Stocks making the biggest moves premarket: BlackRock, Cloudera, Tyson Foods & more

Check out the companies making headlines before the bell:BlackRock – BlackRock bought a majority stake in Authentic Brands, the owner of well-known brands like Sports Illustrated, Nine West, and Aeropostale. Cloudera – The cloud data company announced a voting and standstill agreement with investor Carl Icahn, who disclosed an 18% stake in Cloudera earlier this month. Tyson Foods – Tyson said about 3,800 workers at a Kansas meat processing plant will be out of work following a Friday night fire


Check out the companies making headlines before the bell:BlackRock – BlackRock bought a majority stake in Authentic Brands, the owner of well-known brands like Sports Illustrated, Nine West, and Aeropostale. Cloudera – The cloud data company announced a voting and standstill agreement with investor Carl Icahn, who disclosed an 18% stake in Cloudera earlier this month. Tyson Foods – Tyson said about 3,800 workers at a Kansas meat processing plant will be out of work following a Friday night fire
Stocks making the biggest moves premarket: BlackRock, Cloudera, Tyson Foods & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: peter schacknow, yun li
Keywords: news, cnbc, companies, stake, icahn, foods, tyson, company, biggest, cloudera, swiss, china, blackrock, overhauling, moves, making, workers, premarket, stocks, petroleum, plant, owner


Stocks making the biggest moves premarket: BlackRock, Cloudera, Tyson Foods & more

Check out the companies making headlines before the bell:

BlackRock – BlackRock bought a majority stake in Authentic Brands, the owner of well-known brands like Sports Illustrated, Nine West, and Aeropostale. The asset management firm did not disclose financial details, but The Wall Street Journal reports the stake is worth about $875 million and values the company at more than $4 billion.

Cloudera – The cloud data company announced a voting and standstill agreement with investor Carl Icahn, who disclosed an 18% stake in Cloudera earlier this month. Two Icahn employees have been appointed to the board of directors, with Icahn agreeing not to seek further board representation and limiting his ownership stake to no more than 20 percent.

Capri Holdings – Versace, a unit of the Michael Kors owner, issued an apology following widespread criticism in China of one of its t-shirts. The shirt identified Hong Kong and Macau, which are Chinese territories, as countries.

Tyson Foods – Tyson said about 3,800 workers at a Kansas meat processing plant will be out of work following a Friday night fire that caused significant damage. The company added that it will provide the workers with some guaranteed pay. It is not known how long the plant will be closed.

Novartis – The Swiss drugmaker is expecting faster approvals in China for its new drugs and plans to submit 50 new drug applications in China by 2023, according to a report in the Financial Times.

Anheuser-Busch InBev – The beer brewer is rolling out a new alcoholic seltzer aimed at college-age drinkers of its Natural Light beer brand.

ABB – ABB’s shares are jumping after the Swiss engineering company named Bjorn Rosengren as its new chief executive officer, effective in March. ABB’s previous CEO left in April and the company is been overhauling in the process of overhauling its operations.

Humana – Cantor Fitzgerald upgraded the health insurer to “overweight” from “neutral,” noting strong second quarter results, growth in Humana’s Medicare Advantage business, and effective cost management.

Occidental Petroleum – Evercore rates the energy producer “in-line” in resumed coverage, compared to its most recent rating of “outperform.” The firm said the acquisition of Anadarko Petroleum makes Occidental larger, but significantly less valuable.

Rite Aid – The drug store chain appointed Heyward Donigan as its new chief executive officer. He replaces John Standley, who announced in March that he would depart when a successor was found.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: peter schacknow, yun li
Keywords: news, cnbc, companies, stake, icahn, foods, tyson, company, biggest, cloudera, swiss, china, blackrock, overhauling, moves, making, workers, premarket, stocks, petroleum, plant, owner


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Stocks making the biggest moves midday: Roku, Capri Holdings, Amgen, Deere & more

Check out the companies making headlines midday on Monday:Roku — Shares of Roku surged more than 7% after Needham raised its price target on the streaming platform. The investment bank cited Roku’s growing “value proposition” among advertisers as a key reason for upside in Roku shares. Capri Holdings – The designer retail company’s stock fell 5% after Versace, a subsidiary of Capri Holdings, issued an apology after facing criticism in China for one of its t-shirts. Deere — Shares of Deere droppe


