Page 12 - UTILITIES MRT 3 2016
P. 12
A24
BUSINESSThursday 3 March 2016
Stocks made small gains as energy companies surge CEO says Exxon
set for acquisitions,
MARLEY JAY forecast. The company
investing in firm
AP Markets Writer cited the strong dollar,
DAVID KOENIG
NEW YORK (AP) — Stocks competition from lower- AP Business Writer
DALLAS (AP) — Exxon is
eked out tiny gains cost generic products, and interested in acquisitions
while oil prices are low, but
Wednesday as oil prices reduced spending from CEO Rex Tillerson says sell-
ers have unrealistic price
continued to recover and farmers because of lower expectations.
Tillerson said Wednesday
investors hoped the worst crop prices. The stock tum- that Exxon Mobil Corp. is in
financial position to pursue
is over for the beleaguered bled $7.19, or 7.8 percent, acquisitions or change its
spending plans depending
energy industry. Telecom- to $85.30. on what happens to the oil
market.
munications companies, The news pressured other Earlier this week Exxon
raised $12 billion from
which have climbed as materials companies in- a bond sale, increasing
speculation that it could
the rest of the market has cluding fertilizer maker CF seek to scoop up com-
petitors. Tillerson said Exxon
struggled this year, also Industries, which fell $1.51, hasn’t made any deals yet
because potential sellers
rose. or 4.2 percent, to $34.74. are acting like homeown-
ers who think their house is
Indexes wavered between Spirits maker Brown-For- worth more than it is.
Those other companies,
tiny gains and losses for Trader Anthony Riccio works on the floor of the New York Stock man, whose brands in- he said, have burdened
most of the day, then Exchange. Stocks eked out tiny gains Wednesday as oil prices clude Jack Daniels and Ko- themselves with debt dur-
climbed steadily in the last continued to recover and investors hoped the worst is over for rbel, also lowered its profit ing the oil slump, making
90 minutes of trading. Oil the beleaguered energy industry. estimates because of the them less attractive take-
prices increased for the strong dollar. The compa- over targets.
(AP Photo/Richard Drew) ny makes 60 percent of its “Some of the value has
sales overseas. It’s also be- been destroyed and the
seventh time in eight days, The price of oil has been 12 cents to $36.93 a barrel ing affected by cutbacks expectation (of sale price)
an encouraging sign af- plunging for almost two in London. in spending by travelers hasn’t changed,” he said
ter many months of sharp years, from over $100 a Energy stocks did the best and weak economies in at Exxon’s annual meeting
declines. After Tuesday’s barrel in mid-2014 to $26 in the market. Murphy Oil some emerging markets. with investors in New York.
big gains, the market is the a barrel last month. That climbed $2.08, or 12.1 per- Its stock fell $1.47 to $96.19. Asked about oil prices, Til-
highest it’s been since the decimated profits at en- cent, to $19.30, and Mara- A strong dollar hurts U.S. lerson said they could still
first week of the year. ergy companies and hurt thon Oil picked up $1.14, companies in a couple of fall. U.S. benchmark crude
The Dow Jones industrial banks that lent money to or 14.3 percent, to $9.10. ways when they do busi- has rallied since late Janu-
average rose 34.24 points, them. Oil has staged a Telecom stocks also rose, ness overseas: it makes ary and gained 23 cents to
or 0.2 percent, to 16,899.32. modest recovery over the with Verizon Communica- their products more expen- $34.64 a barrel in New York
The Standard & Poor’s 500 last couple of weeks. tions up 66 cents to $52.12. sive compared to locally- on Wednesday afternoon,
index gained 8.10 points, Benchmark U.S. crude rose Verizon and AT&T are trad- produced goods, and it re- but it is still nearly 70 per-
or 0.4 percent, to 1,986.45. 26 cents to close at $34.66 ing at their highest prices in duces their revenue when cent below its price in June
The Nasdaq composite in- a barrel in New York, its more than a year. it’s translated back into 2014.
dex added 13.83 points, or highest closing price since Agribusiness giant Mon- dollars. “We’re still overproduc-
0.3 percent, to 4,703.42. Jan. 5. Brent crude gained santo took its biggest one- ing, oversupplying a mar-
ket that doesn’t need it,
day loss in five years after doesn’t want it,” and the
global economy is too
ARUBA TIME TRAVEL it slashed its annual profit weak to boost demand
FOR SALE much, he said.
TIME SHARE RESALE U.S. production has
Selling, Listing, Renting for over 30 Years boomed in recent years.
Tillerson said that helped
NO UPFRONT FEE FREE APRAISAL, create the glut but wasn’t
the only cause. He said
For more info call the experts! it was “hard to predict”
when supply and demand
(297)630-1307 might balance again.
Exxon, which is based in Ir-
info@arubatimetravel.com-www.arubatimetravel.com ving, Texas, reaffirmed that
it will cut capital spending
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