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Today in the Market (10/11/2023)

Good Evening! On Wednesday, there was a resurgence in the performance of US equities, as investors analyzed inflation statistics that exceeded expectations and anticipated further developments on Thursday.

All three indexes experienced a small dip during the day but ended up overall with the Nasdaq Composite seeing a notable increase of 0.71%, the S&P 500 rising by 0.43%, and the Dow Jones gaining 0.19%.

MORE DEVELOPMENT IN THE ENERGY SECTOR

Exxon Mobil (XOM) has entered into an agreement to acquire Pioneer Natural Resources, a domestic competitor in the U.S., in an all-stock transaction with a total estimated value of $59.5 billion. This acquisition would position Exxon Mobil as the leading producer in the largest oilfield in the U.S., ensuring a decades-long period of cost-effective production.

More about the deal. The agreement, projected to be finalized at the beginning of 2024, with an estimated value of $253 per share, merges the leading oil corporation in the US with a very prosperous entity that has emerged from the shale revolution, which rapidly transformed the U.S. into the leading global oil producer within a span of ten years.

What can be accomplished with the merger? The combined corporation has the potential to increase its oil and gas output by 700,000 barrels per day (BOEPD) over a four-year timeframe following the completion of the agreement, resulting in a total production of 2 million BOEPD. Exxon said that its objective is to reduce greenhouse gas emissions and enhance oil production per well by leveraging the combination of Exxon technology and Pioneer’s cost-effective operational practices.

APPLE IS ON TOP

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A poll (which surveyed 9,193 teens) conducted by the investment firm Piper Sandler revealed that a significant majority of teens surveyed (87%) had iPhones. According to the survey findings, 88% expressed their intention to get an iPhone as their next mobile device, confirming the existing market supremacy of the major technology company.

It does not stop there!

  • The brand emerged as the preferred choice among teenagers hailing from more financially privileged backgrounds (with an average annual household income of $109,670).
  • In terms of payment applications, Apple Pay emerged as the preferred choice among respondents in the poll, as 42% of teenagers reported using it over the previous month, while just 27% indicated using Cash App.

However, there is still one area where Apple cannot get right… Apple Music seems to be lacking sufficient attention. Instead, Spotify remained as the dominant music streaming site with a significant majority (70%) of respondents using it throughout the previous six-month period.

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