The only way Greece could really shift the global financial system is if it causes enough turmoil to force the Germans to object to the quantitative easing measures that many investors expect in January from the European Central Bank. Kelly is short both German and French equities.
"I don't think Greece is that big of a deal" so long as the country does not create political issues within the European Union, added Tim Seymour, managing partner of Triogem Asset Management. He said German equities will rally higher in 2015 and investors should buy the CAC 40 (a French index), as well as the DAX, (Germany's version of the Dow Jones Industrial Average).
Lower energy prices will help the European economy, according to Jon Najarian, co-founder of optionmonster.com and trademonster.com, as will a declining euro.
It takes time for currency effects to kick in, according to Paul Hickey, co-founder of Bespoke Investment Group. As for U.S. stocks, the 0.5% decline in the S&P 500 can be attributed to profit taking, he reasoned. Moves tend to get exaggerated near the end of the year.
Stephen Gengaro, an oil services analyst at Sterne Agee, has a hold rating on Civeo with a $6 price target. The company has high production costs for its oil operation in Canada and a lack of demand for its coal business, he said.
However, the company seems likely to cover all of its debts. The decision to suspend the dividend was likely made in order to use free-cash flow in order to pay down debt and lower the company's leverage in 2015. He has a buy rating on Superior Energy Services (SPN) and Newark Resources (NR) .
Shares of Civeo, which are down about 84% since the end of September, are starting to look attractive on the long side, Najarian said. It has large investors, too, including David Einhorn and Jana Partners.
Investors should stick with high quality names that have strong balance sheets, Seymour stressed. Oil services stocks will likely head lower. Instead, he likes integrated oil companies and refiners.
With that in mind, the trading panel took a look at a few stocks that were losers in 2014 but show promise for 2015. Seymour is taking a look at 3D Systems (DDD) , which has fallen roughly 66% on the year. The company has upside in 2015 with its metal printing business and added management.
Consider Ford (F) , said Hickey. The auto maker should see sales climb from the new F-150 pickup truck while continuing to benefit from the strong auto market. With a 3.2% dividend yield and a low valuation, the stock is attractive.
Castlight Health (CSLT) , whose shares dropped 71% over the past 12 months, looks attractive on the long side, Najarian reasoned. Shares should rebound in 2015, and the company may even be considered a takeout target.
GoPro (GPRO) was a stock that performed terrifically in 2014, but questions about its valuation could plague the stock in 2015. Brad Erickson, research analyst at Pacific Crest Securities, called the valuation "very rich" but has a sector perform rating on the stock with a $73 price target. According to his channel checks, the competition is not taking market share from GoPro, which appears to have had a great holiday season given its low inventory levels.
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-- Written by Bret Kenwell