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Yahoo BusinessApr 09, 2020
8 Stocks To Sell Into The Market Rally
All of a sudden, renewed optimism about the government stimulus package and a handful of data points suggesting the spread of COVID-19 may be slowing has the S&P 500 up 10.3% since April 1. Unfortunately, the economy and the market are not out of the woods just yet.It may be years before some businesses get back to normal, and some may never recover. Given most stocks have rallied significantly off their lows so far this month, it may be a good time to cash out of some of the dead weight in your portfolio while the prices are decent.Here are the eight Underperform-rated stocks with the most potential downside, according to Bank of America.Diamond Offshore Drilling Inc (NYSE: DO) Travel restrictions amid the COVID-19 shutdown have crippled global crude oil demand. At the worst possible time, Saudi Arabia and Russia have entered a pricing war that has pushed oil prices to fresh 20-year lows.Analyst Chase Mulvehill says oil prices will likely drop even further once global storage capacity is completely used up, essentially forcing production to stop. Diamond may struggle to sustain its cash flow, bringing its $2 billion in debt into focus.Bank of America has an Underperform rating and 25-cent price target for DO stock.See Also: 8 Best Investment Strategies During A RecessionYPF SA (NYSE: YPF) YPF is an Argentinian oil E&P, refining and distribution company.Analyst Frank McGann recently cut his price target for YPF and other Latin American oil and gas producers due to an increasingly bearish outlook for crude oil prices. McGann said YPF will likely cut capex and
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