Dow ends almost 300 points lower, stocks fall for third straight day
U.S. stocks closed lower on Thursday, with the selloff in equities...
U.S. stocks closed lower on Thursday, with the selloff in equities gathering steam in late-day trade, as government bond yields touched their highest level in about 16 years. The Dow Jones Industrial AverageDJIA shed about 291 points,or 0.8%, ending near 34,473, while the S&P 500 index SPX closed 0.8% lowerand the Nasdaq Composite IndexCOMPfell 1.2%, according to preliminary FactSet Data. Equities were lower across the board, with only the S&P 500’s energy sector scoring gains on Thursday of 1.1%. Bond yields were once again a big driver in the market. Higher long-term Treasury rates make borrowing costs more expensive for households, the government and corporations, which can pinch earnings, economic growth, and the stock market. Federal Reserve minutes of the July policy meeting showed central banks remain concerned about containing inflation, which could lead to additional rate increases.
Key US Natural Gas Exporter Faces Lawsuits Over Employee Stock Options
(Bloomberg) -- US natural gas exporter Venture Global LNG Inc. is facing lawsuits from former employees...
(Bloomberg) -- US natural gas exporter Venture Global LNG Inc. is facing lawsuits from former employees who say the company blocked them from exercising their stock options.
The plaintiffs say Venture Global’s compensation committee has refused to let them cash in their 10-year options before they expire next year and hasn’t provided a reason for the denials.
Both complaints were filed in early July in US District Court for the Eastern District of Virginia. Muller is seeking $8.3 million in damages, while the three other parties are suing for $77.4 million total. Closely held Venture Global is valued at more than $15 billion, with co-founders Robert Pender and Michael Sabel together owning a stake of about $12 billion, according to the suit by Ruggirello, Dillbeck and Lindquist.
Oil is poised to rally beyond $90 per barrel by the end of the...
Oil is poised to rally beyond $90 per barrel by the end of the year amid record demand and tightening supply, according to UBS strategists.
"We still see scope for global oil prices to rally,” said a recent UBS note to investors. “We now expect Brent to hit USD 95/bbl and the US WTI benchmark to rise to USD 91/bbl by end-December, up from the current USD 90/bbl and USD 85/bbl, respectively."
Brent International (BZ=F) prices stand just below $85 per barrel, about 3% off year-to-date highs reached earlier in August. West Texas Intermediate (CL=F) is hovering above $80 per barrel.
Ring Energy Closes Permian Basin Assets Acquisition
Ring Energy Inc. has completed its previously...
Ring Energy Inc. has completed its previously announced Central Basin Platform acquisition of Founders Oil & Gas IV LLCassets for about $75 million in cash, according to an Aug. 16 news release.
The deal—which was announced in July—adds Founders’ operations in the Permian Basin’s Ector County, Texas, and is focused on the development of approximately 3,600 net acres. Ring said the assets are similar to Ring's CBP assets acquired in 2022 from Stronghold Energy Operating II LLC.
Feds OK EQT Corp.’s $5.2B Tug Hill Deal, Clearing Way for Close
EQT Corp.’s $5.2 billion acquisition of ...
EQT Corp.’s $5.2 billion acquisition of Tug Hill Inc.—long delayed due to regulatory scrutiny—has finally received approval to proceed.
The U.S. Federal Trade Commission resolved its review of EQT’s agreement to acquire Tug Hill’s upstream assets and XcL Midstream’s gathering and processing assets in the Appalachia region, EQT announced in an Aug. 16 news release.
EQT said it anticipates closing the deal within the next seven business days.
