Wall Street began the day with the stock indices slightly up. The Dow Jones of large companies was up 0.05 percent, the Nasdaq, which focuses on technology, was up 0.11 percent and the broad S&P 500 was up 0.03 percent at the half-hour mark.
In news from the energy sector, Diamondback Energy announced it would acquire its competitor Endeavor Energy Resources for $26 billion in cash and stock. This move caused Diamondback’s share to rise more than seven percent, making them the largest operator in the traditional Texas oil production area of the Permian Basin. The acquisition is part of an industry trend of consolidation as companies seek to acquire drilling areas and cut costs. Similar acquisitions by other companies such as Exxon Mobil and Chevron Corporation have also been reported recently.
On Wall Street, earnings season continues with Coca Cola set to announce its October-January results and last year’s financial statements tomorrow. Additionally, inflation figures for January in the United States will be published tomorrow.