That’s how much Exxon Mobil ($XOM) pledges to invest in U.S. energy. The world’s biggest oil company will spend that amount on refineries, plants, and oil-related projects around the Gulf of Mexico. Since this will create new jobs, it was met with enthusiasm by President Trump on Twitter, and Exxon Mobile investors, too. At the same time, however, it has environmentalists worried because of the continued toll it will take on the ecosystem.
Trouble for Neiman Marcus?
Neiman Marcus, the department store, has $5 billion in debt. To get out of that debt, the company allegedly hired Lazard Ltd. to explore restructuring options. This could (and likely will) result in layoffs, store closings, and other measures to keep the company afloat in a terrible retail market. After all, if you could buy comparable products for less without leaving your home on, say, Amazon, why would you go to a department store?
A Good Day for Michaels?
Michaels ($MIK), the craft chain, is up over 4% this morning on the market thanks to a great earnings call. The company’s fourth-quarter sales and earnings beat analysts’ expectations. This is good news after the stock recently kept declining since last summer.