Saudi Aramco Base Oil Co. (SASE:2223), d/b/a Luberef, said Sunday that Chairman Ibrahim Al-Buainain stepped down, effective May 21, due to personal reasons.
The Tadawul-listed base oil producer will appoint Yasser Mufti as chairman to complete the current board's term, which ends on Aug. 14, 2027, subject to the general assembly's approval. Mufti serves as the executive vice president of products and customers at Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco.
Costco Wholesale (COST) said Friday its gas stations set all-time fuel sales volume records during the fiscal Q3 as consumers sought lower-priced gasoline amid rising fuel costs."Nowhere has this been more apparent in the third quarter than our gas business," Chief Executive Ron Vachris said on the company's earnings call, reported by Fox Business News."The result was record-breaking volumes. All three four-week fiscal periods of the quarter set successive all-time company volume sales records, with the final five weeks of the quarter becoming our top five volume weeks ever."Vachris said higher fuel prices and supply disruptions linked to events in the Middle East drove demand, adding that many members used Costco gas stations for the first time during the quarter.
Devon Energy (DVN) received an $8 billion offer from Stone Ridge Asset Management for its Marcellus shale assets in Pennsylvania, Reuters reported Friday, citing four people familiar with the matter.Devon hasn't made any decision on the assets after merging earlier this month with Coterra Energy, the report said.Stone Ridge made the offer to initiate talks about a deal with Devon, the report said.Devon and Stone Ridge did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
The Standard & Poor's 500 index rose 1.4% this week, marking its ninth consecutive weekly increase and ending the trading month with a 5.15% climb to a record closing high.The S&P 500 ended the week at 7,580.06, its highest close ever. The index also posted a record intraday high on Friday at 7,599.38.The last time the S&P 500 had a weekly winning streak this long was in late 2023. It is now up 11% this year.Friday marked the final trading day of May, a month of consistent weekly gains that followed a 10% jump in April as investors' worries about the war in Iran waned. On Friday, hopes for a peace deal increased as President Donald Trump said on Truth Social that he was meeting in the Situation Room to make a final determination on a memorandum of understanding between the US and Iran.Economic data this week showed the US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, according to the second estimate by the Bureau of Economic Analysis. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, the report said, down from a 2% increase reported in the initial estimate.The advance this week wasn't broad; only four of the S&P 500's 11 sectors rose, led heavily by a 4.6% jump in the technology sector. The consumer discretionary rose 1.5%, materials added 1.2% and industrials edged up 0.8%.Dell Technologies (DELL) was the best performer in the technology sector, with its stock soaring 43% on the week as the company reported record fiscal first-quarter results that surpassed Wall Street's estimates amid a surge in demand for artificial intelligence-optimized servers. Dell also boosted its fiscal 2027 outlook.Super Micro Computer's (SMCI) stock also boosted the technology sector, with its stock surging 30% as the company said it is collaborating with Taiwanese authorities to prevent illicit diversion of its servers into the restricted Chinese market.AppLovin (APP) was also strong, with its stock jumping 27% as the company reported Q1 earnings per share and revenue above year-earlier results and analysts' mean estimates. AppLovin also forecast Q2 revenue above the Street view.In addition, NetApp (NTAP) shares climbed 25% as the company posted fiscal Q4 adjusted earnings per share and revenue above year-earlier results and analysts' expectations. NetApp also issued fiscal 2027 guidance above Street consensus views.Best Buy (BBY) led the week's gains in consumer discretionary, with its stock leaping 26%. The electronics retailer's fiscal first-quarter results came in stronger than expected and Chief Financial Officer Matt Bilunas said its comparable sales "have started strong in May, with month-to-date growth up high single digits." It has been years since Best Buy generated a high-single-digit increase in comparable sales even for a couple-week period, Truist Securities said in a note.On the downside, the energy sector fell 5.4% on the week, followed by a 3.2% drop in consumer staples, a 2.1% decline in utilities and a 1.4% slip in real estate. Financials, health care and communication services also edged lower.The energy sector's drop came as crude oil futures also fell on the week amid chatter about the US and Iran nearing a peace deal. Hardest-hit stocks included shares of ONEOK (OKE), down 11%, and Williams (WMB), down 9%.Next week, earnings reports are expected from companies including Palo Alto Networks (PANW), Broadcom (AVGO), CrowdStrike Holdings (CRWD) and Medtronic (MDT).In economic data, all eyes will be on the government's May employment report due Friday. Other reports expected next week include April construction spending and factory orders.