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Devon Energy and Coterra Energy Fall on $58B Merger; Crypto-Linked Stocks Fall After Bitcoin Tumbles Over Weekend; Oracle Kicks Off US Dollar Bond Sale
Description
Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Devon Energy (DVN) shares fell and Coterra Energy dropped after the firms said they will merge in an all-stock transaction with a combined enterprise value of around $58 billion. Energy stocks are also trading lower on Monday amid a slump in oil prices.
- Cryptocurrency-linked stocks, like Coinbase (COIN,) fall in premarket trading after Bitcoin prices over the weekend slid to their lowest price since April.
- Oracle (ORCL) has kicked off a US dollar bond offering as the software giant looks to raise $45 billion to $50 billion through a combination of debt and equity sales to build additional cloud infrastructure capacity.The bond deal is expected to be about $20 billion to $25 billion, according to people with knowledge of the matter, who asked not to be identified because they’re not authorized to speak publicly.
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