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Why Conglomerates Split Up

  • Why Conglomerates Split Up Why Conglomerates Split Up 5:52
4:49 a.m. Today - By Tomi Kilgore
ProKidney set to go public after SPAC merger that values combined company at $2.6 billionProKidney LP, a cellular therapeutics company focused on kidney disease, announced an agreement to merge with special purpose acquisition company (SPAC) Social Capital Suvretta Holdings Corp. III in a deal that values the combined company at $2.64 billion. The deal, which will take ProKidney public, is expected to provide $825 million in cash proceeds. After the deal closes, which is expected to occur in the third quarter of 2022, the combined company is expected to trade on the Nasdaq under the ticker symbol "PROK." A Phase 3 trial for ProKidney's lead product candidate, REACT, launched in January 2022, with primary analysis projected to occur in 2025. and has the potential to slow progression of chronic kidney disease (CKD) but in some cases can improve kidney function. Social Capital's stock, which rose 0.4% in morning trading, has edged up 0.6% over the past three months, while the S&P 500 has gained 2.4%.
3:58 a.m. Today - By Tomi Kilgore
Goldman Sachs stock selloff slashing more than 100 points off the Dow's priceShares of Goldman Sachs Group Inc. sank 4.2% in premarket trading Tuesday, putting them on track to open at a six-month low, after the bank and broker reported . The stock was by far the biggest drag on the Dow Jones Industrial Average . The implied price decline would shave about 105 points off the Dow's price, while Dow futures slid 307 points or 0.9%. The next biggest drag on the Dow is Microsoft Corp.'s stock , which slumped 1.4% after announcing . , with the implied price decline taking about 29 points off the Dow's price.
1:18 a.m. Today - By Tomi Kilgore
Kohl's stock could be worth $100 a share if balance sheet optimized, activist investor Macellum saysActivist investor Macellum Advisors GP LLC said Kohl's Corp. leadership has been "materially mismanaging" the business, and plans to nominate a number of candidates for the board of directors unless the board addresses the long-term underperformance of the stock. Kohl's stock slipped 0.6% in premarket trading. Macellum, which owns nearly 5% of the shares outstanding, said it believes the stock could be valued at $100 per share, or more than double Friday's closing price of $47.77, if Kohl's were to make changes to improve operation execution and optimize its balance sheet, which could include selling some of its $7 billion-to-$8 billion worth of real estate assets. Macellum said if Kohl's is unwilling to make suggested changes, it should explore strategic alternatives, including a possible sale of the company. It has gained 9.6% over the past 12 months through Friday, while the SPDR S&P Retail ETF has rallied 16.2% and the S&P 500 has advanced 23.7%.
3:31 a.m. Jan. 13, 2022 - By Tomi Kilgore
Monster Beverage springs into the alcoholic beverage business with $330 million buy of CANarchy Craft BreweryEnergy drink company Monster Beverage Corp. announced Thursday that it is entering the alcoholic beverage business through an agreement to buy craft beer and hard seltzer company CANarchy Craft Brewery Collective LLC for $330 million in cash. The deal, which is expected to close in the first quarter of 2022, will bring the Cigar City (Jai Alai IPA and Florida Man IPA), Oskar Blues (Dale's Pale Ale and Wild Basin Hard Seltzer), Deep Ellum (Dallas Blonde and Deep Ellum IPA), Perrin Brewing (Black Ale), Squatters (Hop Rising Double IPA and Juicy IPA) and Wasatch (Apricot Hefeweizen) brands to the Monster portfolio. "This transaction provides us with a springboard from which to enter the alcoholic beverage sector," said Monster co-Chief Executive Hilton Schlosberg. "The acquisition will provide us with a fully in-place infrastructure, including people, distribution and licenses, along with alcoholic beverage development expertise and manufacturing capabilities in this industry." Monster's stock, which was indicated down more than 1% in the premarket, has rallied 10.1% over the past three months while the S&P 500 has tacked on 8.3%.
