The stock market took a hit on Tuesday, although losses for major market averages were limited to less than 1%. The Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) all came under pressure, with worries about retail sales and the state of the consumer economy weighing on market sentiment.
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Data source: Yahoo! Finance.
Pioneer Natural Resources Company (PXD Quick QuotePXD ) recently agreed to divest some assets in Texas to Laredo Petroleum, Inc. (LPI Quick QuoteLPI ) . The deal is likely to fetch the upstream company $230 million.
The deal included around 20,000 net acres located in western Glasscock County and is expected to close in the next month. The divested acres currently produce around 4,400 barrels of oil equivalent per day, of which 59% is crude oil. Pioneer Natural will receive $160 million in cash and 959,691 Laredo common shares from the divestment.
While the deal is expected....More>>>