Stocks of Israel Chemicals, the sixth largest potash producer in the world, also got battered Sunday following the Egyptian crisis, despite gains recorded by its peers Mosaic (MOS) and Potash (POT). On Monday, the stock regained some of the losses, closing 1.5% higher.
On the oil front, the situation in Egypt can potentially further affect oil priced, as the eruption of protests in the streets of Cairo caused a 4% spike in oil prices Friday. Although Egypt is not a major oil supplier, over 1.8 billion oil barrels travel every day through the Suez Canal, which is owned by Egypt, Stefak says. "Continuing uncertainty in the area will cause the oil tankers to fear sailing through the Suez, forcing them to surround Africa. A closing of the Canal could be a serious setback to the global economy," Stefak says.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV