ET - Why ConocoPhillips Alder BioPharmaceuticals and SemGroup Jumped Today
Monday was a poor day for the major benchmarks, as market participants reacted negatively to news from the Middle East. A drone attack on oil production facilities in Saudi Arabia sent shockwaves across the global economy, and many now fear that higher energy prices could further slow economic growth that in turn could cause more trouble for financial markets. However, some stocks benefited from more favorable conditions. ConocoPhillips (NYSE: COP), Alder BioPharmaceuticals (NASDAQ: ALDR), and SemGroup (NYSE: SEMG) were among the top performers. Here's why they did so well.
Shares of ConocoPhillips soared 9% on Monday, making it one of the biggest beneficiaries among major energy players of oil's move higher. Crude rose by more than $7.50 per barrel to around $62.50, boding well for Conoco's prospects for future profit growth. Investors had worried that the oil producer might get left behind by more aggressive peers that have been more active in making strategic moves with their asset portfolios. Yet shareholders now seem to appreciate Conoco's patience, and thanks to its discipline, the oil giant has a lot more room to maneuver and take advantage of new opportunities in the energy market as they become available.
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