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Mozambican authorities declared a “red alert” in Cabo Delgado province as they prepared to evacuate people from the northern region. Relief agencies in the country are already stretched as they deal with the aftermath of Cyclone Idai, which struck in March and killed more than 1,000 people in Mozambique, Zimbabwe and Malawi.
Occidental Petroleum Corp on Wednesday started the first takeover battle for a major oil company in years, offering $38 billion for Anadarko Petroleum Corp, a bid that topped a $33 billion offer by Chevron Corp. Both suitors are offering a premium for Anadarko's holdings in the Permian Basin of West Texas and New Mexico. Occidental's surprise $76-per-share bid is valued at $57 billion, including debt.
After being rebuffed several times, Occidental Petroleum Corp. on Wednesday made public a $38 billion offer to buy Anadarko Petroleum Corp., seeking to break up a proposed takeover by Chevron Corp. The $76 per share cash-and-stock bid for The Woodlands, Texas-based oil and natural gas producer is 20 percent more than Chevron’s $33 billion April 12 agreement. For Occidental, which has a market value of about $46 billion, the acquisition would be its largest ever and the biggest purchase of an oil producer anywhere in at least four years. It would pull together two second-tier oil and natural gas producers, as opposed to Chevron’s bid to create another "ultramajor" to rival Exxon Mobil Corp. It would require Anadarko to pay a $1 billion breakup fee to Chevron.
The bidding war for Anadarko Petroleum (APC) has begun and no one is happier than APC investors. OXY and CVX are fighting for control of the Permian Basin and Anadarko is the golden ticket.
While being meet with skepticism from analysts -- who have called the bid “ill-advised” and “a very bad idea” -- the proposal shows the appetite of Chief Executive Officer Vicki Hollub, 59, who took over in 2016 as only the fourth CEO in the company’s history and is one of the few women leading a major oil producer. The price of the deal is only about $8 billion less than Occidental’s total market value. The move is fitting for a company that for decades was led by larger-than-life characters, including Ray Irani, who was for a time the industry’s highest-paid leader, pulling in $80 million in average compensation over several years.
The Dow Jones Industrial Average fell 0.22% to close at 26,597.05. The S&P 500 lost 0.22% to end at 2927.27, and the Nasdaq Composite slipped 0.23% to close at 8102.01.
With a $38 billion bid on Wednesday for rival oil producer Anadarko Petroleum Corp, Occidental Petroleum Corp CEO Vicki Hollub has again grabbed the spotlight, as the oil and gas industry trailblazer squares off against Chevron Corp, a company four times Occidental's size. Hollub, the first woman to become chief executive officer of a major oil company, rose through the ranks after earning a degree in mineral engineering. By challenging Chevron for a takeover of Anadarko, she is betting she can convince investors that she is able to run a much bigger business.
The Latest on 5G Equipment Vendors Nokia and Ericsson(Continued from Prior Part)Trump withdraws from Iranian nuclear agreementNokia (NOK) says that it won’t accept any new business in Iran in 2019, adding that its operations in the country this
The S&P 500 slipped on Wednesday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports. Energy stocks were the biggest drag on the S&P 500 as oil prices fell. While the tech-heavy Nasdaq had help from eBay Inc's upbeat earnings and a chipmaker rally, investors were digesting a mixed bag of reports.
Futures in New York hit a wall Wednesday after a surprisingly big jump in American crude inventories suggested global supplies may be less constrained than previously thought. Prices in New York slipped 0.6 percent on Wednesday. The U.S. Energy Information Administration said stockpiles swelled by 5.48 million barrels last week, topping even the highest estimates in a Bloomberg survey of oil analysts.
The US Dollar Index touched the pinnacle near 97.85 levels on Euro plunge. EIA reported higher crude inventory data, dragging down the oil prices. The BoC decided to keep the interest rates unchanged. The Aussie pair stood on the back foot amid poor CPI figures.
Oil and gas producer Anadarko Petroleum Corp on Wednesday confirmed Occidental Petroleum Corp 's $57 billion offer for the company that topped Chevron Corp's $50 billion bid and said it would carefully review the offer. Occidental's surprise $76-per-share proposal comes after the company had repeatedly said in recent weeks that it had been trying to woo Anadarko in an effort to become the largest producer of oil in west Texas's Permian basin, where production has boomed in recent years.
U.S. stocks hovered below their all-time highs on Wednesday, as investors digested a mixed batch of earnings reports and losses in energy stocks limited gains on the indexes. The S&P 500 is 0.3% below its record high of 2,940.91 hit in late September.
Chevron may have to increase its $65 per share offer by roughly $5-$10 per share to claim its prize, several analysts say. Occidental is offering $76 per share, but Anadarko shareholders would prefer to hold Chevron's stock, according to analysts. Energy giant Chevron CVX may have to sweeten its offer for Anadarko Petroleum APC after fellow driller Occidental Petroleum OXY put a higher bid on the table, analysts say.
Domino's Pizza DPZ — Shares of Domino's Pizza climbed 4.9% on stronger-than-forecast quarterly earnings. Anadarko Petroleum APC — The energy company's stock jumped 11.6% after Occidental Petroleum announced a bid of $76 a share for Anadarko, topping an earlier offer from Chevron. Occidental's bid values Anadarko at $57 billion .
First, it emerged the board had tweaked severance terms in favor of the c-suite just a day before Chevron Corp. announced its agreed offer. It is unfortunate that Anadarko agreed to pay a break up fee of $1 billion, representing approximately $2 per share, without even picking up the phone to speak to us after we made two proposals during the week of April 8 that were at a significantly higher value to the transaction you were apparently negotiating with Chevron.
Steven Spielberg felt his feelings toward streaming services were misrepresented, The New York Times reported based on sources close to him. The legendary director had reportedly tried to get the Academy to change its eligibility requirements, potentially blocking out streaming services who refuse traditional rules of exclusive theatrical runs. The Academy voted to maintain its rule, it announced Tuesday, marking a key win for streaming services like Netflix.
What’s in the Cards for Cleveland-Cliffs’ Q1 Results?(Continued from Prior Part)Realized revenues In addition to volumes, realized revenues are among the most important components that drive a commodity company’s top line. Sign up for Bagels
The S&P 500 moved closer to its all-time high on Wednesday, while technology stocks nudged the Nasdaq to a record level, as investors took heart from a largely upbeat earnings season. The S&P 500 is just 6 points shy of its intra-day record high of 2,940.91 hit in late September. The index has rallied 17% this year, supported by a dovish Federal Reserve, hopes of a U.S.-China trade resolution and a largely upbeat earnings season.
"Our energy people are very busy right now," said John Weinberg, Evercore’s executive chairman, in a conference call with analysts Wednesday. The New York-based bank is advising Anadarko on its $33 billion agreement this month to sell to Chevron Corp. Occidental Petroleum Corp. disclosed a rival offer for Anadarko on Wednesday worth $38 billion.