Why ExxonMobil Stock Bounced as Much as 5% Today
Shares of U.S. energy giant ExxonMobil (NYSE: XOM) rose a touch over 5% at one point in morning trading on Thursday. Although it pulled back from that level in early afternoon action, the stock was still up by around 4% at 1 p.m. EDT today. There was no material company news, but the broader energy market and a mention in The Wall Street Journal provided some notable support to the shares.
The headlines over the last few days have been focused on Exxon potentially losing its throne as the largest U.S. energy company to peer Chevron and/or utility and renewable power giant NextEra Energy. To put some numbers on that, Exxon's market cap has declined from a peak of around $450 billion in 2014 to a recent level of around $147 billion. Although still quite large, that's pretty much neck and neck with Chevron and NextEra.
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Source Fool.com
