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MarketWatch MarketPulseApr 22, 2019
Energy stocks broadly higher as crude oil prices surges, Halliburton beats Q1 expectations
Shares of energy companies were broadly higher Monday, as crude oil prices jumped toward a 5 1/2-month high on supply concerns after reports that the U.S. will announce the end of waivers for countries to import Iranian oil. Also giving the sector a boost was better-than-expected first-quarter results from oil services company Halliburton Co. before the open. The SPDR Energy Select Sector ETF rose 0.8%, with 27 of its 30 equity components gaining ground, led by the 1.8% rally in Marathon Oil Corp.'s stock . Halliburton shares gained 0.1%. Among other more active energy ETF (XLE) components, shares of Kinder Morgan Inc. advanced 1.3%, Exxon Mobil Corp. rose 1.4% and Chevron Corp. tacked on 0.7%. Among the few losers, Schlumberger Ltd.'s stock gave up 0.3% and Anadarko Petroleum Corp. shares slipped 0.3%. The XLE has rallied 18.2% year to date while the S&P 500 has gained 15.8%.

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MarketWatch MarketPulseApr 22, 2019
Stock market slumps to open Monday trade as tech-share slide more than offsets oil rally
U.S. stocks fell Monday morning ahead of a big week for corporate quarterly results from internet-related stocks, and as oil prices shot higher as the U.S. said it would end waivers for countries importing Iranian crude. The Dow Jones Industrial Average fell 87 points, or 0.3%, at 26,468, the S&P 500 index declined 0.3% at 2,897, and the Nasdaq Composite Index gave up 0.4% at 7,661. All three benchmarks had been near all-time closing highs. The markets are likely to face subdued action as most major indexes were closed at the end of last week in observance of Good Friday and as many European markets are closed in observance of Easter Monday. Meanwhile, the U.S. said it was ending waivers for countries to import Iranian oil, part of the Trump administration's effort to drive Iran's exports to zero, the White House said Monday. The announcement lifted crude prices sharply higher, with West Texas Intermediate crude trading on the New York Mercantile Exchange gaining 2.3% at $65.57 a barrel. The energy sector , meanwhile, was up 1.1%. On the data front, a report on existing home sales for March was due at 10 a.m. Eastern Time. Looking ahead, earnings from Inc. , Twitter Inc. , Facebook Inc. and Microsoft Corp. are expected over the next several sessions.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

MarketWatch MarketPulseApr 22, 2019
Canopy upgraded to buy at GMP after clinching Acreage deal
Canopy Growth Corp. was upgraded to buy from hold on Monday by analyst Martin Landry at GMP, after the company last week bought the rights to acquire U.S. multi-state operator Acreage Holdings Inc. as soon as cannabis is legalized in the U.S. "This transaction should boost Acreage's ability to consolidate the US market," Landry wrote in a note to clients. "Hence, when Canopy officially takes ownership of Acreage, it could be much larger than currently." The deal gives Canopy a foothold in the U.S. market, which is estimated at about $10 billion, or 10 times larger than Canada, which fully legalized cannabis last October. Acreage is already in 20 states with 87 dispensaries and 22 cultivation and processing sites. Canopy is paying $3.4 billion, equal to a valuation multiple of 21.5 times consensus EBITDA for 2020. "In our view, this takeout multiple is low given the strategic nature of the acquisition and the potential for continued strong growth as 2021 consensus estimates forecast Acreage's EBITDA to double over 2020," Landry wrote. "Furthermore, valuations of MSOs are likely to be higher upon legalization." The analyst raised his stock price target by $7 to $72, or about 21% above its current trading level. U.S.-listed shares rose 1.8% in premarket trade and have gained 89.3% in the last 12 months, while the S&P 500 has gained 8.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

MarketWatchApr 22, 2019
Metals Stocks: Gold moves up from low of the year, tracking higher oil and weaker stocks
Gold prices pushed up from the four-month low reached in recent sessions, in part as oil gains lifted the specter of inflation risk, against which gold can act as a hedge, and as stock futures pointed to a lower start for riskier assets.
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