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Why oil giant Chevron is buying Anadarko Petroleum for $33 billion – CNBC

Why oil giant Chevron is buying Anadarko Petroleum for $33 billion – CNBC

Business
. To understand why Chevron struck the biggest oil and gas deal in years to purchase Anadarko Petroleum, you should probably pull out a globe. Start in Texas, where Chevron will expand its presence in the top U.S. shale field. Then trace a line to the Gulf of Mexico, where the energy giant will grow its offshore drilling operations. Next, skip across the Atlantic to southern Africa, where Chevron will acquire a massive natural gas export project that's currently under development. The $33 billion blockbuster acquisition — $50 billion includin...
SoftBank and Saudi Arabia are big winners from the Uber IPO – CNN

SoftBank and Saudi Arabia are big winners from the Uber IPO – CNN

Business
. Japan's SoftBank (SFTBF) and Saudi Arabia both stand to make billions if the stock market listing goes according to plan.They're the main backers of the SoftBank Vision Fund, Uber's largest shareholder with a 16.3% stake. Saudi Arabia's sovereign wealth fund also owns a direct stake of 5.3%.Similarly poised to benefit from a successful IPO: SoftBank CEO Masayoshi Son. The billionaire has been pursuing an aggressive strategy of investing in startups that he hopes will grow into industry leaders. Uber's IPO could be the big win Son needs to convince skeptics and pursue more deals. "It's going to give them more momentum in these types of investments," said Daniel Ives, managing director of equity research at Wedbush Securities.Making the betSoftBank took a risk in December 2017 when it de...
StockBeat – Chevron’s $33B Deal for Anadarko Fires up Merger Fever in Energy – Investing.com

StockBeat – Chevron’s $33B Deal for Anadarko Fires up Merger Fever in Energy – Investing.com

Business
. © Reuters. Investing.com – Merger fever hit the energy sector Friday as Chevron 's $33 billion deal to buy Anadarko Petroleum triggered speculation about further tie-ups in the industry. Chevron (NYSE:) agreed to pay $65 per Anadarko (NYSE:) share in stock and cash, sending Anadarko's shares up nearly 33%. The merger will create an oil-production powerhouse boasting a total enterprise value of about $50 billion. Chevron said the deal would enhance its upstream portfolio and strengthen its positions in large shale, deepwater and natural-gas basins. The merger, expected to close in the second half of the year, will achieve $1 billion in run-rate cost synergies and $1 billion in capital spending cuts within a year of clo...
Stocks – Anadarko Surges, Chevron Falls in Premarket; JP Morgan, Disney, Jump – Investing.com

Stocks – Anadarko Surges, Chevron Falls in Premarket; JP Morgan, Disney, Jump – Investing.com

Business
. © Reuters. Investing.com - Stocks in focus in premarket trade Friday: • Anadarko Petroleum (NYSE:) stock surged 32.0% by 8:14 AM ET (12:14 GMT) after Chevron announced it would in cash and stock. Shares in Chevron (NYSE:) were off 3.8%. • JP Morgan (NYSE:) stock jumped 2.8% after the company reported , beating . • Walt Disney (NYSE:) stock rose 3.3% after the company announced the for its new streaming service. It has priced its offer below Netflix's (NASDAQ:) basic fee. Netflix shares fell 1.1% on the news. • Boeing (NYSE:) stock advanced 1.4% as Chief Executive Officer Dennis Muilenburg said that in 96 test flights. • Wells Fargo (NYSE:) stock traded up 2.1% as . • Tesla (NASDAQ:) sto...
Mid-engine Chevrolet Corvette confirmed for 2020, will debut July 18 – Fox News

Mid-engine Chevrolet Corvette confirmed for 2020, will debut July 18 – Fox News

Business
. After years of rumors, spy photos and revealing patent and trademark filings, Chevrolet has finally confirmed that the next Corvette will be switching to a mid-engine layout.General Motors CEO Mary Barra made the announcement on Thursday night in New York, after arriving at a charity gala in a camouflaged prototype of the car that was driven by its chief engineer, Tadge Juechter, and emblazoned with the date it will officially debut: 07/18/2019.Technical details were not announced, but the teaser website for the new car says that "The Next Generation Corvette is the most anticipated Corvette ever. It’s the sum of each generation before it, but will stand alone as the new standard of performance."Chevrolet has been toying with the idea of a mid-engine Corvette since the 1960s...
Stocks making the biggest moves premarket: JP Morgan, Apple, Disney, Boeing, Tesla & more – CNBC

