Oil Stocks a Decent Value on Crude Price: MacDonald

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Oct. 29 (Bloomberg) -- Lucy MacDonald, CIO for global equities at Allianz Global Investors, examines results from BP and the overall European oil sector. She speaks on Bloomberg Television’s “On The Move.”

Mcdonald for a quick reaction to all of those stories.

B.p. raising its dividend.

It is a company you have never been that keen on.

No.

that was before macondo.

They have been struggling to grow.

The capital efficiency is low.

The volume growth is very hard to come by.

The only reason to be involved has been the dividend and in b.p.'s case they have not been able to do much about that because of macondo.

Those two issues, volume growth and capital efficiency are not going to get better.

The old price has been at a good level but you play that off the oil services companies?

It makes more stones have the service companies because they are more closely lined to -- shale exposure, they are able to produce some growth.

The service companies are beginning to see some better results now.

We have had results from national -- which we own last week.

It showed that orders began to pick up again.

Prices held up better than you would have thought.

We have been watching to see what happens with iran.

The tension is coming down a bit.

At the same time, if the sanctions come off, then it looks like the saudis will then pull back from their protection.

That could undermine the price.

If you take the price being what it is at the moment, then the stocks are looking decent values.

We talked on tech.

You said you liked exposure to google and prizeline.

What is your take on apple?

Apple is much neutral.

We reduced to a neutral position last year because we were concerned about pressure and competition and innovation.

Post steve jobs.

It has now gone a level that are fair.

The issue of margins is still there.

The growth rate is not what it used to be.

It is an increasingly competitive landscape with anything to do with landscape.

This text has been automatically generated. It may not be 100% accurate.

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