What have we learnt from the recent reporting flurry? Societe Generale has put together a list of conclusions to be drawn from this earnings season.» Read More
Exxon Mobil has delayed work on the 71,600 barrel per day gasoline-making fluid catalytic cracking unit at its 188,160 barrel per day refinery in Chalmette, La., trade sources said on Tuesday.
Before the recent downturn in the U.S. stock market, portfolio strategists and market prognosticators said the resiliency of the markets was a key sign of positive times ahead.
A fire struck one of two crude units at Chevron's 325,000 barrels per day Pascagoula, Mississippi, refinery late Thursday, injuring no one but helping send gasoline prices nearly 2% higher.
A fire broke out Thursday at Chevron's largest U.S. refinery in Pascagoula, Miss., but authorities said there were no immediate reports of injuries.
Marathon Oil said Tuesday it agreed to buy Canada's Western Oil Sands Inc. for about $5.56 billion, giving the U.S. oil company a foothold in one of the world's most promising streams of new crude oil.
Stocks ended at the lowest levels of the trading session after late buying efforts failed. "It's the end of a very difficult week with a critical selloff in the last 15 minutes of trading, but I think Secretary Paulson's comments will be studied over the weekend because they are very reassuring," said James Maguire, Sr., managing director at LaBranche & Co.
Chevron posted a better-than-expected 24 percent rise in quarterly earnings Friday on higher profits from its refineries and a gain from the sale of its stake in power company Dynegy.
Second-quarter earnings are mostly beating expectations so far, and much of that gain can be tied to growth overseas. For that reason, many analysts believe investors should be looking at big multinational companies with strong foreign business.
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U.S. crude oil slipped by midday trading in New York on Thursday as gasoline pulled back on news of refineries in Texas restarting and curbing supply worries, traders told Reuters.
Chevron's production for the first two months of the second quarter rose slightly from first-quarter levels, the second-largest U.S. oil company said after markets closed Tuesday.
Stocks posted the best weekly gains in three weeks, closing Friday near the best levels of the day as new economic data showed moderate jobs growth, easing worries of a slowing economy. "The jobs number was pretty decent, it was probably as good as we could have expected," said Charles Rotblut, market analyst at Zacks.com.
Any number of things, from energy prices to Fed policy to geopolitical events, could derail what's expected to be a solid second half.
Even with the July 4th holiday next week, analysts think the markets will be as jittery as ever. "The market is very nervous here," Steven Neimeth, portfolio manager at AIG SunAmerica Asset Management told CNBC.com. "Lower liquidity around the Fourth of July week could lead to greater volatility as a result of news events, whether it be the Middle East, oil or the credit markets. Any news, good or bad, is likely to have a heavy impact on the market."
Stock futures point lower this morning after a weak showing in equities markets worldwide. European stocks are trading lower, and Asian markets were mostly down overnight. Volatility will no doubt be the tone of the day, as the Fed starts its two-day meeting. Durable goods fell 2.8%, below expectations. The dollar slid after the report and Treasurys rallied.
Investors will soon have earnings to add to their watch list, but unlike interest rates and energy prices they may yield a positive surprise. Though interest rates and subprime worries have rattled stocks lately, corporate profits will also be closely watched in the coming weeks. And many market pros think that--like the first quarter--the results will come in above unrealistically low forecasts.
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U.S. oil rose above $69 on Tuesday due to a planned strike in Nigeria that could further hobble output in the world's eighth-biggest crude oil exporter. The planned protest over fuel price increases is due to start on Wednesday and comes after more violence flared in the oil-producing Niger Delta at the weekend.
Stocks closed higher, with the Dow staging its biggest two-day gain since August 2006, as interest rates stabilized. "It's a little bit of a bounce because we got really oversold last week," said Tom Schrader, managing director of US listed trading at Stifel Nicolaus. "People are doing a little bargain hunting."