Nov 15 of last year.
https://www.usnews.com/news/politics/articles/2022-03-17/big-new-california-reservoir-on-track-for-large-federal-loan
Rainwater diversion projects in Southern California send rainwater runoff onto fields where the water percolates down into the local water table rather than running off into the ocean. These projects, far more cost efficient than dams, are all being funded by local water districts which rely entirely or in part on wells pumping local groundwater.
Stifel Maintains Hold on Walmart, Raises Price Target to $149
BENZINGA 9:15 AM ET 8/17/2022
Symbol Last Price Change
WMT 139.37up 0 (0%)
QUOTES AS OF 04:10:00 PM ET 08/16/2022
Stifel analyst Mark Astrachan maintains Walmart(NYSE:WMT) with a Hold and raises the price target from $145 to $149.
Citigroup Maintains Buy on Walmart, Raises Price Target to $162
BENZINGA 8:31 AM ET 8/17/2022
Symbol Last Price Change
WMT 139.37up 0 (0%)
QUOTES AS OF 04:10:00 PM ET 08/16/2022
Citigroup analyst Paul Lejuez maintains Walmart(NYSE:WMT) with a Buy and raises the price target from $152 to $162.
I would vote for her.
Thank you Elroy for your reply. We can build one less rain water collector.
ONGC inks agreement with ExxonMobil for deepwater exploration in India
REUTERS 8:16 AM ET 8/17/2022
BENGALURU (Reuters) - Indian oil explorer and producer Oil and Natural Gas Corp said on Wednesday it signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil Corp for deepwater exploration in the country's East and West coasts.
(Reporting by Nandan Mandayam in Bengaluru; Editing by Krishna Chandra Eluri)
A "head of" agreement is an initial, non-binding document that establishes the basic framework for a partnership or transaction. The agreement is the first step toward creating a formal deal, and due to its tentative nature can often be renegotiated or reneged.
Actress Gina Lollobrigida will run for the Senate in Italy's elections next month, weeks after celebrating her 95th birthday.
She would face re-election at age 100, unless she retires early.
"Italy is in bad shape and needs a fresh perspective, I want to do something good and positive," she told reporters she had invited to her home.
The infrequent flood waters in Las Vegas, which do not percolate down into the ground water reservoirs all flow eastward into the Las Vegas Wash which flows into Lake Mead - where the Hoover Dam already exists, built in 1931
Ls Vegas gets water credit for their rain, as well as for their RO-processed sewer water they add back to Lake Mead.
If Las Vegas relied on their rain water alone I suspect they could open up the current city to people for a couple of weeks, once every five years - that is with no permanent residents.
The grassland of old Las Vegas (The Meadows in Spanish) was supported by small streams during the winter ending in man made lakes for cattle, with underground water during the Winter which supported a few small ranches and a stop on the rail line to Los Angeles from Salt Lake City.
Prior to the Hoover Dam the population of Las Vegas was less than 250 -- similar to Palm Springs at the same time.
An adobe ranch house in Las Vegas
Thank you Elroy with the description. Too bad Las Vegas being under a flood now, cannot harness all that water. They could use it for irrigation and with the proper purification as drinking water.
We need to harness the rain water that is flooding places, maybe with giant portable water collectors. We better start thinking along these lines as we shall have more floods and less drinking water as the Earth warms up. We should not wait until we have to wait in line for drinking water. So many places flood regularly and all that water just causes misery and considering the damage it causes they could design and build water collectors.
Thank you Eric, that is outstanding. A good way to add profit to a portfolio, buy lower than the crowd with the use of Puts, also makes cost averaging much better.
Not a blow out in the curve.
Nick, here's a good example of how I use options. Last year in December when WSM was down over 20% I bought shares at ~$171 and sold Feb $175 calls @ $8.50. Then March $150 @ ~$10. I bought a few more shares at the $108 bottom when I was still under water ~30%.
Today I sold January 2023 $175 calls @ $21.18. Clearly after the 55% move up from the July bottom there are some true believers who think the stock will be well over $200 by January. I think mid-range specialty retail may still have some challenges ahead. In any event, if WSM is under $175 in January I will still own my shares with a basis of $120. If WSM is over $175 in January my shares will be called and my profit will be 47-48% depending on how many additional dividends I pick up.
BZ Chart Of The Day: Johnson & Johnson Is Nearing This Key Support Level
BENZINGA 11:20 AM ET 8/15/2022
Symbol Last Price Change
JNJ 167.475up +1.385 (+0.8339%)
QUOTES AS OF 03:46:22 PM ET 08/16/2022
Johnson & Johnson (NYSE:JNJ) stock is oversold and getting close to a level that has been support in the past.
Oversold refers to momentum. It means the stock has been aggressively sold so hard that it is below what would be its usual or typical trading range.
This is important because traders will be expecting a reversion to the mean, and this will draw them into the market as buyers. They could push the price higher.
Shares are also getting close to support around the important $158 level. Support is a large group of investors who are looking to pay close to the same price for new shares.
Stocks often rally off of support. This is especially the case when they are oversold. This is a fundamental principle of financial markets.
To learn more about trading, check out the new Benzinga Trading School.
For the first time low water levels have triggered a Tier 2 water shortage for Lake Mead, one of the Colorado River's key reservoirs.
The Tier 2 designation will begin in January 2023:
Arizona will lose 21% of it's annual water allotment, a loss of 592,000 acre-feet;
Nevada (Las Vegas) will lose 8%, 25,000 acre-feet of water lost;
The country of Mexico will lose 7%, 104,000 acre-feet lost.
California with more senior water rights loses no water allocation under Tier 2.
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