On Wall Street, the stock indices opened with a slight rise during the first half hour. The Dow Jones of large companies was up 0.05 percent, while the Nasdaq, which focuses on technology, was up 0.11 percent. 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 named 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 to rise more than seven percent, making it the largest operator in the traditional Texas oil production area of the Permian Basin. This acquisition is part of an industry trend of consolidation as companies seek to acquire drilling areas and cut costs. Other companies such as Exxon Mobil and Chevron Corporation have also made similar acquisitions 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.