Here are the three biggest stories making headlines this week.
Blowout earnings
Both Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) and Facebook (NYSE:FB) reported solid earnings this week, which sent both stocks up nicely. Alphabet shares surged up as much as 5% in Friday trading after it beat earnings expectations across the board.
Facebook initially rallied some 4% on its earnings beat, but gave back back much of that ground. Still, shares of the world’s largest social network were poised to end the week more than 3% higher.
Yahoo/Verizon made it official
After weeks of speculation, Yahoo! (NASDAQ:YHOO) and Verizon (NYSE:VZ) finally agreed on a deal for Yahoo’s core web properties. Verizon will pay $4.83 billion for its latest prize.
Verizon plans to use Yahoo and AOL-- it acquired the latter last year-- as a platform to expand its online marketing business, as well as a place to promote its latest wireless offerings.
Oil
Crude oil continued its steady march downwards, approaching $40 per barrel. A month ago, crude was above $50 per barrel.
Exxon Mobil (NYSE:XOM) has been one of the casualties of this recent bear market. This week, the company released earnings that disappointed the market. Net income fell to $1.7 billion for its most recent quarter, compared to $4.2 billion in the same quarter last year. Analysts expected earnings closer to $2 billion per share.
Results weighed on shares of the world’s largest energy producer, which fell 5.7% on the week.
