STORY: “We own some because valuations have been low and I think as an investor, frankly, what we want to see is more consolidation. And I think we will see that,” Cipolloni added.
He also points out that energy sector revenues have not met expectations so far. That contrasts with the overall market, where 83% of companies have beaten earnings expectations, according to data compiled by LSEG on Friday. There are 114 S&P 500 companies scheduled to report this week.