Check out the companies making headlines midday on Monday:Roku — Shares of Roku surged more than 7% after Needham raised its price target on the streaming platform. The investment bank cited Roku’s growing “value proposition” among advertisers as a key reason for upside in Roku shares. Capri Holdings – The designer retail company’s stock fell 5% after Versace, a subsidiary of Capri Holdings, issued an apology after facing criticism in China for one of its t-shirts. Deere — Shares of Deere droppe
Stocks making the biggest moves midday: Roku, Capri Holdings, Amgen, Deere & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: yun li
Keywords: news, cnbc, companies, shares, stock, drug, making, capri, petroleum, corn, company, midday, tshirts, roku, surged, stocks, biggest, amgen, moves, subsidiary, therapeutics, deere, holdings


Stocks making the biggest moves midday: Roku, Capri Holdings, Amgen, Deere & more

Check out the companies making headlines midday on Monday:

Roku — Shares of Roku surged more than 7% after Needham raised its price target on the streaming platform. The investment bank cited Roku’s growing “value proposition” among advertisers as a key reason for upside in Roku shares.

Capri Holdings – The designer retail company’s stock fell 5% after Versace, a subsidiary of Capri Holdings, issued an apology after facing criticism in China for one of its t-shirts. The business faced backlash for the t-shirts which listed Hong Kong and Macau, Chinese territories, as separate countries.

Amgen — Shares of Amgen surged more than 5% after the biotech company won a lawsuit Friday that would protect the two patents on its rheumatoid arthritis drug Enbrel, according to a press release. The win would prevent its rival Novartis subsidiary Sandoz from selling a similar drug next year.

Deere — Shares of Deere dropped nearly 3% after the U.S. Agriculture Department said the U.S. corn harvest will be bigger than previously forecast this year. The farm equipment maker came under pressure as soybean and corn futures took a hit on the report as analysts had expected the government to lower its estimate of corn production.

Occidental Petroleum – Shares of Occidental Petroleum is down more than 4% after Evercore ISI downgraded the energy producer to in line from outperform. The firm said the acquisition of Anadarko Petroleum makes Occidental larger, but significantly less valuable.

Bank stocks — Shares of J.P. Morgan, Bank of America, Goldman Sachs and other major banks fell Monday as investors saw falling bond yields and tariffs as a sign of trouble ahead for the economy. As recession fears ratchet up, chances that the Federal Reserve will cut interest rates again do, too. A lower Fed Funds rate puts pressure on banks’ ability to make money by making loans at higher interest rates than what they pay depositors.

Cloudera – The cloud data company’s stock dropped 3.4% after announcing that it had made an agreement with investor Carl Icahn to appoint two of his employees to the board of directors. Icahn, who holds 18% stake in the company, agreed not to seek further board representation and to limit his stake to no more than 20%.

Nektar Therapeutics – Shares of Nektar Therapeutics tanked nearly 11%, extending its slide after the company said in an earnings call Thursday evening it had manufacturing errors for a cancer drug that is currently in clinical trial. The stock plunged a whooping 29% on Friday.

— CNBC’s Kate Rooney and Elizabeth Myong contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: yun li
Keywords: news, cnbc, companies, shares, stock, drug, making, capri, petroleum, corn, company, midday, tshirts, roku, surged, stocks, biggest, amgen, moves, subsidiary, therapeutics, deere, holdings


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The 10 highest-paying college majors

As the cost of college continues to skyrocket and U.S. student debt totals rise, selecting a major in a field that pays well and offers long-term professional opportunities can be a crucial decision for students. Zippia analyzed the most recent Public Use Microdata Sample (PUMS) data from the American Community Survey (ACS), to determine the average annual income of graduates with 174 college majors. When looking at workers between the ages of 29 and 31 who were employed the whole year and worke


As the cost of college continues to skyrocket and U.S. student debt totals rise, selecting a major in a field that pays well and offers long-term professional opportunities can be a crucial decision for students. Zippia analyzed the most recent Public Use Microdata Sample (PUMS) data from the American Community Survey (ACS), to determine the average annual income of graduates with 174 college majors. When looking at workers between the ages of 29 and 31 who were employed the whole year and worke
The 10 highest-paying college majors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: abigail hess
Keywords: news, cnbc, companies, kolmar, graduates, petroleum, engineering, income, highestpaying, major, zippia, majors, college


The 10 highest-paying college majors

As the cost of college continues to skyrocket and U.S. student debt totals rise, selecting a major in a field that pays well and offers long-term professional opportunities can be a crucial decision for students.

