Stock futures took a hit on Monday as oil prices surged in the wake of a surprise attack by Hamas on Israel over the weekend. Though the bond markets in the U.S. were closed for Columbus Day, the effects of this conflict on oil production in the Middle East were closely monitored by traders.
Exxon Mobil, Chevron, and Shell See Gains
Exxon Mobil (XOM) saw a rise of 2.3%, Chevron (CVX) gained 2%, and U.S.-listed shares of Shell (SHEL) were up 1%, all as a result of the jump in oil prices. Futures for West Texas Intermediate crude, the U.S. benchmark, witnessed a 2.6% rise, reaching $84.97 a barrel.
Mirati Therapeutics Agrees to Be Acquired by Bristol Myers Squibb
Mirati Therapeutics (MRTX) experienced a decline of 1.7% to $59.20 after the oncology developer reached an agreement to be acquired by Bristol Myers Squibb (BMY) for $58 a share in cash. As part of this deal, Mirati stockholders will also receive one non-tradeable contingent value right per share, potentially worth $12 a share in cash. The overall value of this agreement stands at $5.8 billion, while Bristol Myers fell 0.4%.
Nelson Peltz’s Trian Fund Management Pushes for Multiple Seats on Disney’s Board
Walt Disney (DIS) faced a 0.7% fall in premarket trading, reaching $82.37. According to The Wall Street Journal, Nelson Peltz’s Trian Fund Management has been advocating for multiple seats on the board of the entertainment giant. Peltz himself will be seeking a seat, as per sources familiar with the matter. Trian is one of Disney’s largest investors, with a stake worth upward of $2.5 billion. This year alone, Disney shares have fallen 4.5%.
Lockheed Martin Shares Rise After Stock Repurchase Program Expansion
Lockheed Martin (LMT) saw a notable increase of 5.3% after the defense and aerospace company’s board approved the expansion of its stock repurchase program by $6 billion. Additionally, the company also announced a rise in its quarterly dividend to $3.15 a share from $3.
Earnings Reports Expected from Various Companies
Data-center company Applied Digital (APLD) is set to report quarterly earnings on Monday, while reports from JPMorgan Chase (JPM), Citigroup (C), Wells Fargo (WFC), UnitedHealth (UNH), PepsiCo (PEP), Delta Air Lines (DAL), Fastenal (FAST), Walgreens Boots Alliance (WBA), and Domino’s Pizza (DPZ) are expected later in the week.
These were the key updates for the day in the world of stocks and financial markets.
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