Oil stocks are the new tobacco, in ‘death knell phase,’ says Jim Cramer

Oil stocks are in ‘the death knell phase... You’re seeing divestiture by a lot of different funds. It’s going to be a parade. It’s going to be a parade that says, ‘Look, these [stocks] are tobacco and we’re not going to own them.’” That’s CNBC’s Jim Cramer talking about what he considers to be a fundamental crumbling for the fossil-fuel industry following what many characterized as mixed earnings reports from Big Oil names Friday.

This sentiment shift, which Cramer says is not fleeting, is keeping him away from the stocks. He compares the situation to the upending of consumer habits and regulations that changed the tobacco companies forever. One such money manager is the influential Larry Fink of BlackRock BLK, -2.29% who in his popularly followed annual letter declared sustainable investing “on the edge of a fundamental reshaping of finance.”

Surely he's grasping for headline's REDICULOUS COMMENTARY

I'll take that as a buy. Tobacco stocks were some of the best performing the past several decades.

Not by market forces, but by legal force.

Yep.

Texas runs on oil and gas.

Wow it's not like all of the developing world is reliant on fossil fuels

HAHA GMAFB bafffooooooo nanananna

In California, if you were to throw a stone, a good chance it will hit a Tesla. Sude

But Bear Stearns is just fine.

That's bullish!

I'll just leave this here..

Oil is over but BRK is still receiving large payments from Occidental. Glad we have BYD in our portfolio though, nice hedge against a complete melt down in the oil & gas sector!

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil falls on spread of Wuhan virus, U.S. oil-stocks buildOil prices fell on Thursday as alarm spread over the economic impact of the Wuha... Heal them This virus if potent can obliterate sizeable chunk of human species like plague did in middle centuries. These viruses are the result of biological warfare experiments. Deadly viruses are bottled in various labs by military of diff countries. Really what has that to do with Coronavirus
Source: Reuters - 🏆 2. / 97 Read more »

China virus outbreak hits global stocks and oil marketsGold gained along with the safe-haven Japanese yen and Swiss franc, as the number of people infected by the virus in a fast-spreading health crisis surpassed 8,100 people globally, more than the total from the 2002-2003 SARS epidemic.
Source: trtworld - 🏆 101. / 63 Read more »