“Choosing a major might seem like no big deal, but it’s one of the few choices you make as a 19- or 20-year-old that can have an outsized impact on your entire career — and possibly your whole life,” Chris Kolmar, co-founder of career planning site Zippia, tells CNBC Make It.

Zippia analyzed the most recent Public Use Microdata Sample (PUMS) data from the American Community Survey (ACS), to determine the average annual income of graduates with 174 college majors. When looking at workers between the ages of 29 and 31 who were employed the whole year and worked at least 35 hours per week, Kolmar and his team found that petroleum engineering stands out as the highest-paying college major — by far.

The average annual income students who graduate with a degree in petroleum engineering is about $169,680 per year, according to Zippia, while graduates of the second-highest paying major earn closer to $95,351 a year on average.

According to U.S. News and World Report, the best college for those who want to study petroleum engineering is University of Texas Permian Basin, where petroleum engineering majors can expect median starting salaries of about $119,500.

Here are the 10 highest-paying college majors of 2019 according to Zippia:


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: abigail hess
Keywords: news, cnbc, companies, kolmar, graduates, petroleum, engineering, income, highestpaying, major, zippia, majors, college


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Chevron walks away from Anadarko Petroleum deal, will collect $1 billion breakup fee

Chevron will not increase its offer for Anadarko 4 Hours Ago | 04:30Chevron said Thursday it will not submit a new offer to acquire Anadarko Petroleum, walking away from the deal after Occidental Petroleum pulled ahead in a battle to take control of the driller with prized assets in the top U.S. shale oil field. The decision means Chevron will collect a $1 billion breakup fee, a windfall that it could use to purchase another driller in the Permian Basin, the engine of the American oil drilling b


Chevron will not increase its offer for Anadarko 4 Hours Ago | 04:30Chevron said Thursday it will not submit a new offer to acquire Anadarko Petroleum, walking away from the deal after Occidental Petroleum pulled ahead in a battle to take control of the driller with prized assets in the top U.S. shale oil field. The decision means Chevron will collect a $1 billion breakup fee, a windfall that it could use to purchase another driller in the Permian Basin, the engine of the American oil drilling b
Chevron walks away from Anadarko Petroleum deal, will collect $1 billion breakup fee Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: tom dichristopher, adam jeffery
Keywords: news, cnbc, companies, away, anadarko, submit, deal, breakup, stock, walks, oil, offer, occidental, collect, petroleum, chevron, fee, billion


Chevron walks away from Anadarko Petroleum deal, will collect $1 billion breakup fee

Chevron will not increase its offer for Anadarko 4 Hours Ago | 04:30

Chevron said Thursday it will not submit a new offer to acquire Anadarko Petroleum, walking away from the deal after Occidental Petroleum pulled ahead in a battle to take control of the driller with prized assets in the top U.S. shale oil field.

The decision means Chevron will collect a $1 billion breakup fee, a windfall that it could use to purchase another driller in the Permian Basin, the engine of the American oil drilling boom.

Shares of the San Ramon, California-based oil major were up about 3% on Thursday.

Anadarko announced on Monday that its board had unanimously decided that Occidental’s revised $38 billion bid was superior to a $33 billion Chevron buyout. Anadarko said it intended to break its agreement with Chevron and strike a deal with Occidental if Chevron did not submit a better offer.

Occidental, with backing from Warren Buffett’s Berkshire Hathaway, offered to pay 78% cash and 22% stock for Anadarko, while the Chevron transaction was structured as a 75% stock and 25% cash deal.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: tom dichristopher, adam jeffery
Keywords: news, cnbc, companies, away, anadarko, submit, deal, breakup, stock, walks, oil, offer, occidental, collect, petroleum, chevron, fee, billion


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Chevron, the loser in the Anadarko buyout battle, is actually a winner on Wall Street

Michael Wirth, CEO of Chevron, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019. Occidental Petroleum may have spoiled Chevron’s plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle. Several analysts are commending Chevron for declining to counter Occidental’s $38 billion bid for Anadarko. Chevron not only walks away with a $1 billion breakup fee, but showed investors it won’t sacrifice its bud


