Stock futures edged slightly higher Monday after the
S&P 500
set another record high on Friday and closed above 5000 for the first time. The index, like the
Dow Jones Industrial Average
and the
Nasdaq Composite,
has risen 14 out of the last 15 weeks.
These stocks were poised to make moves Monday:
Diamondback Energy
announced Monday it was merging with Permian rival Endeavor Energy Resources in a deal that would create an oil-and-gas giant worth more than $50 billion. The transaction was valued at about $26 billion, including Endeavor’s net debt. Shares in Diamondback, which has a market value of around $27 billion, were down slightly in premarket trading.
Microsoft
closed Friday with a market capitalization of $3.125 trillion, the highest for any company ever. The software company’s market value topped the previous record set by
Apple,
which reached $3.09 trillion in July 2023, according to Dow Jones Market Data.
Apple
ended Friday with a market cap of $2.916 trillion.
Microsoft
and Apple were each up 0.1% in premarket trading.
Amazon.com
was up 0.2% in premarket trading to $174.78. Shares in the e-commerce company rose 2.7% on Friday to finish at $174.45, the highest closing level since Dec. 9, 2021, according to Dow Jones Market Data. Separately,
Amazon.
com founder Jeff Bezos has sold $2 billion of the company’s stock, his first sale in more than two years, according to a disclosure late Friday. Bezos sold 12 million Amazon shares for $2.04 billion, an average price of $170.21 each, from Feb. 7 to Feb. 8.
XPO Inc.
was down 2.4% to $117.94 after shares of the transportation company were downgraded by
Morgan Stanley
to Underweight from Equal Weight while the price target was increased to $80 from $75.
Earnings reports are expected Monday from
Arista Networks,
up 3% in premarket trading;
Monday.com,
up 4.1%, and
Cadence Design Systems,
up 1.1%. Others reporting Monday include
Waste Management,
Lattice Semiconductor,
Avis Budget Group,
and
ZoomInfo Technologies.
Reports are expected later in the week from
Coca-Cola,
Shopify,
Airbnb,
Cisco Systems,
Occidental Petroleum,
Kraft Heinz,
Applied Materials,
Deere,
DoorDash,
Coinbase Global,
and
DraftKings.
Write to Joe Woelfel at [email protected]
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