Occidental Petroleum, NRG Energy and Halliburton were the top three S&P 500 index gainers on the stock market today. Twitter was the biggest S&P 500 loser amid Tesla CEO Elon Musk's ongoing takeover saga. Signature Bank and Expedia also fell sharply Monday.
OXY stock popped 5.7% to 67.72, decisively clearing a messy consolidation since late March and continuing a powerful rebound from the 50-day moving average. Occidental Petroleum and other oil stocks rallied with U.S. crude oil prices up 3.4% to $114.20 a barrel. Warren Buffett's Berkshire Hathaway has amassed a 15.3% stake in OXY stock, raising speculation that it might seek a full takeover.
NRG stock rose 4.2% to 44.07, an eight-month high. Shares are racing up the right side of a long consolidation with a 46.20 buy point. NRG Energy is a major power generator in Texas, which is facing shortages due to high temperatures.
HAL stock climbed 4.1% to 37.57, reclaiming its 50-day line. That could provide an early entry for oil services giant Halliburton, which is a few weeks into a new consolidation.
S&P 500 Losers
TWTR stock tumbled 8.2% to 37.39, after plunging 9.7% on Friday. Twitter stock, which has fallen for seven straight sessions, is now 31% below Tesla CEO Elon Musk's $54.20 takeover price. In fact, TWTR stock is now below the "Musk line," or 39.31, where it was trading before Musk belatedly disclosed a 9.1% "passive" Twitter stake.
On Monday, Musk said a lower Twitter price isn't "out of the question," seeming to confirm growing speculation that he's looking to get out of the deal or renegotiate. Musk continues to criticize the social site, claiming that at least 20% of users are spam. Over the weekend he tweeted that Twitter's legal team said he had violated a nondisclosure agreement. Meanwhile, TSLA stock sank 5.9%, not quite enough to make it among the worst three S&P 500 performers on Monday. The 724.37 close was the lowest since late August. A falling Tesla stock price also raises concerns about the Twitter deal.
SBNY stock tumbled 7.1% to 186.93, the lowest close since February 2021. Signature Bank, which has become a big cryptocurrency asset custodian, reported total deposits are off $1.39 billion.
EXPE stock sank 6% to 123.85, the lowest price since January 2021, on a bad day for travel stocks. Since flirting with an aggressive entry in late April, Expedia stock has sold off hard.
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