New York Mag article (GME) “There’s a chance we’ll see an even bigger rally on Monday than we saw on Wednesday,” wrote Mark Gurman, an analyst at New York-based Jefferies.
“That would be a very big surprise, and it would be the largest gain in a month.”
Gurman noted that a recent survey of the most active stocks on the exchange showed that the rally in Exxon Mobil stock prices was the biggest in a year, with Exxon Mobil’s average price in the last three days rising from $37.80 to $39.15 per share.
That’s an increase of nearly 60 percent.
The biggest gain was on a day when the Nasdaq Composite Index jumped 5.7 percent.
On Wednesday, it rose 6.4 percent.
“It’s been a big rally in recent days and it’s definitely still growing,” Gurman said.
“Exxon’s on a different track, but it’s getting closer.”
Exxon stock has gone through a series of market disruptions in recent years.
In January, the company was taken over by Halliburton, which went public in 2005.
In December 2011, the firm lost control of its oil and gas business.
In February, Exxon announced it would merge with Mobil, which had previously been run by the former CEO of Halliburt, Rex Tillerson.
The two companies, which together employ about 1.2 million people, have been in a fierce rivalry since the 1970s, when Exxon was one of the nation’s biggest oil producers.
Exxon Mobil now controls more than half of the U.S. oil and natural gas market.
The market is now poised for a big rebound, Gurman added.
“There is some optimism that Exxon Mobil is back on the right track.
The company’s share price will likely increase again in the next few days.”
In other words, the odds of another Exxon rally on Thursday are better than the odds that they will fall short.