3:05 a.m. Jan. 12, 2022 - By Tomi Kilgore
Falcon Mineral to merge with Desert Peak Minerals, valuing combined company at $1.9 billionFalcon Minerals Corp. and Desert Peak Minerals announced Wednesday an agreement to merge in an stock deal that would value the combined company at about $1.9 billion. Falcon's stock, which is currently halted for news until 8:15 a.m. Eastern, was up 2.8% premarket prior to the halt. As part of the merger deal, Falcon will execute a 1-for-4 reserve stock split just before the deal's closing, which is expected to occur in the second quarter of 2022. Desert Peak's shareholders will own about 73% of the combined company and Falcon shareholder will own 27%. The combined company, which will remain focused on consolidating mineral and royalty positions in the Permian Basin, will be managed by the Desert Peak management team and be led by Desert Peak's current Chief Executive Christopher Conoscenti. "As we have previously communicated to our shareholders, we believe scale matters in the minerals business, as it enhances the ability to drive greater consolidation, improves access to capital, and reduces volatility caused by asset concentration," said Falcon Chief Executive Bryan Gunderson. Falcon's stock has lost 9.3% over the past three months while the S&P 500 has gained 8.3%.
1:09 a.m. Jan. 11, 2022 - By Ciara Linnane
Aptiv to acquire software company Wind River from TPG Capital for $4.3 billion in cashAptiv Plc said Tuesday it has reached an agreement to acquire software company Wind River from TPG Capital for $4.3 billion in cash. Wind River makes edge-to-cloud software for the aerospace and defense, telecommunications, industrial and automotive markets and is used on more than 2 billion devises across more than 1,700 customers globally, the companies said in a joint statement. "The automotive industry is undergoing its largest transformation in over a century, as connected, software-defined vehicles increasingly become critical elements of the broader intelligent ecosystem," said Kevin Clark, CEO of Aptiv. The deal is expected to close by mid-year and will be financed by a mix of cash and debt. Aptiv shares were not active premarket, but have gained 13% in the last 12 months, while the S&P 500 has gained 22%.
2:31 a.m. Jan. 3, 2022 - By Tomi Kilgore
American Equity to issue shares as Brookfield Reinsurance boosts equity stake to 16%American Equity Investment Life Holding Co. disclosed Monday that investor Brookfield Asset Management Reinsurance Partners Ltd. received regulatory approval to boost its stake in the life insurance company. Brookfield Reinsurance said it will increase its equity stake in American Equity to about 16%, from the current holding of 9.85%. As a result, American Equity said it expects to issue 6.78 million shares of its common stock to Brookfield Reinsurance at $37.33 a share, which is 4.1% below Friday's closing price of $38.92. American Equity's stock, which is still inactive in premarket trading, has rallied 29.3% over the past three months while the S&P 500 has gained 9.4%.
8:12 a.m. Dec. 31, 2021 - By Tomi Kilgore
Oracle's stock falls toward record-long losing streak in wake of Cerner buyout dealShares of Oracle Corp. slipped 0.3% in afternoon trading Friday, putting them on track to extend their losing streak to 11 sessions. That would be the longest such streak since Oracle went public in March 1986, according to Dow Jones Market Data. The database giant's stock has now tumbled 15.3% since it last gained ground, when it rose 3.8% on Dec. 15 to close at a record $103.65. Highlighting the losing streak was the 11.2% drop in two days to Dec. 20, after , and , that it . in a deal valued at $28.3 billion. Despite the record-long losing streak, Oracle's stock has still run up 35.7% this year, while the SPDR Technology Select Sector ETF has climbed 34.1% and the S&P 500 has advanced 27.3%.
12:01 a.m. Dec. 30, 2021 - By Steve Goldstein
Biogen shares slump after Samsung Biologics denial of buyout reportBiogen shares slumped 5% in early premarket action after Samsung Biologics called a media report it was about to buy the U.S. company "not true." The brief statement didn't elaborate on what was inaccurate about the which said Biogen could be purchased for about $42 billion, which boosted the Alzheimer drug maker stock by 9% on Wednesday.
