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ConocoPhillips and Burlington Sign for $35 B
Dec 12, 10:52 PM EST |
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| Conoco Phillips and Burlington Resources agree to merge for $35.6 billion. Gold and Silver hover near record high. |
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| Market awaits the final rate hike at Fed meeting scheduled for Tuesday. Market rally lost its early steam in the late afternoon as traders turned cautious. Chinese Internet stocks and Indian banking stocks rose in the session. Energy, tech, and big retailers led a modest rally. Home builders, defense and casino stocks ralliled. Specialty retailers were under pressure. |
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Modest Gains at Mid-day
Dec 12, 1:55 PM EST |
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| Oil prices surpassed $60 a barrel on OPEC decision to keep production levels. Gold retreats from 25-year highs. |
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| With no major earnings or economic news, merger-and-acquisition deals predominated in Monday trading session. ConocoPhillips is in talks to acquire oil and gas producer Burlington Resources for more than $30 billion. Paramount Pictures, a unit of media conglomerate Viacom Inc., agreed to buy DreamWorks SKG Inc. in a $1.6 billion deal involving $775 million in cash and $825 million of assumed debt. Google was upgraded by Credit Suisse First Boston on forecasts of rising revenue. |
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ConocoPhillips to Buy Burlington for $30 B
Dec 12, 11:14 AM EST |
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| Oil prices hovered round $60 a barrel on oil depot explosion in London. Gold rallied to $537.50. The dollar declined. |
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| Merger-and-acquisiotion news predominate in Monday trading session. ConocoPhillips is in talks to acquire oil and gas producer Burlington Resources for more than $30 billion. Paramount Pictures, a unit of media conglomerate Viacom Inc., agreed to buy DreamWorks SKG Inc. in a $1.6 billion deal involving $775 million in cash and $825 million of assumed debt. |
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Mergers Lift Sentiment
Dec 12, 11:43 AM EST |
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| Oil prices hovered round $60 a barrel on oil depot explosion in London. Gold rallied to $537.50. The dollar declined. |
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| Asian-Pacific benchmarks advanced, led by the Nikkei hitting a new five-year high of 15,738.70, followed by South Korean Kospi, up 1.2%. European averages traded higher at mid-day, boosted by media companies with the German DAX 30 in the lead, up 0.7%. Shares of Burlington Resources climbed on news that ConocoPhillips is in talks to buy the oil and gas producer for more than $30 billion. |
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