In Monday trading, shares of WPP PLC (WPP, Financial) advanced after reporting first-quarter revenue of 3.555 billion pounds ($4.89 billion), down 3.8% year over year.
For the quarter, the company’s like-for-like revenue less pass-through costs was down 0.1%, with the United Kingdom, Asia Pacific and Latin America up strongly. The company recorded declines in North America and Western Continental Europe.
“We are pleased to announce the Group’s first quarter trading update, which is in line with our expectations," Executive Chairman Roberto Quarta said. "Our guidance for 2018 remains unchanged."
Further, the constant currency net debt as of March 31 was up 354 million pounds when compared to a year ago, with average net debt in first quarter of 2018 up by 357 million pounds.
Shares of Marathon Petroleum (MPC, Financial) plunged after announcing it is acquiring Andeavor (ANDV, Financial) for more than $23 billion. After the deal closes, Marathon will become the biggest refiner in the U.S.
Andeavor traded higher as the deal values the stock at $152.27 per share, a more than 24% premium to Friday's closing price.
After the deal closes, the combined company can process about 3.1 million barrels per day and is expected to produce $1 billion in synergies. The company will be run by Marathon CEO Gary Heminger.
Disclosure: The author holds no positions in any stocks mentioned.
