Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Wednesday, October 11th, and I'm your your host Kim Com. Our top story so far.

ExxonMobil agreed to acquire pioneer natural resources for 59.5 billion dollars in stock.

Exxon is paying $253 a share based on this closing price on October 5th.

The offer represents an 18% premium to Pioneer's closing price on October 5th and a 9% premium

to its prior 30-day volume-weighted average price.

Under the terms of the deal, pioneer shareholders receive 2.234 Exxon shares for each pioneer share.

The implied total enterprise value of the transaction,

including net debt, is about $64.5 billion. Exxon said its premium

its premium-based in production volume would more than double to 1.3 million barrels of oil equivalent

per day as a result of the deal, which it expects will increase to about 2 million in 2027.

The company expects a cost of supply of less than $35 per barrel from Pioneer's assets.

In today's trading, stocks are up slightly as bulls go for a fourth straight session higher,

but the major index is up less than half a percent.

Rates are lower.

I.N.G. declared that the Bayer bond bubble has burst, with little appetite to push the

10-year Treasury yield back close to 5 percent Today the 10-year is below 4.6%, but well-off

loads following a hotter than expected September producer price index report. The

PPI rate of increase slowed from the prior month but was still topping expectations.

September PPI rose half a percent compared with the 0.3 percent consensus and 0.7 percent prior. On a year-over-year basis, the index picked up steam, rising 2.2%,

the largest increase since April. That measure compared with 1.7% expected and 2%

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