Stock futures edged lower Monday after the
S&P 500
set another record high on Friday and closed above 5000 for the first time. The index, like the
Dow Jones Industrial Average
and the
Nasdaq Composite,
has risen 14 out of the last 15 weeks.
These stocks were poised to make moves Monday:
Diamondback Energy
could announce Monday it will be merging with Permian rival Endeavor Energy Resources in a deal that would create a an oil-and-gas giant worth more than $50 billion, The Wall Street Journal reported, citing people familiar with the matter. The stock-and-cash deal would value closely held
Endeavor
at around $25 billion, the people told the Journal, and Diamondback stockholders would own the majority of the combined company after the merger closes. Shares in Diamondback, which has a market value of around $27 billion, were rising 0.6% in premarket trading.
Microsoft
closed Friday with a market capitalization of $3.125 trillion, the highest for any company ever. The software company’s market value topped the previous record set by
Apple,
which reached $3.09 trillion in July 2023, according to Dow Jones Market Data.
Apple
ended Friday with a market cap of $2.916 trillion.
Microsoft
was down 0.2% in premarket trading, while Apple rose 0.3%.
Amazon.com
slipped 0.2% in premarket trading to $174.10. Shares in the e-commerce company rose 2.7% on Friday to finish at $174.45, the highest closing level since Dec. 9, 2021, according to Dow Jones Market Data. Separately,
Amazon.
com founder Jeff Bezos has sold $2 billion of the company’s stock, his first sale in more than two years, according to a disclosure late Friday. Bezos sold 12 million Amazon shares for $2.04 billion, an average price of $170.21 each, from Feb. 7 to Feb. 8.
Earnings reports are expected Monday from
Arista Networks,
up 3.2% in premarket trading;
Monday.com,
up 4.3%,
Cadence Design Systems,
up 1%; and
Waste Management,
up 0.6%. Others reporting Monday include
Lattice Semiconductor,
Avis Budget Group,
and
ZoomInfo Technologies.
Reports are expected later in the week from
Coca-Cola,
Shopify,
Airbnb,
Cisco Systems,
Occidental Petroleum,
Kraft Heinz,
Applied Materials,
Deere,
DoorDash,
Coinbase Global,
and
DraftKings.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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