Diamondback Rises 9.3% With Plan to Create Drilling Giant

Wall Street holds steady near record highs
By Newser Editors and Wire Services
Posted Feb 12, 2024 3:43 PM CST
Wall Street Stays Close to Record Highs
Specialist Anthony Matesic works at his post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

Wall Street held steady around record high levels Monday following its latest weekly gain.

  • The S&P 500 fell 4.77 points, or 0.1%, to 5,021.84, weighed down by losses in tech stocks including Microsoft and Apple.
  • The Dow Jones Industrial Average rose 125.69 points, or 0.3%, to 38,797.38, surpassing the record high it set set last week.
  • The Nasdaq composite fell 48.12 points, or 0.3%, to 15,942.55.
Conditions were calm across markets, with yields also moving relatively little in the bond market, the AP reports. The next big event for the market could be Tuesday's update on inflation across the United States, which economists expect to show a drop back below the 3% level.

Diamondback Energy climbed 9.4% after it said it would buy Endeavor Energy Resources in a deal valued at roughly $26 billion, including Endeavor's debt. Diamondback is using both cash and stock to pay for the purchase of the privately held exploration and production company, reports the AP. A tie-up between Diamondback and Endeavor, if it is approved by regulators and shareholders, would create a huge player in the massive Permian Basin oil and gas field that straddles Texas and New Mexico. It would be the third largest producer in the Permian behind Exxon and Chevron, overseeing 838,000 acres and potentially producing 816,000 oil-equivalent barrels each day.

Trimble rose 4.2% after the technology provider reported stronger profit and revenue for the latest quarter than analysts expected. The company, whose products are used in construction, mapping, and other industries, shook off an earlier loss after it also gave a forecast for revenue over 2024 that fell short of Wall Street's estimates.

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Big companies in the S&P 500 have mostly been reporting better results than expected for the final three months of 2023. More than two thirds of the companies in the index have already reported their results, but several big names are still to come this upcoming week. They include Coca-Cola on Tuesday, Kraft Heinz on Wednesday, and Southern Co. on Thursday. The smallest companies in the market, meanwhile, are still in the relatively early days of their profit reporting season. But they've been beating analysts' expectations by even more than their big rivals, according to Bank of America strategists. (More stock market stories.)

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