The rapidly diminishing chances of a new fiscal stimulus package ahead of the election have not been completely extinguished yet. Speaker Nancy Pelosi said Democrats would unveil a new "proffer" shortly, adding that she would prefer the House majority to pass an actual deal than simply vote on a package that would be dead on arrival in the Senate. While there were some talks between Pelosi and Treasury Secretary Steven Mnuchin on Friday, the continuing deep divides on the size of any package and the very short timeline to the election means lawmakers remain skeptical a breakthrough is possible. (Bloomberg)
Devon Energy is in talks to acquire WPX Energy in an all-stock deal that could be completed as soon as this week. The proposed merger would create an entity with a combined current market value of ~$6B; Devon itself was worth more than $50B at its peak value in 2008. Both companies have substantial operations in the Delaware portion of the Permian Basin. Shares of WPX are up 14.8% this morning on the news. (SA)
The original design for Nikola’s flagship truck was purchased by founder Trevor Milton from a designer in Croatia despite company claims in a 2018 lawsuit that the vehicle was initially designed by Mr Milton “in his basement”. The latest twist comes with Nikola still reeling from accusations earlier this month that it passed off purchased technology as its own, covering supplier names on key components with stickers when making promotional videos. In a report that sent Nikola’s shares tanking, Mr Milton was accused of spreading an “ocean of lies” about the company’s technology and its products. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.