9:29 a.m. Dec. 29, 2021 - By Tomi Kilgore
Biogen stock surges after report of talks to be bought by Samsung in a deal that could be valued at more than $40 billionShares of Biogen Inc. shot up 8.9% in afternoon trading Wednesday, after that the U.S.-based drug maker is in talks to be acquired by South Korea-based conglomerate Samsung Group in a deal that could value Biogen at roughly $42 billion. That would represent an 11% premium to Biogen's current market capitalization of about $37.88 billion. Citing investment banking sources, the report said Biogen had approached Samsung about a deal to sell its shares, in a deal valued at more than 50 trillion won. Back in 2011, to develop bio-pharmaceuticals. Biogen's stock has gained 5.0% year to date, while the SPDR Health Care Select Sector ETF has rallied 24.5% and the S&P 500 has advanced 27.6%.
8:25 a.m. Dec. 29, 2021 - By Tomi Kilgore
Western Digital's stock surges to pace the S&P 500's winners after rival Samsung has to 'adjust' operations due to COVIDShares of Western Digital Corp. shot up 5.6% in afternoon trading Wednesday toward a sixth-straight gain, enough to make the data storage company's stock the biggest gainer among S&P 500 components. Benchmark analyst Mark Miller said he believes the rally is being driven by South Korea-based rival Samsung Electronics Co. Ltd.'s announcement that it had to "temporarily adjust operations" a its manufacturing facilities in Xi'an, China, had to put its plant Xian, China as a result of the "ongoing COVID-19 situation." Miller reiterated the buy rating he's had on Western Digital's stock since at least the past 2 1/2 years, and kept his stock price target at $92, which implies a TK% upside from current levels. The stock, which was headed for the highest close since Aug. 11, has soared 18.7% during its current win streak, which would be the longest since the six-day stretch ended Feb. 19. The stock's rally Wednesday comes as the SPDR Technology Select Sector slipped 0.1% while the S&P 500 inched up 0.1%.
3:20 a.m. Dec. 28, 2021 - By Tomi Kilgore
Mercury Systems adopts 1-year 'poison pill,' following disclosure of Jana Partners acquiring a 6.6% stakeMercury Systems Inc. said Tuesday that it has adopted a one-year shareholder rights plan, also known as a "poison pill," as protection from a hostile takeover during a period in which the aerospace and defense technologies company believes its stock is undervalued. The stock, which were indicated up nearly 4% in premarket trading, has tumbled 37.1% year to date, while the S&P 500 has rallied 27.6% this year. The rights plan comes after the company disclosed on Dec. 23 that in Mercury, saying they believed the shares are "undervalued and represent an attractive investment opportunity." As part of the rights plans, Mercury said it will distribute one "right" for each common share outstanding as of Jan. 10, 2022. "Rights," which gives holders the right to buy preferred shares having a value of twice the market value of common shares, becomes exercisable if a person or group acquires beneficial ownership of 7.5% or more of the outstanding shares. "By adopting the Rights Plan, the board intends to enable all shareholders to realize the full potential value of their investment in Mercury while reducing the likelihood that any person or group gains control of the company without paying full and fair value," the company said in a statement.
5:48 a.m. Dec. 27, 2021 - By Tomi Kilgore
GoDaddy's stock jumps toward a near 5-month high after WSJ report of Starboard taking a sizable stakeShares of GoDaddy Inc. shot up 8.1% toward a near five-month high in morning trading Monday, after that hedge fund Starboard Value LP has acquired a 6.5% stake in the company. The domain name registration company's stock has run up 17.6% amid a six-day win streak, putting it on track for the highest close since Aug. 4. With a market capitalization of $13.68 billion, a 6.5% stake would be valued at nearly $900 million. The WSJ report, which cited people familiar with the matter, said that Starboard's exact plans couldn't be learned, but that the activist investors typically urges companies to boost performance and seeks board representation. GoDaddy's stock has lost 3.3% over the past 12 months, while the S&P 500 has rallied 28.7%.