Stocks making the biggest moves premarket: JP Morgan, Apple, Disney, Boeing, Tesla & more – CNBC

Business
. Check out the companies making headlines before the bell: Anadarko Petroleum — Anadarko agreed to be acquired by Chevron in a cash-and-stock deal worth $33 billion, or $65 per share. The deal represents a 39% premium over Anadarko's Thursday closing price, and it could provide a boost to shares of Anadarko competitors like Pioneer Natural, Devon Energy, and Apache. JPMorgan Chase — JPMorgan Chase reported quarterly profit of $2.65 per share for the first quarter, 30 cents a share above estimates. Revenue also topped forecasts, helped by particularly strong performances in consumer banking and corporate and investment banking. ...
‘How about paying your taxes?’ A Walmart exec hit back at Jeff Bezos after he called out the company’s low minimum wage – Business Insider

‘How about paying your taxes?’ A Walmart exec hit back at Jeff Bezos after he called out the company’s low minimum wage – Business Insider

Business
. Amazon CEO Jeff Bezos.Alex Wong/Getty Images Amazon CEO Jeff Bezos challenged his retail competitors to raise their minimum wage to compete with Amazon, prompting retaliation from Walmart. Bezos said: "Today I challenge our top retail competitors (you know who you are!) to match our employee benefits and our $15 minimum wage." Dan Bartlett, Walmart's VP of corporate affairs, responded: "Hey retail competitors out there (you know who you are) how about paying your taxes?" The jibe was a reference to Amazon's tax-efficient structure, which saw it pay $0 in federal income taxes in 2017 and 2018. Visit BusinessInsider.com for more stories. A top Walmart executive has struck out at Amazon for its low tax contributions, after Jeff Bezos called out the retail giant for paying its workers a ...
Stocks – Futures Rise on Chevron’s $33 Billion Vote of Confidence – Investing.com

Stocks – Futures Rise on Chevron’s $33 Billion Vote of Confidence – Investing.com

Business
. © Reuters. Investing.com -- U.S. stock markets are poised to open sharply higher Friday, as oil major Chevron 's (NYSE:) offer to buy Anadarko Petroleum (NYSE:) for $33 billion signals confidence in one of economy’s strongest growth engines. Anadarko shares are indicated to open up 30% at over $61 after Chevron a cash-and-stock offer that values the shale-focused producer at $65 a share. Chevron stock is marked down 3%, as investors digest the message that the acquisition would take a year to be earnings-accretive for its own stock. The company also said it would increase its buyback program by 20% after completing the transaction. “The combination of the two companies will create a 75-mile-wide corridor across ...
He Has Driven for Uber Since 2012. He Makes About $40,000 a Year. – The New York Times

He Has Driven for Uber Since 2012. He Makes About $40,000 a Year. – The New York Times

Business
. COTATI, Calif. — Uber’s public stock offering next month will make a bunch of people remarkably rich. Peter Ashlock is not one of them, although he has toiled for the ride-hailing company almost since the beginning.Mr. Ashlock, who will be 71 next week, has racked up more than 25,000 trips as an Uber driver since 2012. His Nissan Altima has 218,000 miles on it — nearly the distance to the moon. His passengers rate him 4.93 out of five stars. His favorite review: “Dude drove like a cabdriver.”While he is an integral part of Uber’s success, Mr. Ashlock is barely getting by. His 2018 tax return will show an adjusted gross income in the neighborhood of $40,000, better than 2016 and 2017. But he has maxed out his $3,200 credit limit at the local Midas car...
5 Important Takeaways From Amazon’s Annual Shareholder Letter – Motley Fool

5 Important Takeaways From Amazon’s Annual Shareholder Letter – Motley Fool

Business
. One of the most successful companies over the past two decades has undoubtedly been Amazon.com (NASDAQ:AMZN). The e-commerce titan has been instrumental in reshaping retail, ushering in cloud computing, and popularizing the smart speaker. The company released Jeff Bezos' annual shareholder letter on Thursday, which goes beyond the numbers and provides important insights into Amazon's strategy. It also provides a peek into the mind of its founder and CEO. While it's recommended reading for all Amazon shareholders, here are five important takeaways from the letter: Image source: Amazon. 1. Third-party retailers are doing better than Amazon itself Out of the gate, Bezos led with the growing success of Amazon's third-party retailers. Over the past 20 years, these merchants have increased...