Why Traders Are Clamoring Over These 5 Stocks Today

Bank of America Rises Despite Downgrade

Although analysts at Raymond James recently downgraded Bank of America’s stock to ‘Market Perform’ from ‘Outperform’ due to the estimated impact of FAS91 and potentially higher credit losses, Bank of America Corp (NYSE:BAC) shares are still 1.7% higher this morning, mainly due to value investors buying for the long-term. Although there will be great uncertainty surrounding banks if the EU, Britain, or the United States enters into a recession, many of the money-center banks, including Bank of America, are trading below their tangible book values and have been given the green light from the Federal Reserve to return more capital to their shareholders in the form of dividends or buybacks. Shares could be due for a bounce if/once the Brexit and global recession fears abate. The number of investment firms in our system with Bank of America Corp (NYSE:BAC) in their portfolios fell by three quarter-over-quarter to 110 as of the end of March.

Crude Related Stocks Rise on Higher WTI, Brent

Whiting Petroleum Corp (NYSE:WLL) and Seadrill Ltd (NYSE:SDRL) are in the green this morning on the back of higher crude prices. Although the EIA hasn’t released the official inventory numbers for last week, yesterday’s API numbers showed a 6.7-million barrel crude inventory draw-down, a 3.6-million barrel gasoline draw-down and a 2.3-million barrel distillate draw-down. Given the greater-than-expected draw-down numbers, it’s not surprising that WTI prices are above $48 and Brent prices are higher than $49 per barrel this morning.

43 funds that we track were bullish on Whiting Petroleum Corp (NYSE:WLL) at the end of March, up by three from the end of the previous quarter. Meanwhile 22 funds owned shares of Seadrill Ltd (NYSE:SDRL) at the end of March, up by one quarter-over-quarter.

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