3:26 a.m. Dec. 27, 2021 - By Tomi Kilgore
News Corp to pay $295 million in cash to buy Base Chemicals from S&P Global, IHS MarkitNews Corp announced Monday an agreement to buy the Base Chemicals business from S&P Global Inc. and IHS Markit Ltd. for $295 million in cash. Base Chemicals, which is known for its pricing data, insights, analysis and forecasting capabilities for base chemicals, has about 185 employees and was expected to generate about $65 million in revenue for the fiscal year ended Nov. 30. "We are delighted with the opportunistic acquisition of Base Chemicals, which complements our , and will certainly strengthen the highly profitable and decidedly digital Professional Information Business at Dow Jones," said News Corp Chief Executive Robert Thomson. "From setting price benchmarks for chemicals, to tracking renewables and monitoring resource trends that impact most companies, we expect the incomparable intelligence of Base Chemicals, combined with the news and analysis of Dow Jones, will be formidable and lucrative." News Corp is the parent of Dow Jones and MarketWatch, the publisher of this report. The deal comes after the U.K. Competition and Markets Authority requested IHS Markit divest the business as part of the S&P Global and IHS Markit merger plans. News Corp's stock, which rose 0.2% in premarket trading, has advanced 26.9% year to date through Thursday, while the S&P 500 has gained 25.8%.
3:09 a.m. Dec. 27, 2021 - By Tomi Kilgore
FactSet to pay more than $1.9 billion in cash to buy CUSIP Global Services from S&P GlobalFactSet Research Systems Inc. announced Monday an agreement to buy CUSIP Global Services (CGS) from S&P Global Inc. for $1.925 billion in cash. FactSet said it will fund the deal through a combination of cash-on-hand and committed financing. The deal is expected to close during the first quarter of 2022. FactSet said CGS, which has annual revenue of about $175 million, manages a database of 60 data elements identifying more than 50 million global financial instruments. "CGS is a unique asset with tremendous market recognition providing deep alliances across the financial industry," said FactSet Chief Executive Phil Snow. "Its core competency in securities identification aligns well with FactSet's industry leading data management capabilities." Shares of FactSet and S&P Global were still inactive in premarket trading. So far this year, FactSet's stock has soared 44.2% and S&P Global shares have run up 44.1%, while the S&P 500 has advanced 25.8%.
12:29 a.m. Dec. 14, 2021 - By Steve Goldstein
Terminix shares jump 23% after agreeing to Rentokil buyoutTerminix shares jumped 24% to $46.22 after agreeing to be purchased by Rentokil Initial in a cash-and-stock deal valued at $6.7 billion. The per-share value of the deal was $55, a 47% premium to Monday's close for Terminix of $37.41. Rentokil said the deal will generate pretax synergies of at least $150 million by the third year post completion.
6:22 a.m. Dec. 13, 2021 - By Ciara Linnane
SPX Flow agrees to be acquired by Lone Star Funds in all-cash deal valued at $3.8 billion SPX Flow Inc. , a provider of process software for the nutrition, health and industrial markets, said Monday it has agreed to be acquired by Lone Star Funds in an all-cash deal valued at about $3.8 billion. The price is equal to a premium of about 40% over SPX Flow's closing price on July 16, the last trading day before a Wall Street Journal report that the company had received an unsolicited bid. Robert Hull, chair of the SPX Flow board, said the company held talks with "multiple strategic and financial parties" to evaluate the deal against the company's standalone prospects, performance and outlook. The deal is expected to close in the first half of 2022, after which the company will be privately held. As part of the deal, SPX Flow has agreed to suspend its quarterly dividend with immediate effect. Shares were slightly higher premarket and have gained 48% year to date, while the S&P 500 has gained 25%.
