This is the way the world ends
Not with a bang, but a whittle
Investors are whittling away the rally stock by stock. Yesterday it was Yelp. Today it’s Priceline, down by almost 5% on weak guidance, and the worst performer in the S&P 100. Firming oil prices have a big boost to ConocoPhillips (up 3.3% and the top performer in the index), along with Occidental Petroleum and Halliburton. We don’t see a lot to like in priced-to-perfection US stocks.