BP went big on US shale last year, buying major oil assets from mining firm
BHP (BBL) for $10.5 billion. The investment paid off: profits in 2018 more than doubled over the previous year to $12.7 billion.
BP also said its oil and gas output soared to 3.7 million barrels a day, an 8.2% increase from 2017.
The US shale boom is lifting the oil and gas sector.
Shell (RYDBF) and
Exxon Mobil (XOM) also topped analyst expectations in recent weeks.
2. Media earnings: Disney (DIS) is set to report earnings after the closing bell. Analysts expect the entertainment giant to reveal a small decline in revenues for the first quarter of its fiscal year.
This will be a big year for Disney. It’s on track to complete its purchase of most of Fox before June, and the company is also getting ready for the launch of its new streaming service, Disney+.
21st Century Fox (FOX) will report earnings on Wednesday.
3. Google results: Alphabet, (GOOGL) the parent company of Google, reported $39.3 billion in revenue for the final three months of 2018, an increase of 22% from the same period a year earlier.
The growth was fueled in large part by Google’s advertising business. But the company also said it is now paying more to support its advertising business.
Alphabet said its traffic and acquisition cost — the money it pays to companies to run its ads and services — was $7.4 billion during the quarter, up from $6.5 billion a year ago. Its operating margin declined to 21%.
4. Global market overview: US stock futures were pointing higher.
European markets opened with gains.
Asia had a quiet day with markets in mainland China, Hong Kong and South Korea closed for holidays. Stocks in India and Japan traded higher.
The Dow Jones industrial average and the
S&P 500 closed 0.7% higher on Monday. The
Nasdaq jumped 1.2%.
5. Companies and earnings: Estee Lauder (EL),
Ralph Lauren (RL) and
Viacom (VIAB) will release earnings before the open.
Electronic Arts (EA),
Plantronics (PLT) and
Snap (SNAP) will follow after the close.
Slack said Monday that it has filed confidential paperwork to go public. The company has so far raised about $1.2 billion from investors including
SoftBank (SFTBF) and Accel. In August, Slack was valued at $7.1 billion.
Media reports suggest that
Anheuser-Busch InBev (BUD) is considering an IPO for its Asia business. According to the Wall Street Journal, the listing could happen in Hong Kong.
The company said in a statement that it is “committed to our businesses in the Asia Pacific region and excited about the potential in this geography.”
6. Coming this week:Tuesday — US State of the Union address; Disney,
Snap (SNAP) and
Electronic Arts (EA) earnings
Wednesday — GM (GM),
Chipotle (CMG),
Toyota (TM),
Humana (HUM),
Eli Lilly (LLY), The New York Times and
Spotify (SPOT) earnings; the Cayman Alternative Investment Summit begins
Thursday — Twitter (TWTR),
Yum! Brands (YUM),
Kellogg (K),
Philip Morris International (PM),
MetLife (MET),
Mattel (MAT),
T-Mobile (TMUS),
News Corp (NWS) and
Dunkin Brands (DNKN) earnings
Friday — Hasbro (HAS),
Phillips 66 (PSX) earnings
Source : CNN
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