3:44 a.m. Dec. 13, 2021 - By Jaimy Lee
Analysts: Pfizer to 'capitalize' on experimental colitis treatment in Arena deal Analysts are on board with Pfizer Inc.'s plans to acquire Arena Pharmaceuticals Inc. in a deal worth $6.7 billion and announced Monday morning. Pfizer's stock was up 1.2% in premarket trading on Monday, while shares of Arena soared 88.3%. "We view PFE as a logical partner for ARNA as the latter continues to progress its gastroenterology, dermatology, and cardiology focused platform, which should benefit from the executional expertise of a large pharmaceutical company," SVB Leerink analyst Joseph Schwartz told analysts in a research note. "PFE's commercial framework can capitalize on etrasimod's best-in-class potential," wrote RBC Capital Markets' Kennen MacKay. The one thing that surprised Wall Street was Pfizer's decision to execute a deal before the upcoming readout of Phase 3 clinical trial data for Arena's etrasimod, an experimental ulcerative colitis treatment. That data is expected early next year. Pfizer's stock has gained 43.4% so far this year, while Arena's shares are down 35.0%. The S&P 500 is up 25.4% year-to-date.
12:32 a.m. Dec. 13, 2021 - By Steve Goldstein
Pfizer lifted to buy at UBS, which says COVID franchise sales could hit $50 billion next yearPfizer was upgraded to buy from neutral at UBS, which also lifted its price target to $60 from $52. UBS said the oral antiviral paxlovid will generate at least $14 billion in sales next year, which it said was 40% above consensus expectations. Combined with the Comirnaty vaccine, there's potentially $50 billion of sales potential from its COVID franchise next year, UBS said. Pfizer closed Friday at $52.78 and has gained 43% this year.
1:11 a.m. Dec. 10, 2021 - By Tomi Kilgore
Getty Images to go public after $4.8 billion merger with SPACGetty Images announced Friday its plans to go public through a merger with special-purpose acquisition company (SPAC) CC Neuberger Principal Holdings II that values the visual content creator at $4.8 billion. CC Neuberger's stock, which started trading in September 2020, rallied 2.1% in premarket trading. Under terms of the deal, the total equity investment of $1.2 billion raised in the deal will be used to pay down existing debt and capitalize Getty's balance sheet. After the deal closes, which is expected to occur in the first half of 2022, Getty Images will be listed on the NYSE under the ticker symbol "GETY," and current Chief Executive Craig Peters will continue to lead the company. "We are excited to partner with CC Neuberger Principal Holdings II," Peters said. "Alongside the Getty Family and Koch Equity Development LLC, we have committed, long-term shareholders that are excited to pursue the many opportunities in front of us." CC Neuberger's stock has slipped 4.9% year to date through Thursday while the S&P 500 has gained 24.3%.
8:48 a.m. Dec. 9, 2021 - By Tomi Kilgore
R.R. Donnelley agrees to buyout deal with Atlas Holdings, at a 21.5% higher bid priceR.R. Donnelley & Sons Co. announced Thursday that it has accepted a proposal from Atlas Holdings LLC for an increased bid for their pending merger of $10.35 a share in cash. That is 21.5% above the previously announced last month. The total equity value of the deal for the business communications services and marketing company is $856 million. The increased bid for the comes after between Atlas and shareholder Chatham Asset Management LLC, which in cash to buy R.R. Donnelley. The company's stock, which fell 0.4% in afternoon trading, has rocketed 115.4% over the past three months, while the S&P 500 has tacked on 4.3%.
