Exxon and Chevron shares rise after a surge in oil prices following the weekend attack on Israel from Hamas, Mirati Therapeutics stock falls after Bristol...
Stock futures declined Monday and oil prices surged following Hamas’s surprise attack on Israel over the weekend. Bond markets in the U.S. were closed for Columbus Day.Exxon Mobil rose 2.3%, Chevron gained 2%, and U.S.-listed shares of Shell were up 1% after the jump in oil prices. Futures for West Texas Intermediate crude, the U.S. benchmark, were rising 2.6% to $84.97 a barrel. Traders were watching how the conflict affects oil production in the Middle East.
Shares of Mirati Therapeutics fell 1.7% to $59.20 after the oncology developer reached an agreement to be acquired by Bristol Myers Squibb for $58 a share in cash. Mirati stockholders also will receive one non-tradeable contingent value right per share, potentially worth $12 a share in cash. The deal is valued at a total of $5.8 billion. Bristol Myers fell 0.4%.
Walt Disney fell 0.7% in premarket trading to $82.37. The Wall Street Journal reported that Nelson Peltz’s Trian Fund Management was pushing for multiple seats on the board of the entertainment giant. Peltz himself will be seeking a seat, the Journal reported, citing people familiar with the matter. Trian is one of Disney’s largest investors with a stake worth upward of $2.5 billion. Disney shares have fallen 4.5% this year.
Lockheed Martin rose 5.3% after the defense and aerospace company’s board on Friday approved the expansion of Lockheed ‘s stock repurchase program by $6 billion, and the company raised its quarterly dividend to $3.15 a share from $3. Data-center company Applied Digital is scheduled to report quarterly earnings on Monday. Reports are expected later in the week from JPMorgan Chase , Citigroup , Wells Fargo , UnitedHealth , PepsiCo , Delta Air Lines , Fastenal , Walgreens Boots Alliance , and Domino’s Pizza .
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