Happy hump day!
We get the Federal Reserve's decision on rates later this afternoon.
Chevron is Real Money's stock of the day.
Chevron said it expects to write down as much as $11 billion in the fourth quarter, more than half of it from its Appalachia natural gas assets, after a slump in prices.
In a statement released after the market closed on Tuesday, the company said that it was looking to sell its shale-gas holdings, along with its Kitimat liquefied natural gas project in Canada. Chevron said it will hold its 2020 spending at $20 billion.
“We are positioning to win in any environment by ratably investing in the highest return, lowest risk projects in our portfolio. This will be the third consecutive year with organic capital spending held flat at, continuing our capital discipline through the cycle. Our emphasis on short-cycle investments is expected to deliver improved returns on capital and stronger free cash flow over the long-term,” said CEO Michael Wirth.
Saudi Aramco shares posted gains on its first day of trading in Riyadh, boosting the value of the world's biggest oil company--and history's biggest IPO--closer to the government's $2 trillion target.
Aramco raised around $25.6 billion from its November IPO that valued the state-backed oil giant at $1.77 trillion. Domestic and regional investors bought most of the shares on offer, however, as international funds balked at the tiny 1.5% float and tight trading restrictions on the Tadawul, the Saudi stock exchange.
Cramer's column Wednesday morning focused on millennials and Wall Street.
"Those pesky millennials keep changing the landscape and both Wall Street and Main Street seem oblivious to how their moves impact our country. It's difficult to discern their moves. They seem disguised to the naked eye. They are fickle, they sample, they try something, like something and then move on from something almost in unison," wrote Cramer. "They like cruises for the value, then the value gets erased by higher prices, often to please investors over customers, and they move on to something else. They like camping, calling it glamping, and then they lose interest, jumping to another instagrammable pursuit. They love putting on make-up, storming the aisles of Ulta Beauty (ULTA) - Get Report for the best of the best, and then they turn on make-up for lack of newness -- is it too caked and looks ridiculous on the finely tuned new cellphones from Apple (AAPL) - Get Report? Who knows?"