Friday led to several companies on the S&P 500 slumping. Three companies suffered losses of over 5% on Friday, including:
1. Devon Energy Corp (DVN)
Devon Energy struggled at the end of the week last week, falling over 2% on Thursday and an additional 5% on Friday. Crude oil prices slumped on the day, which caused the company’s stock to slump, too.
OPEC met in Algeria on Monday to discuss ways to help stabilize the market.
Signs of Saudi Arabia and Iran struggling to come to an agreement to freeze production last week further complicated matter. OPEC will be meeting ahead of the International Energy Forum. The countries will be meeting through Wednesday.
Analysts give a 50/50 chance of an OPEC deal materializing.
Devon stock will be heavily reliant on OPEC’s meetings this week.
2. Salesforce.com Inc. (CRM)
Salesforce is struggling due to rumors that the company may buy struggling social media giant Twitter (TWTR). The sale would come at a low price, but investors are concerned that it would take a massive effort to integrate the two companies.
Reports of the two companies in early talks of an acquisition have caused the company’s stock to slump.
Twitter will be selling at a lower rate, as the company struggles to maintain its user base and continue on a path of growth.
The company tried to purchase LinkedIn (LNKD) in a failed bid, making the purchase of Twitter a real possibility.
3. Transocean Inc. (RIG)
Transocean stock tumbled on Friday after rallying on Thursday. The company is another victim of oil prices. The company’s stock gained on Thursday on higher oil prices and fell on Friday because of crude oil prices slipping.
The company’s stock was upgraded on Friday to “neutral” by Credit Suisse, which is a bright spot.
OPEC’s meeting today has caused the stock to rally 3.46% in early morning trade on Monday.
