By Market News Video Staff, Tuesday, November 30, 1:03 PM ET
Simmons & Co. cut ratings on offshore drillers today, citing a strengthening headwind for the companies.
Among other ratings changes, Simmons cut Diamond Offshore (NYSE:DO) from neutral to underweight, and it cut Transocean (NYSE:RIG) and Rowan Companies (NYSE:RDC) from overweight to neutral.
Shares of Diamond Offshore are trading flat Tuesday, while Transocean trades down 0.3%, and Rowan Companies trades down 0.85%.
Transocean is 11.26% of the Oil Services HOLDRS (AMEX:OIH), while Diamond Offshore is 5.58% and Rowan Companies is 1.91% of the portfolio.
Top stocks include Schlumberger (NYSE:SLB), at 19.55%, Halliburton (HAL) at 12.62%, and Baker Hughes (BHI), at 12.52% of the fund.
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