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The Stock Movers report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.
But let's take a look at some of the stocks on the move that we can do that with Bloomberg's John Tucker, John, what are you look at today?
Well, you know in the shell patch US drilling, all the good sites have been taken are dried up, so consolidates. There you go, Devin Energy agreeing to acquire rival share driller Coterra Energy. The price tag here at twenty one point four billion dollars, looks like this is going to be an all stock transaction. It's actually one of the largest oilin natural gas deals in years. Sokterra stockholders will receive point seven Devon shares for each year they own.
The company's going to keep the Devn name and the CEO there, Clay Gasper, He's going to be the big boss after the deal closes. We actually first reported the talks earlier this year, and the deal expected to close in the second quarter. It will generate the expectation at least it's going to generate a billion dollars in pre tax savings, a combination with strengthen their positions in the
Permian basin of West Texas and New Mexico. So they're going to be able to deal a little better with Exon and their other rival did well.
The first thing I do is, you know who's getting paid here Evercore serving as financial advisor, Scadden legal advisor to Devin, So those are good paid. Goldman Sachs, JP Morgan representing Coe Terra also doing a fairness opinion.
Devin's down about and I'm surprise to find that.
No comments so far from Billy, Bob and land Man.
You watched Landman, Sure you know, I just because of you. I just started. Don't get me started, I just started it. So yeah, I'm enjoying Billy Bob Thornton. All right, we digress, Go ahead, John Tuck.
We move on to the world of crypto and the exchanges. The latest downturn for crypt I mean Bitcoin is up just a bit this morning. No spectacular scandals, no bankrupt exchange, no regulatory crackdown yet for the biggest trading platforms. The
damage is starting to look a little familiar. Bitcoin again, down more than thirty five percent since the October crash for exchanges, though, like Coinbase, the hit has been a lot steeper trading volumes, which of course is the core of their business that is plunging, dragging share prices down forty and fifty five percent over the past three months. Analysts are also slashing their expectations. Coinbase hasn't commented so far.
The pressure point is simple. More crypto exchanges generate the biggest chunk of their revenue from the transaction fees, the trading access.
Say, look, new legislation's coming down the pike this year. At least you have to regulation right coming down the pike for this industry. So it's going to be I would think it's going to be a volatile time.
Yeah, no, absolutely. Let's move on to also one of the most active, the most active it was in the pre market, Oracle kicking off a US dollar and bond offering. The software giant trying to raise forty five to fifty billion dollars through a combination of debt and equity sales to build, Yes, spend more.
On NAI data center.
They're going to raise the debt and a single issuance of bonds. This will cover half of the plan. Funding for the year doesn't extend to issue additional notes beyond that in twenty twenty six. The rest will be raised through a combination of equity linked and comedy equity.
So I have to ask if the stock is up better than four and a half percent, guys, So is this because investors feel good about the fact that they're going outside of.
Money to do this? Anog Rogin says, it's more because we got initially the shares were down, and then we got more clarity on exactly how this is going to be structured.
Okay, because I mean the stock market's been punishing companies that are that are spending big on AI CAPAX.
So initially you got you got rewarded for it. Now there's definitely some questions, but I think what the market saying is now I got a little bit of clarity on how this whole thing's all right, I'll buy it.
I'll buy it all right. I'll wrap up real quick with the Musk in advanced talks to combine SpaceX with x A I so kind of consolidating the Musk Empire. So his vision for artificial intelligence has grown too costly for any one of the single entity.
But I guess it makes sense to do this with x Ai then Tesla.
Also, I mean there's some talk it could also happen with with Tesla, and that's why the shares were lower, all.
Right there, Okay, just putting it all together. Every whatever Elon wants to do, I think a lot of his investors will just follow right along with them.
This stock mover's report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.