Investors should be wary of yesterday's surge in the shares of oil field services group Wood Group. The company reported a strong set of figures despite the recent drop in oil prices. However, one must keep in mind that most of that decline occurred towards the end of the year. That flattered the outfit's results as it was thus able to book nearly all its profits at much higher prices.Also, the US oil rig count only dropped off at the start of this year. Forty per cent of Wood Group's product services division (PSN) derives its revenues from North America.The unit's US onshore activities are also "predominantly shale related". In fact, they were the largest contributor to the company's profits of $341.7m. If Brent oil stays at these prices that will blow a large hole in the company's financials - of up to $1bn in sales and another $150m off its profits. That would leave the stock changing hands at about 15 times' forecast earnings, when applying a typical multiple of 10 would yield a target price of 450p. For all of the above reasons, The Daily Telegraph's Questor column downgraded the shares in August of 2013 and now thinks they are a sell.For all the wailing and moaning by moralists and politicians, shareholders really couldn't care less about HSBC's Swiss private banking scandal. The unit accounts for just 3% of profits, took place a decade ago and under its current chief, Stuart Gulliver, the lender has cleaned up its act.However, its stock continues to trade at more than its tangible book value, unlike many western peers, despite still having its fair share of challenges ahead. Half its underlying profits come from global banking and markets at a time when investment banking profitability is weak. Business conduct costs and compliance risks are also rising, while a boost to the income line from a hike in Bank Rate is nowhere to be seen on the horizon. For all its restructuring, rivals Barclays and Standard Chartered may both make more politic investments, writes the Financial Times's Lex column.