Bernstein analyst Nicholas Green initiated coverage on the Global Oil Services sector in a note titled 'Houston, we have a problem.' The analyst said that investors need oil services stocks in their portfolios, as there is a lot of opportunity through the fog. However, he sees a double-dip recession for oil services ahead, "dismal" prospects for margin recovery, and called sector valuation "a mixed bag." Given that, Green said there are few fundamental equity cases for owning oil service names, but added that lots of money can be made with these highly liquid and highly volatile stocks. The analyst recommended buying Tenaris (TS), which he rated an Outperform and believes is "leagues ahead of anybody else," and selling out of U.S. large-caps Schlumberger (SLB), Halliburton (HAL), and Baker Hughes (BKR), all of which he rated Underperform. He also advised selling out of TechnipFMC (FTI), which he downgraded to Underperform from Market Perform, and buying the underappreciated E&C firm Saipem (SAPMY), which he rated Outperform. Additionally, Green said "everyone should own some" SBM Offshore (SBFFF), which he called "the key winner from Exxon's (XOM) Guyana fields," and upgraded to Outperform from Market Perform.

Unusual total active option classes on open include: ImmunityBio (IBRX), Halliburton (HAL), Redfin (RDFN), Nokia (NOK), Matterport (MTTR), General Motors (GM), UPS (UPS), Philip Morris (PM), PepsiCo (PEP), and General Electric (GE).

Reports Q1 revenue $5.8B, consensus $5.67B. "Halliburton delivered solid first quarter results that again demonstrated the power of our strategy and the strength of our execution. Activity in North America recovered from fourth-quarter lows, and our international business delivered its 11th consecutive quarter of year-on-year growth," commented Jeff Miller, Chairman, President and CEO. "Our customers' multi-year activity plans across markets and asset types confirms my confidence in the strength and duration of this upcycle. Halliburton demonstrated its commitment to shareholder returns in the first quarter and repurchased $250 million of common stock - a solid start to the year and a good benchmark for our expectations going forward," concluded Miller.