Renowned television host Jim Cramer is cheering a potential mega merger between energy giants Shell PLC (NYSE: SHEL) and BP PLC (NYSE: BP), seeing it as a catalyst for a broader surge in deal-making activity.
Tech stocks climbed to new highs early Wednesday, with the Nasdaq 100 briefly touching 22,329 points after the opening bell, surpassing its previous peak from February 19.
According a report by The Wall Street Journal, discussions between Shell and BP are progressing slowly and remain preliminary, with no guarantee of a deal.
Shell is in early talks to acquire its rival BP, sending BP shares soaring. The landmark deal could combine two energy supermajors, but faces significant regulatory hurdles globally.
While crude oil transport has not been affected directly, concerns remain that Iran could move to block the Strait of Hormuz, a crucial passage for oil tankers.
The Benzinga Stock Whisper Index looks at five stocks seeing increased attention from readers during the week and a look at what could be causing the increased interest.
Shell Nigeria Exploration acquired TotalEnergies' 12.5% interest in OML 118 PSC for $510 million, increasing its ownership to 67.5%. This will boost Shell's production and growth in its Upstream portfolio, with the Bonga North project expected to contribute to sustained liquids production. Completion of the deal is expected by the end of the year. SHEH and ABLD are ETFs that provide exposure to Shell.
These oil services companies act as the picks and shovels for the oil and gas markets and could be set to soar if the price of oil rises for whatever reason
Corporate buybacks surged in April, led by Apple, Alphabet, and Wells Fargo, signaling confidence and boosting stock prices. Tech and consumer companies also joining the buyback binge.
Chevron delivered mixed earnings that highlight the cyclical nature of its business, but the company's solid fundamentals suggest this is a buying opportunity
