NOL is up 5.2% at $1.12 in strong volume. The stock is rising on “overall market sentiment, rather than a pure play on the company itself,” an analyst says.
He notes news AP Moller-Maersk would shift its focus away from shipping to focus on oil, drilling rigs and ports operations was already in the market Monday and likely isn’t behind the gains.
Another analyst says the positive China data earlier is boosting sentiment on the stock. November’s preliminary HSBC China PMI data bobbed into expansionary territory for the first time in a year. Orderbook quotes suggest the stock isn’t likely to test $1.13 levels, where its 50-day and 100-day moving averages lie.
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