Morgan Stanley equity strategist Mike Wilson and his team are removing Exxon Mobil (XOM) and Simon Property (SPG) from the firm’s "Fresh Money Buy List" and adding Colgate-Palmolive (CL) and Walmart (WMT), telling investors that they are making these changes to "position more defensively as the equity market finally prices the earnings risk." Bond volatility has increased "markedly" over the past month and the firm thinks stocks are next as "investors realize earnings guidance looks unrealistic," Morgan Stanley’s equity strategist stated.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on XOM: