What happened in the stock market today – The Motley Fool
Stocks rose in low volume session Friday when investors looked forward to income reports in the coming weeks. and S & P 500 (SNPINDEX: GSPC) (SNPINDEX: GSPC) are traded in narrow range and closed with good gains. The finance climbed in the wake of a strong report from JPMorgan Chase ; The health service was the only sector to lose ground.
Today's Stock Market
| Index | Percentage Change | Point Change |
|---|---|---|
| Dow | 1.03% | 269.25 |
| S & P 500 | 0.66% | 1[ads1]9.09 |
Data source: Yahoo!
For some shares, Chevron (NYSE: CVX) announced plans to purchase Anadarko Petroleum (NYSE: APC) in a massive consolidation of oil and gas producers, and Walt Disney (NYSE: DIS) delight investors with details of their upcoming streaming service.
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Chevron puts it on Anadarko
Chevron surprised Wall Street with a $ 50 billion offer to buy Anadarko Petroleum, to strengthen its position in oil production in the US slate and the Gulf of Mexico. Anadarko's shares shot up 32% to $ 61.78 on the news, and those of Chevron fell 4.9% to $ 119.76.
The deal is structured as 75% share and 25% cash, with the oil and gas giant paying $ 16.25 in cash and 0.3869 newly issued Chevron shares for each Anadarko share. These values Anardarko stock at $ 62.60 based on the closing price today.
If the transaction wins Anadarko shareholder approval, Chevron will add its leading position in the rapidly growing Permian Basin and provide attractive acreage in Colorado's DJ Basin. Anadarko also has complementary deepwater wells in Gulf, floating natural gas facilities in Mozambique, and a strategic stake in pipeline operator Western Midstream Partners LP whose units increased 8.4% today.
Companies expect $ 1 billion in cost savings and a further $ 1 billion in investment savings. The agreement triggered speculation on a new consolidation round in energy companies, and raised shares of potential acquisition targets.
Disney + receives an enthusiastic investment from investors
Disney unveiled his Disney + streaming service on the investor the day before, and investors gave the company standing ovation, the shares raised 11.5%. The service will cost $ 6.99 per month, or $ 69.99 for an annual plan, significantly underestimating Netflix which recently increased prices.
The service will start on November 12 with significant new, original content and offers from Disney's extensive libraries and assets coming from the Fox acquisition. In the first year, Disney + will have 25 original series and 10 original movies, documentaries and special offers, along with 7,500 episodes and 500 movies from the company's trophy of content. It will also have 30 seasons The Simpsons from Fox available at launch.
Disney expects the service to be profitable by 2024, as it expects 60 million to 90 million subscribers to look at their offers from 10,000 episodes and over 720 movies.
