Intel announced today it’s buying Mobileye for about $15.3 billion, a big investment in the future of self-driving cars. The deal values Mobileye at $63.54 a share, a 34% premium to Firday’s closing price. Mobileye is based in Jerusalem, Israel and makes chip-based camera systems that being used in cars today. Intel, Mobileye, and BMW, have a partnership to test 40 self-driving cars.
Investors areon the sidelines ahead of this week’s Federal Reserve meeting. Most investors expect the Fed to deliver a rate hike.
Crude oil prices held ground near their lowest levels since late November as strong growth in U.S. oil production threaten OPEC’s plan to limit global production. April crude is off 0.25% to $48.37 a barrel on the New York Merc. U.S. energy producers added eight more active oil rigs last week to 617, according to data Friday from oil-field service company Baker Hughes. The additions mark an eighth successive weekly climb. Also last week, the Energy Information Administration revealed that U.S. crude supplies rose for a ninth straight week.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
