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The FTC said it would allow Chevron’s $53 billion purchase of Hess, but it barred Hess CEO John B. Hess from sitting on Chevron’s board over his communications with OPEC.
Soon, students may not need an extra year of college to attain CPA licensure. The AICPA and NASBA have proposed a “competency-based experience pathway” to licensure—with no post-bachelor’s coursework required.
CITE: https://www.r2library.com/Resource
What’s up
- Energy was the top-performing sector in the S&P 500 today thanks to rising fears of fighting between Iran and Israel. APA Corp. rose 4.91%, Halliburton climbed 3.10%, and Occidental Petroleum gained 3.33%.
- Defense stocks rose for much the same reason, with Lockheed Martin up 3.66%, Northrop Grumman trading 3.04% higher, and L3Harris Technologies up 3.03%
- Hess Corp. and Chevron rose after the FTC declared that, as long as John Hess isn’t allowed to sit on the board, the two companies might be allowed to merge. Shares of Hess gained 2.34%, while Chevron climbed 1.68%.
- New Fortress Energy popped 6.49% on the news that it has priced a public offering of 46 million shares at $8.46 per share. That will go a long way to helping the struggling energy stock rake in some much-needed cash.
- Arcos Dorados, the world’s biggest McDonald’s franchisee, jumped 14.56% after it renewed its agreement with McDonald’s, locking down a flat royalty rate for the next decade.
What’s down
- Signet Jewelers fell 7.91% on the news that CEO Virginia Drosos, who has led the company to strong success over the past seven years, will retire.
- HP sank 3.09% after Citi analysts downgraded the company based on lower PC and printer demand in the years ahead.
- Disney received a rare analyst downgrade today from Raymond James analysts, who think that theme park attendance will continue to slow in the next 12 to 18 months. Shares dropped 2.14%.
- Amentum Holdings plummeted 20.16% only a day after the engineering services company debuted on the S&P 500.
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Here’s where the major stock market benchmarks ended:
- The S&P 500® index (SPX)fell 53.73 points (–0.93%) to 5,708.75; the Dow Jones Industrial Average® ($DJI) declined 173.18 points (–0.41%) to 42,156.97; the NASDAQ Composite® ($COMP) lost 278.81 points (–1.53%) to 17,910.36.
- The 10-year Treasury note yield (TNX) fell six basis points to 3.74%.
- The CBOE Volatility Index® (VIX) jumped to 19.28, the highest in nearly a month.
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The American economy is seemingly fairing so well that UBS has signaled a potential return to the glory days. The European finance giant believes Uncle Sam is inching closer to a ‘Roaring 20s’ scenario, placing the likelihood of an incoming booming economic cycle at 50%. The phrase goes back to the same decade a century ago, when massive economic growth prompted a construction boom and rising prosperity for families.
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