Chevron surpasses Exxon as largest U.S. oil company, but both lag NextEra
Chevron (NYSE:CVX) closed yesterday with a higher market value than Exxon Mobil (NYSE:XOM), marking the first time Exxon has been dethroned as America’s largest oil company since it began as Standard Oil more than a century ago. Chevron has a market cap of $142B compared to Exxon’s $141.6B. NextEra Energy (NYSE:NEE), the world’s biggest provider of wind and solar energy, beat both companies by closing the day at a $145.5B market value.
Trump eases off his stimulus talks shutdown
President Donald Trump continues to take the markets on a wild ride, this time boosting U.S. stock index futures, saying he would still support specific forms of fiscal stimulus after calling an end to negotiations yesterday. Trump tweeted yesterday afternoon that another COVID relief bill would only go through after the election, sending stocks tumbling. Trump said a sticking point on aid for state and local governments amounted to a bailout of blue states. But he later tweeted support for a standalone bill for $1,200 stimulus checks, $25B in relief for airlines and paycheck protection program funds.
House hints at Big Tech breakup
A House antitrust subcommittee report due this week on big tech – Amazon.com (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Alphabet (GOOG, GOOGL) – is hinting toward breaking up the tech giants, according to a lawmaker in the GOP minority. “This proposal is a thinly veiled call to break up Big Tech firms. We do not agree with the majority’s approach,” says Republican Congressman Ken Buck in a draft response seen by Reuters. He says he shares Democratic concerns about the companies’ market power, but objects to requiring them to pursue a clear “single line of business.”
Warner Bros. delays ‘The Batman’ to 2022; postpones ‘Flash,’ ‘Shazam 2’
Warner Bros. (NYSE:T) delayed Dune until October 1, 2021 and shifted The Batman starring Robert Pattinson until March 4, 2022. The studio pulled Black Adam (starring Dwayne Johnson) and Minecraft from the release calendar. The newest sequel to The Matrix film series made the rare leap forward, from April 1, 2022 to Dec. 22, 2021. The Flash will move from June to November in 2022, and Shazam 2 leaves November 2022 for June 2, 2023.
U.S. Committee backs phased deployment of COVID-19 vaccines
A special committee, formed at the behest of the CDC and NIH, recommends a four-phase deployment of COVID-19 vaccines after emergency use authorization, likely to happen later this quarter, that prioritizes vulnerable populations. First up would be front-line healthcare workers and first responders. The federal officials, who expect to ship initial doses within 24 hours of EUA, are already on board with another of the committee’s suggestions, no out-of-pocket costs for vaccination.
AMD seeking to buy Xilinx in latest big semiconductor tie-up
Advanced Micro Devices (NASDAQ:AMD) is in advanced talks to buy rival chipmaker Xilinx (NASDAQ:XLNX) in a deal that could be valued at more than $30B, WSJ reports. Earlier talks are said to have stalled before recently restarting, and the latest deal under discussion could come together as soon as next week, according to the report. A deal for Xilinx would raise AMD to a more even competitive footing with Intel (NASDAQ:INTC) and give it a bigger position in the growing telecom and defense markets.