Stock Market News: ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), Red Hat Inc. (NYSE: RHT)

Today, Nigeria renewed three shallow water oil licences jointly operated with ExxonMobil (NYSE: XOM), granting the U.S. energy firm leases of a further 20 years with the option to renew again. "Today we have reached an agreement on the terms of new leases that will go on for a further 20 years with an option to renew," Minister of State for Petroleum Odein Ajumogobia told reporters in the capital Abuja. Western oil firms including Exxon, Royal Dutch Shell and Chevron (NYSE: CVX) operate in Nigeria via joint ventures with state oil firm NNPC. The three licences (OML 67, 68 and 70)…

Market Updates: Citigroup Inc. (NYSE: C), J.P. Morgan Chase (NYSE: JPM), Sears Holding Corp. (NASDAQ: SHLD), Williams-Sonoma (NYSE: WSM)

Bond yields will continue to tighten relative to benchmarks next year as government stimulus programs fuel economic recovery, Citigroup Inc. (NYSE: C) analysts in London said in their outlook for 2010. “We see at least another 25 to 30 percent of tightening in credit spreads,” Hans Peter Lorenzen and Matt King said in the presentation. “Many of the long-term issues the world was grappling with earlier this year still exist, but with the policy-induced recovery they’ve either been dragged out over a longer period or postponed.” -Bloomberg

J.P. Morgan Chase Co. (NYSE: JPM) extended its reach in Europe on Thursday with the expected…

Stock Market News: Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS), Berkshire Hathaway (NYSE: BRKA), Saks Inc. (NYSE: SKS)

Bank of America Corp. (NYSE: BAC) decision to complete the purchase of Merrill Lynch was best for shareholders and the board was not influenced by fear that regulators may oust management and directors, company officials said today. While the bank had a legal right to consider backing out of the deal last year as the brokerage’s losses mounted, the purchase was completed due to the fact that it would benefit shareholders, the company and the economy, said Brian Moynihan, the company’s general counsel last December, in testimony before the House Oversight Committee. The decision to proceed was based on the merits,…

Market Updates: Citigroup (NYSE: C), Goldman Sachs Group (NYSE: GS), Coach Inc. (NYSE: COH), Costco Wholesale Corp. (NASDAQ: COST)

Treasury two-year note yields touched the lowest since January as Federal Reserve Chairman Ben Bernanke reiterated that economic “headwinds” will keep interest rates near record lows for an extended period. “Significant economic challenges remain,” Bernanke said. “The flow of credit remains constrained, economic activity weak, and unemployment much too high. Future setbacks are possible.” “The consumer recovery continues to disappoint,” said Guy Lebas, chief fixed-income strategist and economist at Janney Montgomery Scott LLC in Philadelphia. “It’s been far slower than people have hoped because of a lessening demand and access to credit, which has provided a boon to bonds.” The…

Stock Watch: Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Company (NYSE:WFC), Palm (NASDAQ: PALM)

Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Company (NYSE:WFC) will cease insuring checking domestic accounts above the standard $250,000 limit, one year after the government set up the program to ease fears of deposit runs. The banks plan to exit the Federal Deposit Insurance Corporation’s Transaction Account Guarantee Program at year end. The program was among emergency measures created in October 2008 to shore up confidence in the banking system and avert a collapse of financial markets. Bank of America Corporation (NYSE: BAC) plans to opt out on October 16. -Bloomberg

Palm (NASDAQ: PALM) shares rose 8 percent on…