After Morgan Stanley analyst Connor Lynagh reversed away from his pessimistic opinion on the oil services business ahead of earnings, shares of NOV Inc. NOV, +5.75 percent rose 5.9 percent in afternoon trade Friday, leading the energy sector and the S&P 500 SPX, +1.07 percent gainers. Lynagh said he was “closing out” his underweight rating on NOV because he believes inflation and margin worries are overshadowing considerable gains in end markets and equipment suppliers’ backlogs. Crude oil futures CL00, +2.30 percent climbed 2.3 percent, helping to boost the market. NOV’s advance comes as the SPDR Energy Select Sector ETF XLE, +1.89 percent gained 2.0 percent, with all 22 components gaining ground, headed by NOV, while the S&P 500 SPX, +1.07 percent gained 1.1 percent, also led by NOV./n
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