9:29 a.m. Dec. 8, 2021 - By Tomi Kilgore
Carnival stock surges on NYSE leading volume, flirts briefly with bull-market bounceShares of Carnival Corp. shot up 5.8% to $19.57 in afternoon trading on heavy volume, as the cruise operator briefly flirted with a bull-market bounce off last week's 13-month low. Trading volume swelled to 57.1 million shares, enough to make the cruise operator's stock the most actively traded on the NYSE, and compared with the full-day average of about 39.4 million shares. The stock ran up as much as 8.3% to an intraday higher of $20.04 earlier in the session before paring gains. At that high, the stock had soared 22.3% since closing Dec. 1 at $16.38, which was the lowest closing price since Nov. 13, 2020. Many on Wall Street believe a bull market is defined by a rally of 20% or more on a closing basis off a bear-market low. The stock would have to close above $19.66 to make the bull market on those terms "official." Among other cruise operators, shares of Norwegian Cruise Line Holdings Ltd. jumped 8.2% to trade 22.4% above its Dec. 1 13-month low of $17.79 and Royal Caribbean Corp. hiked up 4.9% to trade 16.9% above its Dec. 1 13-month closing low of $64.27. Meanwhile, the S&P 500 has gained 4.0% off its Dec. 1, seven-week closing low.
4:38 a.m. Dec. 8, 2021 - By Tomi Kilgore
ConocoPhillips announces 2 deals, a $1.36 billion sales of assets and an up to $1.65 purchaseShares of ConocoPhillips edged up 0.2% in morning trading, after the announced two deals Wednesday related to its Asia-Pacific portfolio of assets, one for the sale of assets for $1.36 billion and the other to increase and investment by up to $1.65 billion. The oil and gas company said it has agreed to sell its subsidiary that indirectly owns it 54% stake in the Indonesia Corridor Block Production Sharing Contract and a 35% interest in the Transasia Pipeline Company to MedcoEnergi for $1.355 billion. The Indonesia assets being sold had produced 50,000 barrels of oil equivalent per day (MBOED) during the nine months ended Sept. 30. The company also said it is exercising its right to buy up to an additional 10% stake in Australia Pacific LNG for up to $1.645 billion from Origin Energy, with the deal expected to close in the first quarter of 2022. ConocoPhillips stock has shot up 35.2% over the past three months, while the SPDR Energy Select Sector ETF has rallied 20.4% and the S&P 500 has gained 3.8%.
9:25 p.m. Dec. 7, 2021 - By Barbara Kollmeyer
Stanley Black & Decker selling security assets to Sweden's Securitas in $3.2 billion dealStanley Black & Decker on Wednesday said it has signed a definitive agreement to sell most of its security assets to Sweden's Securitas AB for $3.2 billion in cash. In a , the U.S. maker of industrial tools, household hardware and provider of security products said the proposed deal includes its commercial electronic and healthcare security business units, which carry 2021 forecasted revenues of around $1.7 billion. The sale of the security assets will be used to partly fund a $4 billion share repurchase program by Stanley Black & Decker, due to be completed in 2022. The deal has has been approved by the boards of both companies. Shares of Stanley Black & Decker closed up 0.9% to $186.05 on Tuesday, while stock in the Swedish intelligent security solutions group rose 0.2% to 134.50 krona.
2:22 a.m. Dec. 7, 2021 - By Tomi Kilgore
Mimecast to be acquired by private equity firm Permira in a deal valued at $5.8 billionMimecast Ltd. announced Tuesday an agreement to be acquired by private equity firm Permira in a deal that values the email-security software company at about $5.8 billion. Mimecast's stock is currently halted for news until 7:30 a.m. Eastern. Under terms of the deal, Permira will pay $80.00 for each Mimecast share outstanding, which is 6.7% above Monday's closing price of $75.00. The deal, which is expected to close in the first half of 2022, comes more than a month after that Mimecast was exploring a possible sale. Since then through Monday, Mimecast's stock had rallied 8.8%. Mimecast's deal with Permira includes a "go-shop" period that expires on Jan. 6, 2022. The stock has run up 32.0% year to date, while the ETFMG Prime Cyber Security ETF has gained 2.5% and the S&P 500 has advanced 22.3%.
