Marathon Oil (MRO), which is the U.S.'s 4th largest energy company has agreed to buy Canadian company, Western Oil Sands (WTO) for 5.8 B. Confirmation that foreign companies are interested in these long life, capital intensive reserves is sending shares of anything to do with the oil sands higher today.
Canadian Oil Sands Trust (COS.UN) is up 3.3%
Suncor (SU) is up 3.3%
Petro Canada (PCA) is up 3.3%
Encana is up 2.2%
Johnson and Johnson (JNJ) has announced it will be cutting it's global workforce by 3 - 4%. That represents about 4,000 jobs. This move is expected to save the company around 1.5 B for 2008. The stock is up about 2% on the news.
Sun Life Financial (SLF) reported a quarterly earnings increase of 15%, topping analyst estimates. More mutual funds and life insurance policies were sold in Canada as well as the U.S., and less people died.
Sun Life also increased their dividend 6% from $0.32 to $0.34. Sun Life has increased their dividend by a compounded rate of 19% over the past 6 years.