TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, October 23.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Investors are gearing up for a busy week on Wall Street with the tech giants all set to report quarterly earnings. Amazon, Meta, Google parent-company Alphabet and Microsoft will all release results this week. These reports will give investors insight into how the sector fared amid historically high interest rates.
And it’s not just tech in focus this week. Wall Street will also be paying close attention to the release of third quarter GDP Thursday and a key inflation report Friday.
In other news - the Hess truck’s here, but it might not be for long. Rival Chevron has agreed to buy Hess in a $53 billion, all-stock deal. Aside from increasing Chevron’s presence in Texas’ Permian Basin, the company will now take over Hess’ ownership stake in what is more than three billion barrels of oil in Guyana.
Chevron has been no stranger to mega deals. In 2019 the company bought Anadarko Petroleum for $33 billion in order to increase its shale business. Of the Hess deal, Chevron CEO Mike Wirth said “This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets.”
According to its website, Chevron currently owns more than 8,000 gas stations across the country and operates five U.S. refineries that, combined, can process more than one million barrels of oil a day.The deal between Chevron and Hess comes just weeks after Exxon’s $60 billion takeover of Pioneer Natural Resources. There is no word yet about whether either deal will face antitrust pushback.
