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BUSINESS Tuesday 7 November 2017
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Stocks rise as oil jumps 2-year high; chipmakers climb
By MARLEY JAY conglomerate SoftBank,
AP Markets Writer might buy cable company
NEW YORK (AP) — U.S. Charter hammered shares
stocks made modest gains of telecom giants AT&T
and set more records Mon- and Verizon, which might
day as upheaval in oil-rich face tougher competition.
Saudi Arabia sent crude Doug Coté, chief market
prices to two-year highs. strategist for Voya Invest-
Chipmakers and media ment Management, said in
companies climbed on the years after the global
deal reports while phone economic crisis, compa-
and household goods nies combined so they
companies sank. could survive. But now that
U.S. crude oil reached its the global economy is do-
highest price since mid- ing much better, they’re
2015 after dozens of Saudi merging for different rea-
princes and senior officials sons.
and businessmen were “Global economic growth
arrested as part of a pur- is expanding somewhat
ported corruption investi- rapidly and the M&A is
gation. Saudi Arabia is the looking to capitalize on
world’s largest exporter of the growth areas, in par-
oil, and investors wondered ticular technology,” he Specialist Peter Mazza, left, works with traders William Lawrence, center, and Michael Milano on
if the tumult could constrict said. “Any capital invest- the floor of the New York Stock Exchange, Monday, Nov. 6, 2017.
oil supplies and drive prices ment cycle will begin with (AP Photo/Richard Drew)
higher. Energy companies technology.”Companies index rose 3.29 points, or panies that control about day on reports Broadcom
jumped, with drilling com- that make and sell house- 0.1 percent, to 2,591.13. 40 percent of the market for was going to make an of-
panies making some of the hold goods slumped on The Dow Jones indus- chips used in cellphones. fer. Apple also rose $1.75,
biggest gains. weak quarterly results trial average added 9.23 Qualcomm stock has been or 1 percent, to $174.25
Chipmakers surged after from CVS Health and food points, or less than 0.1 per- battered this year as the as technology companies
Broadcom offered to buy distributor Sysco. Late in cent, to 23,548.42. The Nas- company is stuck in a le- rose for the eight straight
competitor Qualcomm for the day Twenty-First Cen- daq composite gained 22 gal battle with its biggest day.That wasn’t the only
$103 billion, which would tury Fox and Disney both points, or 0.3 percent, to customer, Apple. Combin- potential chip tie-up in the
be the largest technol- climbed after CNBC report- 6,786.44. The Russell 2000 ing with Broadcom might news. After the Wall Street
ogy acquisition ever if it’s ed the two sides recently index of smaller-compa- help Qualcomm end that Journal reported that Mar-
completed. Wireless car- discussed a deal in which ny stocks picked up 3.05 dispute.Qualcomm added vell Technologies is in talks
riers Sprint and T-Mobile Disney would buy most of points, or 0.2 percent, to 71 cents, or 1.1 percent, to to buy Cavium, Cavium
tumbled after they called Fox’s assets. Those talks 1,497.96.Broadcom’s un- $62.52 and Broadcom rose advanced $8.16, or 12 per-
off merger talks over the were said to have ended solicited offer values Qual- $3.89, or 1.4 percent, to cent, to $76.43 and Marvell
weekend, and reports that without an agreement. comm at $70 a share, and $277.52. Qualcomm stock rose $1.69, or 9.1 percent,
Sprint’s owner, Japanese The Standard & Poor’s 500 it would combine two com- jumped 12.7 percent Fri- to $20.20.q
Anthem picks former UnitedHealth executive to become CEO
By TOM MURPHY its biggest competitor to re- Swedish will serve as ex- them Inc. gave no reason sion planning by the com-
AP HEALTH WRITER place Joseph Swedish as its ecutive chairman until May for the departure of Swed- pany’s board of directors
INDIANAPOLIS (AP) — next CEO. and then as senior advisor ish. for more than a year.
Blue Cross-Blue Shield in- Anthem said Monday that for a couple more years. But a company spokes- Company shares jumped
surer Anthem has picked a Gail K. Boudreaux will start A statement Monday from woman said the change Monday after Anthem laid
former top executive from Nov. 20. Indianapolis-based An- has been part of succes- out that plan.q