Why Alphabet, Seadrill, Freeport-McMoRan and Two More Stocks Are Buzzing

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Rising Crude Futures Power Up Energy Related Names

Freeport-McMoRan Inc (NYSE:FCX)Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR), and Seadrill Ltd (NYSE:SDRL) are up by 5%, 7%, and 9%, respectively on the back of stronger crude prices. Although crude futures sold off earlier in the week due to concerns that a ‘Brexit’ might cause the European economy to slide into recession and the dollar to strengthen, fears over the event have dropped today due to the death of a British pro-EU politician, Jo Cox. Cox, who was killed by a 52 year-old pro-Brexit man who had ties to far-right organizations. The death of Cox has caused sentiment for remaining in the EU to strengthen inside Britain. The lower probability of a Brexit has caused crude prices to rally, and the rising crude prices have powered Freeport-McMoRan, Petrobras, and Seadrill higher.

Among the funds we track, Freeport-McMoRan Inc (NYSE:FCX) was the most popular with 34 funds holding shares at the end of March. Petroleo Brasileiro SA Petrobras (ADR) (NYSE:PBR) was next with 23 funds long the stock, and Seadrill Ltd (NYSE:SDRL) wasn’t too far behind with 22 savvy funds holding shares as of the end of March.

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Disclosure: none

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