Wall Street Breakfast Podcast: FTC Reportedly Set To Approve Exxon-Pioneer Deal

seekingalpha05-02

Exxon Mobil's $60 billion purchase of Pioneer Natural Resources is reportedly set to be approved by the Federal Trade Commission, with concessions.Carvana's stock soars after reporting its best-ever ...

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JHVEPhoto Listen below or on the go on Apple Podcasts and Spotify \n\n\n\n\n\n\n\n\nExxon (XOM) set to win FTC OK for Pioneer (PXD) deal, but without Sheffield on board - report. (00:24) Carvana (CVNA) shorts to be potentially put to the test as stock soars after hours on Q1 results. (01:15) Google (GOOG) (GOOGL) to lay off hundreds in 'Core teams,' move some jobs to India, Mexico: report. (02:07) This is an abridged transcript of the podcast. Reports say the Federal Trade Commission is poised to approve Exxon Mobil's (NYSE:XOM) $60B purchase of Pioneer Natural Resources (PXD). Bloomberg reported Wednesday that the companies agreed to minor concessions and an announcement is likely within days. But according to Politico, the FTC is set to greenlight the deal but on the condition that Pioneer (PXD) founder and former CEO Scott Sheffield not serve as planned on Exxon’s (XOM) board. Pioneer (PXD) and other Permian Basin producers have faced allegations in a class action lawsuit of collusion with OPEC to limit oil supplies, and Sheffield - while not a defendant - has factored prominently in the complaint, Politico reports. Exxon (XOM) agreed in October to buy Pioneer (PXD) in an all-stock deal valued at $59.5B. Carvana (NYSE:CVNA) is up 34% after the company delivered what it called its \"best results in company history.\" Carvana (CVNA) swung to a net income of $49M in Q1 from a loss of $286M a year ago. Meanwhile, its revenue jumped 17.2% Y/Y to $3.06B, beating the consensus estimate by nearly $400M. \"In Q1, we achieved a net income margin of 1.6% and a company-record Adjusted EBITDA margin of 7.7%. By the latter measure, for the first time, we became the most profitable public automotive retailer in the U.S.,\" CVNA top boss Ernie Garcia III and finance chief Mark Jenkins said in a letter to shareholders. The company said it sold retail units totaling 91,878 in Q1, a Y/Y climb of 16% and a sequential increase of 21%. The growth was driven in part by efforts to convert more customers by providing more customer care services and faster logistics. Turning to Carvana's (CVNA) guidance for Q2, the used car seller sees a sequential increase in its Y/Y growth rate in retail units and a sequential increase in adjusted EBITDA. Google (NASDAQ:GOOG) (NASDAQ:GOOGL) has laid off at least 200 employees in its \"Core\" teams and will undergo a reorganization that results in some jobs moving to India and Mexico, CNBC reported. The \"Core\" unit is responsible for the technical work behind Google's flagship products and protecting online safety, the news outlet added. At least 50 engineering positions in Google's Sunnyvale, Calif. location were eliminated. Corresponding roles will be hired in India and Mexico, CNBC added, citing internal documents. Google did not immediately respond to a request for comment from Seeking Alpha. Google has made several rounds of layoffs since the start of the year. Other articles on Seeking Alpha: 'Sell in May and go away': Does it apply in 2024? These are the 10 biggest ETFs focused on Artificial Intelligence Novo Nordisk lifts guidance as Ozempic, Wegovy sales surge; but stock falls 3% Bitcoin starts May with a downward spiral, sliding to below $60K mark Catalyst watch:  MongoDB (MDB) will host an investor session at MongoDB.local in New York City. Keynote presentations are scheduled from CEO Dev Ittycheria and Chief Product Officer Sahir Azam. Apple (AAPL) will hold its earnings conference call at 5pm today. Key suppliers that have a high trading correlation with Apple following the company's earnings report include Amkor Technology (AMKR), Qualcomm (QCOM), and Skyworks (SWKS).  U.S. stocks on Wednesday came well off their session highs to eventually end mixed. Wall Street's three major averages surged after Powell started his conference, at one point gaining more than 1% each. However, that momentum failed to prop up the indexes till the end of the trading session. The Nasdaq (COMP:IND) settled 0.33% lower. The S&P 500 (SP500) slipped 0.35%. The Dow (DJI) eked out gains of 0.23%. Of the 11 S&P sectors, six ended in the red. Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 0.8% at less than $80 per barrel. Bitcoin is down 0.05% at more than $57,000. In the world markets, the FTSE 100 is up 0.4% and the DAX is up 0.1%. The market in China is closed for a holiday. The biggest movers for the day premarket: XPeng (NYSE:XPEV) is up 7% after delivering 9,393 Smart EVs in April, representing a 33% increase Y/Y, up 4% M/M. On today’s economic calendar:  8:30 Productivity and Costs 10:00 Factory Orders  And finally on this day in history: It is the five-year anniversary of the Beyond Meat (BYND) IPO. The IPO was priced at $25 per share. And less than two months later on July 26, 2019 BYND surged to $234.90. Beyond Meat (BYND) closed Wednesday at $6.79.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432673978"}