1:13 a.m. Dec. 7, 2021 - By Tomi Kilgore
Alvotech to go public through merger with SPAC Oaktree Acquisition in deal valued at $2.25 billionSpecial-purpose acquisition company (SPAC) Oaktree Acquisition Corp. II announced a merger agreement that will take Iceland-based biopharmaceutical company Alvotech Holdings S.A. public, in a deal that values the combined company at $2.25 billion. Oaktree's stock is still inactive in premarket trading. The deal is expected to provide Alvotech with gross proceeds of $450 million. After the deal closes, which is expected to occur in the first half of 2022, the company's stock is expected to trade on the Nasdaq under the ticker symbol "ALVO." Alvotech is focused on developing biosimilar medicines, and currently has seven products in its pipeline that address originator products treating conditions across autoimmunity, ophthalmology, osteoporosis, and oncology. Oaktree's stock has edged up 0.3% over the past three months, while the iShares Biotechnology ETF has tumbled 17.2% and the S&P 500 has gained 1.6%.
5:12 a.m. Dec. 6, 2021 - By Tomi Kilgore
NRG Energy's stock surges after $1 billion stock repurchase program announcedShares of NRG Energy Inc. charged 3.3% higher in morning trading Monday, after the electric utility announced a $1 billion stock repurchase program, effective immediately. The buyback plan represents about roughly 11% of the company's market capitalization of about $9.24 billion. The announcement comes as the company also said it closed on its sale of 4,850 megawatts of fossil generating assets to Generation Bridge, an affiliate of ArcLight Capital Partners, for net proceeds of $620 million. The stock has dropped 16.8% over the past three months, while the SPDR Utilities Select Sector ETF has eased 1.4% and the S&P 500 has tacked on 0.8%.
2:05 a.m. Dec. 6, 2021 - By Tomi Kilgore
Becton Dickinson to name diabetes care spinoff 'embecta'Becton Dickinson & Co. said Monday that the spinoff of its diabetes care business will be named "embecta." The previously announced spinoff, into an independent publicly traded company, is expected to be completed in the second quarter of 2022. Devdatt Kurdikar, who is president of the diabetes care business, will become chief executive officer of embecta. Becton Dickinson's stock, which was still inactive in premarket trading, has slipped 2.4% year to date, while the S&P 500 has rallied 20.8%.
1:14 a.m. Dec. 6, 2021 - By Tomi Kilgore
GCP Applied Technologies stock shoots up after $2.3 billion buyout dealShares of GCP Applied Technologies Inc. shot up 14% toward a near 3-year high in premarket trading Monday, after the provider of additives and admixtures for concrete and cement announced an agreement to be acquired by Saint-Gobain in a deal valued at about $2.3 billion. Under terms of the deal, Saint-Gobain will pay $32 for each GCP share outstanding, which represents an 18% premium to Friday's closing price of $27.02. the deal is expected to close in the second half of 2022. "The Board of GCP is unanimously supportive of this transaction and believes it provides full and fair value to all shareholders of GCP," said GCP Independent Chairman Peter Feld. "Saint-Gobain represents a great partner for GCP and we are pleased to have reached this agreement." GCP's stock, which is on track to open at the highest price seen during regular-session hours since February 2019, has rallied 15% over the past three months through Friday, while the S&P 500 has gained 0.1%.
3:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express Global Business Travel confirms $5.3 billion merger deal with SPAC Apollo Strategic GrowthShares of American Express Co. rose 0.8% in premarket trading Friday, after American Express Global Business Travel (GBT), which is 50% owned by AmEx, confirmed that it will go public through a merger with special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital in a deal that values the combined company at $5.3 billion. The Wall Street Journal had . The merger will provide $1.2 billion in gross proceeds, including $335 million in private investment in public equity (PIPE) from investors including Zoom Video Communications Inc. , Sabre Corp. and Apollo Global Management Inc. . After the deal closes, which is expected to occur in the first half of 2022, the combined company will be named Global Business Travel Group Inc. and is expected to be the world's largest publicly traded business-to-business travel platform. The company is expected to list on the NYSE under the ticker symbol "GBTG." "We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners," said GBT Chief Executive Paul Abbott. American Express' stock has slipped 1.6% over the past three months, while the Dow Jones Industrial Average has lost 2.1%.
