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BUSINESS                 Tuesday 7 November 2017
                                                                                                                           A25

             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
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