Michael Wirth, CEO of Chevron, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019. Occidental Petroleum may have spoiled Chevron’s plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle. Several analysts are commending Chevron for declining to counter Occidental’s $38 billion bid for Anadarko. Chevron not only walks away with a $1 billion breakup fee, but showed investors it won’t sacrifice its bud
Chevron, the loser in the Anadarko buyout battle, is actually a winner on Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: tom dichristopher
Keywords: news, cnbc, companies, chevron, occidental, street, actually, offer, battle, petroleum, loser, bid, winner, billion, analysts, wall, oil, share, buyout, anadarko


Chevron, the loser in the Anadarko buyout battle, is actually a winner on Wall Street

Michael Wirth, CEO of Chevron, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.

Occidental Petroleum may have spoiled Chevron’s plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle.

Several analysts are commending Chevron for declining to counter Occidental’s $38 billion bid for Anadarko. Chevron not only walks away with a $1 billion breakup fee, but showed investors it won’t sacrifice its budget sheet in a bidding war, the analysts say.

The San Ramon, California-based energy giant was under pressure to hike its original $65 per share offer into the $70s after the underdog Occidental sweetened its offer this week. For Occidental, funding a $76 per share bid relied in part on agreeing to a steep 8% annual payout to Warren Buffett in order to secure a $10 billion investment from the Oracle of Omaha.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: tom dichristopher
Keywords: news, cnbc, companies, chevron, occidental, street, actually, offer, battle, petroleum, loser, bid, winner, billion, analysts, wall, oil, share, buyout, anadarko


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Buffett says Occidental Petroleum investment is a bet on oil prices over the long term

Billionaire investor Warren Buffett said Monday that Berkshire Hathaway’s $10 billion investment in Occidental Petroleum is a bet on oil prices over the long term. “It’s also a bet on the fact that the Permian Basin is what it is cracked up to be,” the chairman and CEO Berkshire told CNBC’s Becky Quick. But “oil prices will determine whether almost any oil stock is a good investment over time.” Occidental revealed on Tuesday that Berkshire had committed to invest $10 billion in the company to he


Billionaire investor Warren Buffett said Monday that Berkshire Hathaway’s $10 billion investment in Occidental Petroleum is a bet on oil prices over the long term. “It’s also a bet on the fact that the Permian Basin is what it is cracked up to be,” the chairman and CEO Berkshire told CNBC’s Becky Quick. But “oil prices will determine whether almost any oil stock is a good investment over time.” Occidental revealed on Tuesday that Berkshire had committed to invest $10 billion in the company to he
Buffett says Occidental Petroleum investment is a bet on oil prices over the long term Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bet, billion, term, anadarko, oil, long, berkshire, petroleum, deal, buffett, wouldnt, occidental, told, prices, investment, stock


Buffett says Occidental Petroleum investment is a bet on oil prices over the long term

Billionaire investor Warren Buffett said Monday that Berkshire Hathaway’s $10 billion investment in Occidental Petroleum is a bet on oil prices over the long term.

“It’s also a bet on the fact that the Permian Basin is what it is cracked up to be,” the chairman and CEO Berkshire told CNBC’s Becky Quick. But “oil prices will determine whether almost any oil stock is a good investment over time.”

“If [oil] goes way up, you make a lot of money,” he added.

Occidental revealed on Tuesday that Berkshire had committed to invest $10 billion in the company to help fund its proposed acquisition of Anadarko Petroleum. Berkshire would make the investment by purchasing 100,000 shares of preferred stock, which pays out an 8% annual dividend.

Buffett was willing to invest $20 billion to help Occidental seal the deal, sources told CNBC’s David Faber. Occidental revised its bid to purchase Anadarko after the international oil and gas driller agreed to sell its business to Chevron last month for $65 a share in a 75% stock and 25% cash deal worth $50 billion including debt.

Asked why Berkshire wouldn’t just buy Anadarko itself, Buffett said, “That might have happened if Anadarko came to us, but we wouldn’t jump into some other deal that we heard about from somebody else coming to us seeking financing.”

Later in the interview, longtime investing partner and vice chairman Charlie Munger responded to the question as well, saying, “Nobody asked us to.”

Buffett added he previously never had any sort of communication with Anadarko.

The Oracle of Omaha appeared on “Squawk Box” for a wide-ranging interview on Monday, following the weekend festivities at Berkshire Hathaway’s annual shareholder meeting.

