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Transocean $RIG acquired Norway's  Songa Offshore SE for US$3.4 billion. The purchase price of NOK 47.50 per share a 37.0% premium to Songa’s 5 day average closing price of NOK 34.68 per share.

Social media company Snap $SNAP, owner of Snapchat has been a great reminder of risk, herd mentality and like MySpace the perils of betting on social media longevity. The employee lockup expiration Monday saw a new record low trade at f 11.28 on Monday, 33% below its IPO price of 17.

Solaris Oilfield Infrastructure $SOI reported its first earnings after its IPO debut in May 2017 with Q2 revenue above expectations. The company sells fracking proppant systems.

US oil rigs keep motoring along, Bakers Hughes oil rig count rose 3 to 768 much to the chagrin of OPEC. With oil stable around $50 shale projects keep producing as U.S. exports continue to rise.

This week's PPI and CPI both missed expectations coming in lower. This was in line with Federal Reserve Governor Dudley's view yesterday and Kaplan's today. The Philly Fed Economists also see 2% as illusory.

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