U.S. Stocks Plunge on Credit Concerns; Exxon, Homebuilders, Banks Retreat

(Bloomberg) -- U.S. stocks plunged the most in five
months after Exxon Mobil Corp. reported earnings that missed
analysts' estimates and higher financing costs threatened to
spur debt defaults and slow takeovers.

Exxon Mobil, the world's biggest company by market value,
posted its steepest decline in five years after it said
production decreased, while homebuilders D.R. Horton Inc. and
Beazer Homes USA Inc. retreated after reporting losses.
Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co.,
the largest U.S. banks, dragged a gauge of financial shares to a
10-month low.


Read more at Bloomberg Stocks News

Wall St tumbles on oil, housing, credit woes

(Reuters) - U.S. stocks tumbled on Thursday as a surge in oil prices, concern about the housing slump and a worsening climate for financing takeovers cut investors' appetite for risk in a global equities sell-off.

News of a disappointing quarterly profit from Exxon Mobil Corp. weighed on the energy sector and sent Exxon shares down more than 3 percent.


Read more at Reuters Africa

Exxon Mobil Profit Declines, Missing Estimates, as Oil Output, Prices Drop

(Bloomberg) -- Exxon Mobil Corp., the world's
biggest oil company, reported its first profit decline in more
than three years after oil prices fell and production dropped.

Second-quarter net income fell to $10.3 billion from $10.4
billion, the Irving, Texas-based company said today in a
statement. Per-share profit, which rose to $1.83 from $1.72 as
buybacks reduced the amount of stock outstanding, was 13 cents
below the average of 17 analyst estimates compiled by Bloomberg.


Read more at Bloomberg Energy News

ConocoPhillips cuts 07 production on Venezuela

(Reuters) - Venezuela's president, Hugo Chavez, pushed the company and
Exxon Mobil Corp. out of their oil operations there
after they failed to strike deals to stay in huge projects that
the country wanted to take over.




Speaking on a company conference call, ConocoPhillips Chief
Executive Jim Mulva also said its capital spending could be as
high as $15 billion in 2008, partly due to higher costs.



Read more at Reuters.com Market News

Oil Rises to $75 in New York on Expectations Refineries to Use More Crude

(Bloomberg) -- Crude oil rose above $75 a barrel in
New York for the first time in more than 11 months on
expectations that U.S. demand will rise as refiners bolster
gasoline production.

Valero Corp., Exxon Mobil Corp. and BP Plc, three of the
four biggest U.S. refiners, started up units over the past week.
A government report tomorrow may show that U.S. oil supplies
fell last week as refineries increased production. Iran, OPEC's
second-biggest producer, said there was no need for the group to
hold an emergency meeting.


Read more at Bloomberg Commodities News

GLOBAL MARKETS-U.S. stocks bounce up, dollar and bonds slip

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on
Wednesday, helped by gains in energy shares, while the dollar
dropped on continued U.S. subprime mortgage fears and bonds
fell out of favor.




Data showing falling supplies of crude in the United States
boosted shares of Exxon Mobil Corp. 0.3 percent to
$86.77.


Read more at Reuters.com Bonds News

Exxon, OMV to Lead Exploration Efforts in New Zealand's Great South Basin

(Bloomberg) -- Exxon Mobil Corp., the world's
biggest oil company, and OMV AG, have been cleared to lead two
major exploration efforts off the southern coast of New Zealand.

Exxon is working with Todd Energy Ltd., the biggest New
Zealand-based oil company, Associate Energy Minister Harry
Duynhoven said today. OMV is leading a group including PTTEP
Exploration & Production Pcl and Mitsui & Co, he told journalists
at a press conference in Invercargill.


Read more at Bloomberg Energy News

U.S. Stocks Advance on Takeovers; CBOT Holdings, Exxon Mobil Shares Rise

(Bloomberg) -- U.S. stocks climbed and the Standard
& Poor's 500 Index posted its biggest weekly advance since
April, helped by takeovers and improved earnings prospects for
energy companies.

CBOT Holdings Inc., owner of the third-largest futures
exchange, climbed to a record after the Chicago Mercantile
Exchange raised its acquisition offer. Exxon Mobil Corp., the
world's biggest oil company, led energy producers to a peak
after crude oil jumped to a 10-month high.


Read more at Bloomberg Stocks News

U.S. Stocks Rally, S&P 500 Rises Most in Eight Weeks; GM, Alcoa Pace Gains

(Bloomberg) -- U.S. stocks rallied and the
Standard and Poor's 500 Index posted its best weekly gain
since April after bond yields fell from a five-year high
and the Federal Reserve said the economy is growing without
fueling inflation.

General Motors Corp., Alcoa Inc. and Intel Corp.
helped push the S&P 500 and Dow Jones Industrial Average to
within 0.5 percent of records. Exxon Mobil Corp., the
world's largest oil company, led energy shares to the best
gain among 10 industry groups in the S&P 500 as crude
prices climbed to the highest since September.


Read more at Bloomberg Stocks News

Oil sector, moderate inflation boost US stock indexes

(Reuters) - U.S. stocks rose on Thursday as a 2 percent gain in oil prices boosted shares of Exxon Mobil Corp. and other energy companies while data showing moderate inflation lifted optimism about the economy.

Exxon's stock led the major advancers in the S&P 500 as crude rose on gasoline supply concerns.


Read more at Reuters Africa