Occidental Petroleum (OXY): the largest one-day rally in history
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Occidental Petroleum (OXY): the largest one-day rally in history
Occidental Petroleum (OXY +33.7%) topped yesterday's S&P 500 leaderboard to close at its highest level since early March (+33.7%), swept up in optimism over rising oil prices. And it was the largest percentage increase in history for the stock, based on statistics that go back to 1972, and the stock has climbed for five straight days, rising 49% over the period.
By the way, the stocks were already 3–4 times more expensive than similar companies, "despite the decline in volumes, high leverage and the risk of refinancing," - writes William Featherston, an analyst with Credit Suisse.
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