Shares of Scorpio Bulkers (SALT) are down over 60 percent so far in 2016, but there is hope for the dry bulk shipper, said David Marcus, portfolio manager for the Evermore Global Value Fund (EVGBX) . 'They did a recap to restructure the balance sheet and the founders actually were investing on the recap. That's when we came in,' said Marcus. 'We own about five percent of the company and we think you are buying at the bottom.' The Evermore Global Value Fund is up 2.2 percent thus far in 2016, according to Morningstar. The $322 million fund has returned an average of 9.1 percent annually over the past three years, outpacing 94 percent of its Morningstar rivals in the world stock category. The fund sports a trailing twelve month yield of 0.94 percent, according to Morningstar. Marcus is also bullish on AMBAC Financial Group (AMBC) , which has seen its shares rise over 18 percent year-to-date. AMBAC is not insuring any new bonds, but it is still making money off its old book, according to Marcus. And he says litigation against Bank of America (BAC) could also bring in a huge settlement.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.