• Tue. Mar 5th, 2024

Wall Street Watch: Market Moves, Oil Consolidations and Earnings Announcements”.

ByEditor

Feb 13, 2024
Diamondback acquires Endeavor Energy as consolidation in the oil sector persists on the stock exchange

Wall Street is seeing some movement in the stock indices. The Dow Jones of large companies saw a slight rise of 0.05 percent, while the Nasdaq, which focuses on technology, was up 0.11 percent. The broad S&P 500, which reached a new record high on Friday, was up 0.03 percent at the time of this report.

Meanwhile, the oil industry continues to see consolidation as companies seek to acquire drilling areas and cut costs. Diamondback Energy announced it would acquire its competitor Endeavor Energy Resources for $26 billion in cash and stock. This news caused Diamondback’s share price to rise more than seven percent, making them the largest operator in the traditional Texas oil production area of the Permian Basin. Similar acquisitions by Exxon Mobil and Chevron Corporation have also been reported in recent months.

The earnings season is still underway on Wall Street with Coca Cola set to announce its October-January results and last year’s financial statements tomorrow. Additionally, tomorrow will see the publication of the country’s inflation figures for January in the United States.

Leave a Reply