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Today in the Market (10/28/2022)

Good Evening. U.S. shares advanced on Friday, as Apple’s earnings triumph helped stocks overcome a week of Wall Street setbacks for Big Tech.

The S&P 500 surged by 2.46%. The Dow Jones climbed 2.59%, to a two-month high, registering its fourth consecutive week of gains and the best week of the year. The Nasdaq Composite increased 2.87%.

OIL COMPANY BREAKS NEW RECORD

Exxon Mobil Corporation’s (XOM) quarterly earnings surpassed all estimates on Friday, as increasing oil prices drove a record quarterly profit.

  • Revenue: $112.07 Billion vs. $115.68 Billion expected
  • Earnings Per Share: $4.68 vs. $3.79 expected
  • Net Income: New record of $19.66 Billion

Also, Exxon declared a fourth-quarter dividend of $0.91 per share, a 3% increase over its third-quarter dividend of $0.88 per share, and reported that it has repurchased $10.5 billion in shares so far this year, including $4.5 billion during the third quarter. The company’s share repurchase program permits it to repurchase up to $30 billion worth of shares through 2023.

Did you know… Midway through 2023, Exxon will relocate its headquarters from Irving, Texas, to its Houston campus at City Place, the master-planned neighborhood originally known as Springwoods Village.

TWITTER IS BEING DELISTED

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The New York Stock Exchange will delist Twitter on November 8, according to a new filing with the U.S. Securities and Exchange Commission. This occurs one day after Elon Musk completed the company’s takeover after a protracted battle on Thursday.

This is because Twitter and Musk’s subsidiary X Holdings II, Inc. has successfully merged. Musk’s X Holdings I, Inc. now owns all of the social network’s shares.

Going forward… As a private firm, Twitter will not be required to submit quarterly reports regarding its monthly active users or earnings. However, financial organizations who have loaned money to Musk will exert pressure on him to make his company profitable.  One of Musk’s first actions as CEO was to dismiss CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett, and head of legal policy, trust, and safety Vijay Gadde

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