Priya Patel
TLDR:
- The S&P 500 closed above 5,000 for the first time, with stocks on a tear and more record highs expected to come
- Inflation rate came in at just over three percent, and Fed Chair Jerome Powell said there will “probably not” be an interest rate cut in March
Key points:
- Deals are plentiful in the U.S. energy industry, with companies consolidating in the Permian Basin in West Texas and New Mexico. The latest example is Endeavor Energy Partners being acquired by Diamondback Energy in a $26 billion cash-and-stock deal
- JetBlue Airways’ shares spiked by more than 15 percent when activist investor Carl Icahn revealed his 9.91 percent stake in the company, calling the stock “undervalued”
- Nvidia’s market capitalization rose to $1.83 trillion, making it more valuable than Amazon and Google parent Alphabet. Among publicly traded companies, Nvidia is now the fourth most valuable
- iRobot’s stock remains in a slump after Amazon’s deal to acquire the company fell through due to resistance from European antitrust regulators
- A confirmed case of human bubonic plague in Oregon was traced back to a feline companion, highlighting the importance of being a dog lover
In other news, the S&P 500 closed above 5,000 for the first time ever, with stocks on a tear and more record highs expected to come. Inflation has come in at just over three percent, and Fed Chair Jerome Powell has said there will “probably not” be an interest rate cut in March, with markets pricing in a 94 percent chance that rates will remain unchanged next month.
In the U.S. energy industry, deals are plentiful, with companies consolidating in the Permian Basin in West Texas and New Mexico. The latest example is Endeavor Energy Partners being acquired by Diamondback Energy in a $26 billion cash-and-stock deal, creating the third-largest oil and gas company in America’s most productive shale oilfield.
JetBlue Airways’ shares spiked by more than 15 percent when activist investor Carl Icahn revealed his 9.91 percent stake in the company. Icahn called the stock “undervalued” and plans to continue discussions with the company about the possibility of board representation.
Nvidia’s market capitalization rose to $1.83 trillion, making it more valuable than Amazon and Google parent Alphabet. Among publicly traded companies, Nvidia is now the fourth most valuable, behind only Microsoft, Apple, and Saudi Aramco. The company’s share price has more than quadrupled over the last 15 months.
iRobot, maker of the Roomba, is having a rough year after Amazon’s deal to acquire the company for $1.4 billion fell through due to resistance from European antitrust regulators. iRobot’s stock remains in a prolonged slump.
In lighter news, a confirmed case of human bubonic plague in Oregon was traced back to a feline companion. Officials assure the community that there is “little risk,” but it serves as another reason to become a dog lover.
