Oil Stocks Rise - Market Update

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Market Update Analysis:

Oil Stocks Rise

Author: Elena Todorova
123jump.com
Last Update: 1:35 PM EST January 30 2006

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Stocks traded in a lackluster fashion Monday morning with investors reluctant to make significant moves ahead of the Fed Reserve''s meeting Tuesday. In corporate news, oil giant Exxon Mobil posted Q4 record profit on revenue growth, beating expectations. USG Corp. rose 16% after it agreed to resolve asbestos personal injury claims in a Chapter 11 agreement which will help the company to exit bankruptcy in 2006. Sunoco Logistics posted disappointing Q4 profit and revenue.

CORPORATE NEWS

The steel manufacturer Arcelor on Sunday rejected a takeover bid from its larger rival Mittal Steel. After a meeting at its headquarters in Luxembourg, Arcelor's board unanimously snubbed Mittal's E18.6 billion, or $22.5 billion, hostile offer - which would have combined the top two global steel producers - on the ground that the companies do not share the same strategic vision, business model and values.

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