??ConocoPhillips Nears $15B Marathon Oil Deal
S&P 500 5,321.50 +13.37 (+0.25%)
Dow Jones 39,873.58 +66.81 (+0.17%)
NASDAQ 16,832.62 +37.75 (+0.22%)
Market close: May 28, 2024
Breaking News
ConocoPhillips Nears $15B Marathon Oil Deal
ConocoPhillips is in advanced talks to acquire Marathon Oil in an all-stock deal valued at over $15 billion, according to sources. Marathon shares rose 3% premarket, while ConocoPhillips shares fell 1%. MarketWatch reports.
(Source: Wikimedia Commons)
The Warm Up
?? ProgresAI: OpenAI says it's setting up a new safety and security committee and has begun training a new artificial intelligence model. Yahoo Finance reports.
?? T-MobileWave: T-Mobile will buy substantially all of regional carrier United States Cellular's wireless operations in a deal valued at $4.4 billion. Reuters reports.
?? Game-Boom: Meme stock GameStop soared nearly 20% in premarket trading after the struggling videogame retailer said it had raised over $900 million from selling its shares during the market rally earlier this month. Reuters reports.
?? BigTechUproar: A U.S. lobby group, representing tech giants such as Google, Amazon and Apple, has appealed to India to reconsider its proposed competition law. Benzinga reports.
??? BlackBillion: Blackstone Inc. has bought a $1 billion mortgage portfolio from Deutsche Pfandbriefbank AG. Yahoo Finance reports.
?? AI-Save: Fintech firm Klarna said it is using AI for purposes such as running marketing campaigns and generating images, saving about $10 million in costs annually. Reuters reports.
What’s Moving the Markets
Analyzing the markets with Richie Naso, a Wall Street veteran of over 40 years and former member of the NYSE.
Is “bad news good news” for U.S economy?
U.S. stocks have been on a volatile ride over the past six weeks or so. In April, the S&P 500 sold off sharply, posting a 4.2% decline. But equity prices have moved the other way this month, with a “v-shaped bounce” pushing the S&P 500 to new all-time highs. So much for “sell in May and go away.”
The financial media has a tidy explanation for the market whipsaw. April’s selling pressure was due to higher-than-expected inflation in Q1, which lowered the likelihood of rate cuts this year. But fortunes reversed in May when April CPI did not show a reacceleration, and slightly weaker U.S. economic data. The takeaway for many is that “bad news is good news” again for the stock market since relatively weak economic data opens the door for the Fed to lower interest rates.
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Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on May 28.
(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)
1. $AWIN: Aerwins Techno
Total gain: 150%
The stock appeared to be moving on no notable news.
领英推荐
2. $INSM: Insmed
Total gain: 118.18%
The company announced positive topline results from landmark ASPEN study of brensocatib in patients with bronchiectasis. Benzinga reports.
3. $POAI: Predictive Oncology
Total gain: 28.72%The company announced positive results from ovarian cancer study with UPMC Magee-Womens Hospital to be Presented at the 2024 American Society of Clinical Oncology. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
AMSC American Superconductor
4Q 2023
After Market Close Estimate: -0.020 Actual: N/A
HPQ HP
2Q 2024
After Market Close Estimate: 0.810 Actual: N/A
CRM Salesforce
4Q 2023
After Market Close Estimate: 2.380 Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
1:45 pm New York Fed President John Williams speaks
2:00 pm Fed Beige Book
Extra-Time
Visit Our Knowledge Corner
Parting Thoughts
"The stock market is never obvious. It is designed to fool most of the people, most of the time." – Jesse Livermore
Sourced in: Reminiscences of a Stock Operator by Edwin Lefèvre, published in 1923. This book is a semi-autobiographical account of Livermore's trading experiences and remains a classic in the field of trading literature.