In Wall Street, stock indices opened marginally higher and made a slight effort to rise during the first half hour. The Dow Jones of large companies was up 0.05 percent, the Nasdaq, which focuses on technology, was up 0.11 percent, and the broad S&P 500, which reached a new record high on Friday, was up 0.03 percent at the time.
Meanwhile, an oil company, Diamondback Energy, announced that it would acquire its competitor Endeavor Energy Resources for $26 billion in cash and stock. This news caused Diamondback’s share price to rise more than seven percent, making it the largest operator in the traditional Texas oil production area of the Permian Basin. The acquisition is part of an industry trend towards consolidation as companies seek to acquire drilling areas and cut costs.
Similar acquisitions by other companies such as Exxon Mobil and Chevron Corporation have been reported in recent months. The earnings season continues on Wall Street with Coca Cola set to announce its October-January results and last year’s financial statements tomorrow. Additionally, tomorrow will see the publication of the country’s inflation figures for January in the United States.