Wall Street closes lower

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Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 29 May 2024

⏱️ 1 minutes

🔗️ Recording | iTunes | RSS

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Summary

Oil merger mania continues; American Airlines sees a dismal summer; Pee-Wee’s house is for sale.

Transcript

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0:00.0	I'm Roya Carr with the Marketplace Minute, not a great day on Wall Street, the Dow Jones Industrial
0:06.9	average fell just over 1%, the S&P 500 slipped 3 quarters percent, and the NASDAQ gave up just shy of six-tenths percent.
0:15.2	More mergers in the oil business yesterday it was Chevron buying hest.
0:19.2	Today, Conoco Phillips has agreed to buy marathon oil for just over 17 billion dollars in stock.
0:24.7	ExxonMobil, diamondback energy, and Occidental Petroleum have been cutting
0:28.9	acquisition deals lately too. The merger mania is mostly about acquiring drilling rights in the Permian Basin of West Texas.
0:36.0	American Airlines revised its forecast for the second quarter.
0:39.0	It now expects lower sales and profits.
0:42.0	The airline says revenues will likely be down 5 to 6 percent.
0:45.5	United Airlines yesterday stood by its more optimistic forecast.
0:49.9	And the LA home of the late actor Paul Rubens, aka Pee Wee Herman's, for sale, according to the Wall Street Journal.
0:56.4	The asking price is just shy of $5 million.
0:59.6	Rubens bought it for $450,000.
1:02.8	I'm Neu Car with the Marketplace Minute.

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