Occidental Petroleum Corporation (NYSE: OXY) gapped up slightly on Monday before falling to trade flat. Occidental is set to print its fourth-quarter financial results after the market closes.
US stocks are coming off a lackluster week and early indications suggest a reversal in sentiment in the new trading week. While rising bond yields could be a cause of concern, the recent weakness could trigger bargain-hunting-related buying.
The CNN Money Fear and Greed index showed some decline in the overall sentiment among US investors.
US stocks dropped sharply on Friday, recording their worst week of the year, after core personal consumption expenditures price index, the Fed’s preferred inflation gauge, increased 4.7% in January compared to the previous year, above economist estimates of 4.3%.
Evercore ISI Group analyst Stephen Richardson downgrades Occidental Petroleum (NYSE:OXY) from In-Line to Underperform and lowers the price target from $74 to $60.