Two people briefed on the decision said Uber's board voted to hire him after three days of meetings, but the company had not yet formally announced the decision. Khosrowshahi has been CEO of Expedia since August of 2015. Valero Energy rose $1.53, or 2.3 percent, to $69.20 and Marathon Petroleum advanced 61 cents, or 1.2 percent, to $52.36.īOOKED HIS DEPARTURE: Expedia slumped after sources told the AP that Dara Khosrowshahi, the travel booking site's CEO, was named as the new CEO of ride-hailing app Uber. Refining companies climbed, as they stand to benefit from higher gas prices. Wholesale gasoline futures jumped 6 percent, to 3.6 percent, to $1.60 a gallon. S&P Global analysts said about 2.2 million barrels per day of refining capacity was down or being brought down by Sunday. The storm has shut down Texas' oil and gas industry, but it's unclear how much damage has been done.
The National Weather Service says some parts of Houston and its suburbs could end up with as much as 50 inches of rain before the storm abates, which isn't expected to happen for days. STORMY WEATHER: Gas prices rose as Tropical Storm Harvey continued to hit parts of Texas with historically heavy rains. Gilead gained $1.35, or 1.8 percent, to $75.14, and biotechnology companies like Biogen, Amgen and Celgene also rose. Kite Pharma stock jumped $40, or 28.8 percent, to $179.10. Kite is one of several companies researching CAR-T therapies, and Kite and Gilead hope it will win marketing approval later this year. Kite is studying treatments that can reprogram a patient's immune cells to attack tumors, and it hopes to win approval this year for a blood cancer treatment. KITE GOES SOARING: Gilead Sciences, which makes treatments for hepatitis C, HIV and other illnesses, will buy Kite Pharma for $11.9 billion, or $180 a share. The Russell 2000 index of smaller-company stocks gained 3 points, or 0.2 percent, to 1,380. The Nasdaq composite rose 12 points, or 0.2 percent, to 6,278. The Dow Jones industrial average dipped 11 points, or 0.1 percent, to 21,802. KEEPING SCORE: The Standard & Poor's 500 index added 1 point, or 0.1 percent, to 2,444 as of 10:10 a.m. Overall, energy companies are down with the price of oil. Wholesale gasoline prices are climbing as Tropical Storm Harvey hit battered the Texas Gulf Coast, which is home to many oil refineries. stocks are rising Monday morning, with health care companies making some of the largest gains after biotechnology company Gilead Sciences agreed to buy cancer drug maker Kite Pharma for $11.9 billion.
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