Hedge funds are throwing in the towel on indices such as XLE which means they see NO oil rebound in the foreseeable future which of course bodes most well for airlines, trucking, etc.. etc..
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Deutsche Bank upgraded United Continental (NYSE: UAL) from Hold to Buy with a price target of $72.00 (from $63.00). The change follows Q2 results. Analyst Michael Linenberg noted the stock traded lower despite many positives.
"United's June Q earnings release had something for everyone: a record quarterly profit, a new share repo program that is triple its predecessor ($3 bb vs. $1 bb); a capacity cut (1% - 1.5% for 2015 vs. prior 1% - 2%); a halving of its pension deficit to $1 bb and a discount rate increase (or two) away from being fully funded; on track to hit $1 bb cost reduction target one year early by YE 2016; and a Sep Q pretax margin guide of 13.5% - 15.5% which implies material upside to 2015 EPS. All very positive news and yet the stock was down 0.7%. With the stock trading at 8.2x our revised, fully taxed 2015 EPS estimate, we find UAL shares compelling and our raising our rating to a Buy," said Linenberg.
that will dry up supply of available shares and raise earnings per share, as less shares will be out there as float. we have seen this kind of action before