Production Cuts Tighten Oil Market
Oil prices are near the 2015 highs ($65.83) because of healthy demand outlook and ongoing production cuts led by the Middle East-dominated OPEC and Russia which is the world’s single biggest oil producer. Brent crude is at $65.28 per barrel while U.S. West Texas Intermediate (WTI) crude futures were at $58.50 a barrel.
Brent has already risen by 47% since mid-2017. The market is tightening as OPEC and Russia are withholding production output to prop up oil prices. The move was agreed upon last January and is set to cover all of 2018.
Roche to Acquire U.S Biotech Ignyta
The San Diego-based Ignyta Inc. (RXDX) agreed to be acquired by Roche Holding AG for $1.7 billion. Investors of the U.S. biotech will get $27 a share in cash based on the joint announcement of the two last Friday. The price is 74% percent higher than RXDX’s closing price of $15.55 on December 21, 2017.
The Swiss company is the world’s biggest maker of cancer drugs. Roche has is focused on small deals like Ignyta to build out its portfolio. Roche sets the first half of 2018 as the completion date for the purchase.
After Christmas Sale Is On
Top U.S. retailers across the country are offering end-of-year deals. Shoppers can stock up on winter gear at Macy’s (M). The retail giant is reducing prices on designer coats and sweaters. Prices in the store’s beauty, electronics and toy departments have been slashed too.
Amazon.com Inc. (AMZN) has its own after Christmas sale so customers can buy extra post-holiday gifts. There are discounts in all departments which shoppers can take advantage of for the rest of the month. The discounts on electronics deals range from 10% to 70% off games, computers, sound systems, major appliances, cell phones, tablets, cameras and more.
Mega store Wal-Mart (WMT) isn’t expected to unveil its after-Christmas sales until Tuesday. But basing on its historical practice, they are likely to roll back prices on just about everything on its shelves. The retail giant already offered big savings and generous price cuts days before the holiday
The retail behemoth Target (TGT) usually offers sales a day after Christmas but this year, it has yet to reveal any major deals following the holiday. However, shoppers can browse their holiday shop to see the already chopped prices on holiday decor and goodies.
Even the clothing store Old Navy has joined the fray. Discounts of up to 74% are being offered on men and women's clothing, swimwear and pajamas.