—CNBC’s Tom DiChristopher contributed to this report.

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Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bet, billion, term, anadarko, oil, long, berkshire, petroleum, deal, buffett, wouldnt, occidental, told, prices, investment, stock


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Stocks making the biggest moves midday: Bausch Health, Anadarko Petroleum, Nvidia & more

Bausch Health — Shares of the pharmaceutical company formerly named Valeant gained more than 8.5% after raising its 2019 outlook. Sysco — The wholesale food company’s stock rose more than 3% on better-than-expected earnings for its fiscal third quarter. The company earned 79 cents a share last quarter, while analysts polled by Refinitiv expected a profit of 70 cents. Tyson Foods — Tyson shares rose 2.6% after the company posted strong earnings for its second quarter. The food company reported ea


Bausch Health — Shares of the pharmaceutical company formerly named Valeant gained more than 8.5% after raising its 2019 outlook. Sysco — The wholesale food company’s stock rose more than 3% on better-than-expected earnings for its fiscal third quarter. The company earned 79 cents a share last quarter, while analysts polled by Refinitiv expected a profit of 70 cents. Tyson Foods — Tyson shares rose 2.6% after the company posted strong earnings for its second quarter. The food company reported ea
Stocks making the biggest moves midday: Bausch Health, Anadarko Petroleum, Nvidia & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: fred imbert
Keywords: news, cnbc, companies, anadarko, shares, health, moves, company, nvidia, midday, stock, rose, bausch, billion, share, reported, earnings, biggest, women, petroleum, stocks, quarter, making


Stocks making the biggest moves midday: Bausch Health, Anadarko Petroleum, Nvidia & more

Visitors crowd around the Nvidia booth at the 2016 China Digital Entertainment Expo, known as ChinaJoy, in Shanghai.

Check out the companies making headlines midday Monday:

Nvidia, Micron Technology, Advanced Micro Devices — The chipmakers fell all at least 1.7% after President Donald Trump threatened to hike tariffs on Chinese goods, dimming hopes that a trade deal between the world’s economies could be reached.

Bausch Health — Shares of the pharmaceutical company formerly named Valeant gained more than 8.5% after raising its 2019 outlook. The company now expects full-year adjusted EBITDA to come in between $3.40 billion and $3.55 billion, up from a range of $3.35 billion to $3.50 billion. Bausch also reported better-than-expected quarterly earnings.

Sysco — The wholesale food company’s stock rose more than 3% on better-than-expected earnings for its fiscal third quarter. The company earned 79 cents a share last quarter, while analysts polled by Refinitiv expected a profit of 70 cents.

Tyson Foods — Tyson shares rose 2.6% after the company posted strong earnings for its second quarter. The food company reported earnings of $1.20 per share on revenues of $10.44 billion. Wall Street had forecast a profit of $1.14 per share on sales of $10.29 billion, according to Refinitiv.

Five Below — Five Below fell 2.6% after Barclays downgraded the discount retailer’s stock to equal weight from overweight. Despite raising their price target for the stock to “reflect continued business momentum,” the investment bank stated that at $140, they believe Five Below is “fully valued [and] therefore cannot warrant an Overweight rating.”

Pinterest — Shares of Pinterest rose 4% after Susquehanna initiated the social media company as with a neutral rating. In a note to clients, Susquehanna said Pinterest’s user base “is skewed toward women and especially mothers, and this should be attractive to advertisers as women tend to control household purchasing.”

Anadarko Petroleum — Anadarko Petroleum rose 3.8% after CNBC’s David Faber reported that the board of directors on Monday is likely to deem Occidental Petroleum’s buyout offer superior to Chevron’s bid from last month.

—CNBC’s Jessica Bursztynsky and Nadine El-Bawab contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: fred imbert
Keywords: news, cnbc, companies, anadarko, shares, health, moves, company, nvidia, midday, stock, rose, bausch, billion, share, reported, earnings, biggest, women, petroleum, stocks, quarter, making


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Buffett’s Berkshire Hathaway to invest $10 billion in Occidental Petroleum for Anadarko takeover

Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum contingent on the company completing its proposed takeover of Anadarko Petroleum. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron’s $33 billion buyout of Anadarko. Shares of Occidental fell 2% on Tuesday, while Chevron’s stock popped 3%. Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil


Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum contingent on the company completing its proposed takeover of Anadarko Petroleum. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron’s $33 billion buyout of Anadarko. Shares of Occidental fell 2% on Tuesday, while Chevron’s stock popped 3%. Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil
Buffett’s Berkshire Hathaway to invest $10 billion in Occidental Petroleum for Anadarko takeover Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: tom dichristopher
Keywords: news, cnbc, companies, oil, chevrons, gas, company, shares, occidental, energy, invest, takeover, petroleum, billion, hathaway, buffetts, anadarko, berkshire, stock


Buffett's Berkshire Hathaway to invest $10 billion in Occidental Petroleum for Anadarko takeover

Warren Buffett is getting involved in a rare bidding war unfolding in the energy industry.

Berkshire Hathaway has committed a $10 billion preferred stock investment in Occidental Petroleum contingent on the company completing its proposed takeover of Anadarko Petroleum. Last week, Occidental made a rival bid for the oil and gas driller, challenging Chevron’s $33 billion buyout of Anadarko.

Shares of Occidental fell 2% on Tuesday, while Chevron’s stock popped 3%. A company’s stock price often falls when investors believe it is about to acquire a company. Anadarko’s shares fell about half a percent.

The capital injection from Berkshire could make Occidental a more formidable suitor. In pursuing Anadarko, Occidental is going toe to toe with an oil major with a much bigger balance sheet and whose market capitalization is nearly five times its value.

Several analysts initially downgraded shares of Occidental following its bid, with many saying the buyout would carry more risks than Chevron’s proposed takeover of Anadarko. Achieving the benefits of the deal depends in part on Occidental’s successful divestment in $10 billion-$15 billion in assets and achieving $3.5 billion in savings from the tie-up.

Berkshire’s involvement suggests the company believes Occidental is best positioned to wring value out of Anadarko’s portfolio. Occidental is focused on Anadarko’s acreage in the Permian Basin, the U.S. shale oil region stretching across western Texas and southeastern New Mexico.

Occidental CEO Vicki Hollub has pitched Occidental as a high-performing Permian driller that can enrich Anadarko shareholders by squeezing more oil and gas from the drillers’ wells at lower costs.

“We are thrilled to have Berkshire Hathaway’s financial support of this exciting opportunity,” Hollub said in a press release.

Here’s how the Berkshire deal is structured:

Berkshire will receive 100,000 shares of cumulative perpetual preferred stock with a value of $100,000 a share.

The conglomerate also gets a warrant to purchase up to 80 million shares of Occidental at an exercise price of $62.50 a share.

The preferred stock will accrue dividends at 8% annually.

The Oracle of Omaha is an active investor across the energy sector.

Berkshire Hathaway is one of the top shareholders in oil refiner Phillips 66, and the firm took a new stake in Canadian oil and gas company Suncor earlier this year. Through Berkshire Hathaway Energy, Buffett has invested billions in natural gas power plants and pipelines, renewable energy and electric transmission and distribution.

Occidental has offered $76 a share for Anadarko, while Chevron’s initial bid was $65 a share. On Monday, Anadarko restarted talks with Occidental after its board determined the offer could be superior to Chevron’s bid.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: tom dichristopher
Keywords: news, cnbc, companies, oil, chevrons, gas, company, shares, occidental, energy, invest, takeover, petroleum, billion, hathaway, buffetts, anadarko, berkshire, stock


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Occidental Petroleum bids $76 for Anadarko, trumping Chevron offer for the oil and gas driller

Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller. The new Occidental offer, which was sent via a letter to Anadarko’s board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer. After the new Occidental bid, Anad


Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller. The new Occidental offer, which was sent via a letter to Anadarko’s board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer. After the new Occidental bid, Anad
Occidental Petroleum bids $76 for Anadarko, trumping Chevron offer for the oil and gas driller Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: david faber, jamie schwaberow, bloomberg, getty images
Keywords: news, cnbc, companies, oil, gas, shares, chevron, stock, driller, anadarko, bids, cash, petroleum, offer, occidental, trading, wednesdays, trumping, share


Occidental Petroleum bids $76 for Anadarko, trumping Chevron offer for the oil and gas driller

Occidental Petroleum bid $76 a share for Anadarko Petroleum on Wednesday, higher than a previous offer by Chevron for the oil and gas driller.

The new Occidental offer, which was sent via a letter to Anadarko’s board on Wednesday, is half cash and half stock, specifically $38 in cash and 0.6094 Occidental shares. It values Anadarko at $57 billion, including debt.

