Oil plunge hits Oxy

The stock fell 4.3 percent, to $46.26, probably in response to today's sharp drop in oil prices. In trading on the NY Mercantile Exchange, oil closed at $58.32 a barrel, down $2.73. Deutsche Bank analyst Paul Sankey expects "very weak U.S. oil demand" in 2007 and forecasts that prices will average around $62 (perhaps offering a clue on gasoline prices). Oil plunged because of warmer-than-normal temps across most of the country. That means less demand for heating oil. Other local stocks: KB Home fell 4 percent, to $49.26 (maybe an aftershock to homebuilder Lennar's bad news on Tuesday); Superior Industries, the Van Nuys-based maker of aluminum wheels, gained 3.1 percent, to $19.70; J2 Global, the L.A.-based messaging and communications company, was up 4.6 percent, to $28.50; and Guess?, the L.A.-based apparel company, was up 2 percent, to $64.70. The Dow, after starting the day up over 100 points, lost most of that and finished up a little over 11 points. A not-so-cheery Fed report that raised doubts about economic growth was blamed.