Market Minute: ExxonMobil Sued Over Arkansas Pipeline Spill

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Exxon Mobile
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The Dow Industrials edged slightly lower last week, while the S&P 500 lost one percent and the Nasdaq dropped two.

Two Arkansas residents have filed a lawsuit against ExxonMobil (XOM). They're seeking $5 million in damages, claiming a pipeline spill has caused a permanent drop in their property values.

General Electric (GE) is expanding its oilfield services business, agreeing to buy Lufkin Industries for $3.3 billion. Lufkin makes equipment used in oil and gas production.

Anheuser-Busch (BUD) says the Justice Department has accepted the company's revised concessions, and will no longer block the company's effort to acquire Mexican beer maker Modelo. The deal is valued at more than $20 billion. As part of the accord with antitrust regulators, Anhueser-Busch will sell more of Modelo's assets to Constellation Brands.

UPS (UPS) plans to appeal a ruling by European regulators, who are blocking the company's planned acquisition of Dutch rival TNT Express. That deal is valued at $6.7 billion.

You've probably never heard of CPI Corp. (CPI), but you've no doubt seen its work. For years the company provided the portraits sold at Sears (SHLD), Wal-Mart (WMT) and Babbies 'R' Us. But CPI abruptly closed it business on Friday. It had been a mainstay at Sears since 1959.

Earnings season begins after the market closes this afternoon. As usual, Alcoa (AA) will be the first major company to report. Analysts expect both sales and earnings to edge lower compared to a year ago because of slumping aluminum prices. Overall, Thomson Reuters expects corporate earnings to increase by only 1.5 percent for the quarter, while other analysts say that may be too optimistic.

And J.C. Penney (JCP) and Macy's (M) are back in court today in their fight over the right to sell Martha Stewart's line of home goods. The court battle was suspended for a month to allow for mediation, but that has not produced a settlement.

–Produced by Drew Trachtenberg


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Claudia Anderson

Exxon Mobil makes $140 million A day. They pay no taxes and they continue to receive government subsidies. They are using a loophole in the federal law governing their cleanup. They totally refused to do so. Like GE, Exxon Mobil does not care about the environment Or health issues that there carelessness causes. It is all about their profit margin. For reminder, just rewatch the movie Erin Brockovich. It is 10 times worse today than it was when that issue was in the forefront. Greed rules in large corporations and in government and neither one cares what happens to us. The corporations and the Congress appear to work hand-in-hand because money buys most everything. The matter how much they make, they want more. If everyone would blackball Exxon Mobil and their subsidiaries, that would get them in the pocketbook and perhaps they might get the message. Insofar as the laws getting them on track, that is never going to happen.

April 08 2013 at 10:25 AM Report abuse rate up rate down Reply
pmrspnj2

more about the arkansas spill and it's aftermath please.
there is no way to make the homes and soil safe for occupancy without illness or death from the carcinogens in the spill oil.
no ground water will be safe either. children playing are subject to poisoning from the fumes and residue.
exxon's "small spill" has made parts of this town uninhabitable and the rest unsellble.
THIS IS ANOTHER TIMES BEACH TO BE ABANDONED FOR TOXIC SPILL S.
EXXON CLAIMS IT CAN CLEAN UP THE MESS AND RESTORE IT TO AS NEW.
THEY CLAIMED THAT ABOUT PRINCE WILLIAM SOUND IN ALASKA, BUT THE FISHING(THE LIFEBLOOD OF THE COMMUNITY) HAS NOT RETURNED TO ANYWHERE NEAR ITS PRESPILL LEVELS
here at least the town can be used for something.
IT WOULD MAKE A DANDY BURIAL GROUND FOR THE DEAD, WHO CANNOT BE POISONED.

April 08 2013 at 9:54 AM Report abuse rate up rate down Reply