Chevron announced an agreement on April 12 to buy Anadarko for $33 billion in cash and stock, valuing the company at $65 a share. CNBC later reported there was another bidder for Anadarko, Occidental, which was offering mid-$70s per share before Chevron stepped in with its offer.

After the new Occidental bid, Anadarko shares surged 10% in Wednesday’s premarket trading, to above $70.

The Chevron offer is a 75% stock and 25% cash transaction. The breakup fee for the Chevron-Anadarko deal is said to be 3% of the deal, sources said.

“Anadarko has great assets,” Occidental CEO Vicki Hollub said in a interview on CNBC’s “Squawk Box” on Wednesday. “We are the right acquirer … because we can get the most out of the shale.”

Hollub said she considers this a friendly offer, even though Anadarko may not see it that way. The offer is 20% above where Anadarko was trading on Tuesday.

Occidental shares fell more than 7 percent in Wednesday’s premarket. Chevron, whose stock was flat, did not immediately return a call for comment.

— With reporting by Tom DiChristopher

This is a developing story. Check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: david faber, jamie schwaberow, bloomberg, getty images
Keywords: news, cnbc, companies, oil, gas, shares, chevron, stock, driller, anadarko, bids, cash, petroleum, offer, occidental, trading, wednesdays, trumping, share


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After Chevron’s biggest sell-off in a year, market watcher sees opportunity

The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. While Chevron dropped on the deal, Joule Financial founder Quint Tatro sees opportunity in its weakness. “Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not,” Tatro said on CNBC’s “Trading Nation” on Friday. Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energ


The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. While Chevron dropped on the deal, Joule Financial founder Quint Tatro sees opportunity in its weakness. “Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not,” Tatro said on CNBC’s “Trading Nation” on Friday. Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energ
After Chevron’s biggest sell-off in a year, market watcher sees opportunity Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: keris lahiff, daniel acker, bloomberg, getty images, vcg, bryan r smith, afp, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, chevron, petroleum, tatro, market, selloff, chevrons, biggest, names, watcher, sees, xle, obviously, energy, trading, opportunity, oil, youve


After Chevron's biggest sell-off in a year, market watcher sees opportunity

Chevron is starting the week fresh on the heels of its worst day in more than a year.

The major oil company tumbled 5% on Friday in its biggest one-day drop since February 2018 after announcing a $33 billion deal to buy Anadarko Petroleum. Occidental Petroleum also reportedly is interested in the oil and gas exploration company.

While Chevron dropped on the deal, Joule Financial founder Quint Tatro sees opportunity in its weakness.

“Even though the group as a whole seems to be getting a boost, obviously Chevron, the buyer, is not,” Tatro said on CNBC’s “Trading Nation” on Friday. “You’ve got to look at a name like this that is trading 14 to 15 times forward earnings. … Obviously they’re spending $30 billion to try to grow that profit, so we like the acquisition.”

Chevron is expected to post a 2019 earnings contraction of 14 percent, followed by a 23 percent surge in 2020, according to FactSet.

“We need to do a lot more work really into the fundamentals to see how this will be accretive to the bottom line,” said Tatro. “Basically it expands their shale play, their deep-water drilling, so it’s hard to do but ultimately I think this is a day where you’ve got to hold your nose and you go in and you add to your Chevron position.”

Tatro also likes Chevron for its strong balance sheet and steady dividend. The company yields 4%, double the S&P 500.

Craig Johnson, chief market technician at Piper Jaffray, is more conservative on the energy group as a whole.

The XLE energy ETF “still is at a point where we need to get above about $68. That’s where your 200-day moving average is at, which is declining,” Johnson said Friday on “Trading Nation.” “There’s still a long way to go. Again, I like energy, but I’m more of a neutral to these names. Is the M&A activity going to put a little bit of a bid under these names? It probably will, but I’d rather be a selective buyer of these names, especially the XLE.”

The XLE ETF has not traded above its 200-day moving average since October. It has fallen 7% since then.

Disclosure: Joule Financial holds CVX.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: keris lahiff, daniel acker, bloomberg, getty images, vcg, bryan r smith, afp, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, chevron, petroleum, tatro, market, selloff, chevrons, biggest, names, watcher, sees, xle, obviously, energy, trading, opportunity, oil, youve


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