There are beneficiaries to lower oil prices and that's evident by the recent strength in the consumer cyclical and industrial sectors, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said on CNBC's "Fast Money Halftime" TV show. Fuel prices are one of the largest costs for these sectors.
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Airline stocks benefit from lower fuel costs too, said Pete Najarian, co-founder of optionmonster.com and trademonster.com. Also, investors can stay long rail stocks, since the companies' business is not affected by fluctuating oil prices.
Steve Grasso, director of institutional sales at Stuart Frankel, said that oil services stocks seem to be holding up relatively well, especially after reports surfaced regarding a potential acquisition of Baker Hughes (BHI) by Halliburton (HAL) .
Speaking of oil services, Mike Murphy, founder of Rosecliff Capital, added that Schlumberger (SLB) is also a stock investors can stay long through the selloff.
Stay with the activists, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. Companies like Apache (APA) , Transocean (RIG) , and Anadarko Petroleum (APC) were among those he suggested.
Many of the large banks have been getting out of the commodity business, according to Dan Dicker, president of MercBloc. This has taken away the "bid" that has been holding up many assets, such as oil. Without the banks to buy, prices have come down. He acknowledged that lower oil prices are good for gas prices, but reminded investors not to cheer for too much downside, considering how many jobs have been added in the energy sector in the past five years.
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