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BUSINESS Saturday 28 OctOber 2017
A25

Profit soars at Exxon and Chevron on higher oil prices

By DAVID KOENIG cent higher than the same lost $497 million last year — prices by being more selec- pumped more oil and gas
AP Business Writer quarter last year. appear to be in their rear- tive in their search for new than a year ago, but both
DALLAS (AP) — Buoyed by When the year is done, an- view mirror. sources of energy. still fell short of analysts’ ex-
higher oil prices, profits are alysts expect both compa- “We’re a pretty resilient Spot prices for benchmark pectations for production.
soaring at Exxon Mobil and nies to far surpass their 2016 bunch in this business,” U.S. crude ended the third In midday trading, shares
Chevron. Exxon said Friday results and keep on earning Chevron CEO John Watson quarter more than 10 per- of Exxon Mobil Corp. rose
that it earned nearly $4 bil- big profits next year. The said on a call with analysts. cent higher than they were 62 cents to $84.09, while
lion in the third quarter, and relatively small profits that Watson said the companies a year earlier, according to shares of Chevron Corp.
Chevron made $2 billion. followed the crash in crude have bounced back partly Energy Department figures. dropped $3.95, or 3.3 per-
Both were about 50 per- prices — Chevron actually by responding to lower oil Exxon and Chevron both cent, to $114.49.q

Tech giants lead rally as stocks near records; Amazon surges

By MARLEY JAY Other stocks were mixed:
AP Markets Writer retailers fell after J.C. Pen-
NEW YORK (AP) — Some of ney cut its annual forecasts.
the biggest companies in Drugstores, drugmakers,
the world had their best day health care suppliers and
in years Friday as Microsoft pharmaceutical distributors
and Alphabet soared fol- and retailers fell.
lowing strong third-quarter The Standard & Poor’s 500
reports, as did online retail index rose 20.67 points, or
giant Amazon. U.S. stocks 0.8 percent, to 2,581.07.
set more records as their The Dow Jones industrial
winning streak extended to average made a com-
a seventh week. paratively modest gain of
Intel made its biggest 33.33 points, or 0.1 percent,
gains in three years, while to 23,434.19 as drugmaker
Microsoft had its biggest Merck and oil company
jump in two years and Al- Chevron skidded after their
phabet, Google’s parent third-quarter reports. The
company, made its largest Nasdaq composite made
move in more than a year its biggest gain since No-
after each company’s re- vember as it soared 144.49
sults were better than Wall points, or 2.2 percent, to
Street expected. Amazon 6,701.26. The Russell 2000
jumped 13 percent, its big- index of smaller-compa- Trader Joseph Dente works on the floor of the New York Stock Exchange. Some of the biggest
gest move in two and a ny stocks picked up 10.86 companies in the world had their best day in years Friday as Microsoft and Alphabet soared
half years, after it got a big points, or 0.7 percent, to following strong third-quarter reports, as did online retail giant Amazon.
boost from its latest “Prime 1,508.32. The S&P 500 and (AP Photo/Richard Drew)
Day” promotion and the Nasdaq finished at all-time August 2015. Apple ad- economic data. The Com- percent, to $3.12. Other re-
purchase of the Whole highs. The S&P 500 also vanced $5.64, or 3.6 per- merce Department esti- tailers like Macy’s and Foot
Foods grocery store chain. rose for the seventh con- cent, to $163.05. mated that the U.S. econ- Locker tumbled as well.
“The transition to cloud secutive week, something Amazon posted strong re- omy grew 3 percent be- The stock lost $1.37, or 8.9
computing really played a that hadn’t happened sults and gave an optimis- tween July and September percent, to $14. Drugstores
role in all of those tech re- since late 2014. Alphabet tic outlook for the holiday even though the country and prescription drug dis-
sults to some extent,” said climbed $42.25, or 4.3 per- season. Its stock jumped was hit by two major hurri- tributors fell for a second
Brad Sorensen, the director cent, to $1,033.67 and Mi- $128.52, or 13.2 percent, canes. That was better than day following reports that
of market and sector anal- crosoft soared $5.05, or 6.4 to $1,100.95. Apple, Alpha- analysts had anticipated. Amazon is receiving state
ysis for the Schwab Cen- percent, to $83.81. Intel, bet, Microsoft, Amazon Aside from those giant licenses allowing it to do
ter for Financial Research. the world’s biggest chip- and Facebook are the five companies, stocks were business as a prescription
Technology companies get maker, jumped $3.05, or 7.4 most valuable companies mixed. J.C. Penney fell to drug wholesaler. Walgreens
a lot of their profits outside percent, to $44.40 after a on the S&P 500, and with an all-time low after it cut Boots Alliance lost $2.63, or
the U.S. compared to other positive fourth-quarter esti- investors clamoring to send its profit forecast, saying it’s 3.9 percent, to $64.48 and
industries, so the improving mate. Elsewhere Facebook them higher, Wall Street been lowering prices to try pharmaceutical distributor
global economy is helping rose $7.25, or 4.2 percent, didn’t pay quite as much clearing out unsold goods. McKesson lost $7.92, or 5.5
them more. to $177.88, its largest gain attention to some strong Its stock lost 54 cents, or 14.8 percent, to $135.62.q

Merck swings to 3Q loss on big charge but raises forecast

By LINDA JOHNSON The Kenilworth, New Jer- Januvia and Janumet still Adjusted for non-recurring ing cancer drugs and de-
AP Medical Writer sey, company noted that raised its financial outlook costs, earnings amounted velop new ones. Merck’s
Lower sales for multiple a June cyberattack that for the year, but its shares to $1.11 per share, 8 cents key medicine portfolio re-
medicines and a whopping shut down some factories fell $2.43, or 3.9 percent, to better than industry ana- volves around Keytruda,
charge for a big cancer temporarily cost it $310 mil- $59.56 in morning trading. lysts expected. an immuno-oncology drug
drug collaboration drove lion due to lost sales and Merck on Friday reported a The latest results included approved for treating lung,
Merck & Co. to a third- recovery expenses, and it loss of 2 cents per share, af- a one-time charge of $2.35 skin and other cancers
quarter loss of $56 million, expects a similar impact ter posting a profit of $2.18 billion for a new partnership that works by enabling the
but it still beat the muted this quarter. The maker billion, or 78 cents per share, with Britain’s AstraZeneca immune system to better
expectations of Wall Street. of Type 2 diabetes drugs in 2016’s third quarter. PLC to market their exist- spot and kill cancer cells.q