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Stock futures edge lower as S&P 500 reaches new record high

3 Mins read

Stock futures were slightly lower on Monday following the S&P 500’s historic milestone on Friday, closing above the 5000 mark for the first time. This accomplishment mirrors the upward trajectory seen in the Dow Jones Industrial Average and the Nasdaq Composite, with all three indices experiencing gains in 14 out of the last 15 weeks.

Diamondback Energy poised for merger with Endeavor Energy Resources

According to a report by The Wall Street Journal, Diamondback Energy is expected to announce a merger with Permian rival Endeavor Energy Resources on Monday. The deal between the two companies would result in the creation of an oil-and-gas powerhouse valued at over $50 billion. Citing sources familiar with the matter, the Journal reveals that the transaction would involve a combination of stock and cash, with Endeavor being valued at approximately $25 billion. Upon the completion of the merger, Diamondback stockholders would retain majority ownership of the newly formed entity. Pre-market trading indicates a 0.6% increase in shares of Diamondback, which currently holds a market value of around $27 billion.

Microsoft Market Cap Hits Record High

Microsoft has achieved a remarkable feat, closing Friday with a market capitalization of $3.125 trillion. This impressive milestone makes it the highest-valued company in history, surpassing the previous record set by Apple in July 2023, when it reached $3.09 trillion (according to Dow Jones Market Data). As for Apple, it ended Friday with a market cap of $2.916 trillion.

In terms of trading activity, Microsoft experienced a slight dip of 0.2% in premarket trading, while Apple witnessed a 0.3% rise.

Jeff Bezos Sells $2 Billion Worth of Amazon Shares

Amazon.com, on the other hand, saw a decline of 0.2% in premarket trading, reaching $174.10. However, it’s worth noting that the e-commerce giant’s shares had risen by 2.7% on Friday, closing at $174.45 – the highest level since December 9, 2021 (based on Dow Jones Market Data).

In related news, Amazon.com founder Jeff Bezos made his first stock sale in over two years. Bezos sold 12 million Amazon shares between February 7 and February 8 for a total of $2.04 billion, with an average price of $170.21 per share.

Upcoming Earnings Reports

Several companies are expected to release their earnings reports on Monday. These include:

  • Arista Networks, which saw a 3.2% increase in premarket trading.
  • Monday.com, with premarket trading up by 4.3%.
  • Cadence Design Systems, which experienced a premarket trading rise of 1%.
  • Waste Management, showing a premarket trading increase of 0.6%.

Other companies reporting their earnings on Monday are Lattice Semiconductor, Avis Budget Group, and ZoomInfo Technologies.

These announcements are eagerly awaited by investors and are likely to impact the stock market significantly.

Earnings Reports to Watch Out For

Reports from several major companies are set to be released later this week, providing key insights into their financial performance. Keep an eye out for updates from the following corporations:

Coca-Cola

The multinational beverage corporation Coca-Cola is scheduled to present its earnings report. This highly recognized brand is known for its wide range of refreshing drinks.

Shopify

E-commerce giant Shopify will also be sharing its financial results. As a leading platform for businesses to create online stores, Shopify plays a crucial role in the digital retail market.

Airbnb

Following its recent successful IPO, Airbnb’s earnings report will be closely monitored. This online marketplace for lodging and tourism experiences has revolutionized the way people travel and find accommodations.

Cisco Systems

Cisco Systems, a prominent technology company specializing in networking equipment and solutions, will be releasing its earnings report. Cisco’s products and services are widely used around the world.

Occidental Petroleum

Occidental Petroleum, a major player in the oil and gas industry, will provide insights into its financial performance. As a global energy company, Occidental plays a crucial role in fueling various sectors of the economy.

Kraft Heinz

Known for its popular food brands, Kraft Heinz is expected to share its earnings report. This multinational food company offers a diverse portfolio of products that are household names in many countries.

Applied Materials

Applied Materials, a leading manufacturer of semiconductor equipment, will also present its financial results. With its cutting-edge technology, Applied Materials contributes to advancements in the electronics industry.

Deere

Deere, widely recognized for its agricultural machinery, will release its earnings report as well. The company’s innovative farming equipment plays a vital role in supporting efficient agricultural practices.

DoorDash

As a prominent food delivery platform, DoorDash’s earnings report will shed light on the company’s performance. In an era of increased demand for delivery services, DoorDash has become an essential player in the market.

Coinbase Global

Coinbase Global, a popular cryptocurrency exchange, will be sharing its financial results. With the rising interest in digital currencies, Coinbase’s report will provide insights into the state of the cryptocurrency market.

DraftKings

DraftKings, a leading provider of online gaming and sports betting, will also release its earnings report. In a growing industry, DraftKings continues to expand its presence and attract a large customer base.

Stay tuned for these upcoming earnings reports, as they will provide valuable information on the financial performance and current trends within these diverse industries.

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