2:12 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express' Global Business Travel business close to $5.3 billion merger with SPAC--WSJShares of American Express Co. rose 0.8% in premarket trading Friday, after that the credit card company's Global Business Travel business is close to a deal to be taken public by special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital . Citing people familiar with the matter, the WSJ report said a merger with the SPAC, which is backed by Apollo Global Management Inc. , would value AmEx's travel-booking services provider for corporate customers at about $5.3 billion. The WSJ report said the merger could be announced as soon as Friday. AmEx's stock has rallied 29.7% year to date through Thursday, while the Dow Jones Industrial Average has gained 13.2%.
5:26 a.m. Dec. 2, 2021 - By Tomi Kilgore
Valvoline to appoint board members with expertise in EVs, autonomous transportationValvoline Inc. said Thursday that it was conducting a search to appoint one or more new members to its board of directors with "significant experience" in electric vehicles, energy transition and/or autonomous transportation. The company is looking to identify a candidate or candidates by May 1, 2022. The vehicle care products company's stock rose 2.4% in morning trading. Valvoline said it has held "constructive discussions" with Chicane Capital Management LP, the investment manager of shareholder Chicane Opportunities Fund LP, about board composition as the company looks to separate its retail services and global products businesses. "We value the perspectives of our shareholders and appreciate the constructive discussions that we've had with Chicane Capital," said Valvoline Chairman Steve Kirk. "We applaud Valvoline's commitment to add new voices to the boardroom," said Chicane Capital Managing Partner Georgina Russell. Valvoline's stock has rallied 50.1% year to date, while the S&P 500 has gained 21.0%.
12:55 a.m. Dec. 2, 2021 - By Steve Goldstein
Abrdn to buy Interactive Investor for £1.49 billionFund manager Abrdn said it's buying Interactive Investor for £1.49 billion ($2 billion) from J.C. Flowers & Co. and management. Interactive Investor has over 400,000 customers and assets under administration of approximately £55 billion. Abrdn said the deal will help it achieve scale in the high-growth direct investing market, accessing new customer segments and capabilities. Abrdn said the deal will be double-digit earnings accretive in the first full financial year following completion.
6:05 a.m. Dec. 1, 2021 - By Tomi Kilgore
GM to build a factory with POSCO Chemical to process materials for EV batteries, creating 'hundreds of jobs'Shares of General Motors Co. jumped 4.4% in morning trading Wednesday, after the auto maker said it will create "hundreds of jobs" as it plans to build a factory in North American with South Korea-based POSCO Chemical Co. Ltd. to process battery materials for GM's Ultium electric vehicle platform. GM said it was forming a joint venture with POSCO Chemical to build the factory, which is expected to open in 2024 at a location to be announced later, and to process Cathode Active Material (CAM), which is a battery material that represents about 40% of the cost of an EV battery cell. "Our work with POSCO Chemical is a key part of our strategy to rapidly scale U.S. EV production and drive innovation in battery performance, quality and cost," said Doug Parks, GM executive vice president of global product development, purchasing and supply chain. The new facility will supply Ultium cells facilities being built in Lordstown, Ohio and Spring Hill, Tenn., as part of to 2025. GM's stock has soared 23.0% over the past three months, while the S&P 500 has gained 2.5%.
5:13 a.m. Dec. 1, 2021 - By Tomi Kilgore
Skechers stock surges after activist investor boosts stake, calls for 'aggressive' buybacks and dividendShares of Skechers USA Inc. surged 5.1% in morning trading Wednesday, after Tremblant Capital Group disclosed that it increased its equity stake in the footwear seller to 5.1%, and said it has "engaged in discussions" with the company in an attempt to boost value. The new stake of 6.87 million shares comes just two weeks after the company said in a 13F filing that it owned 2.73 million Skechers shares and calls to buy 1.07 million shares as of Sept. 30. In a letter to Skechers' board of directors, that it was "puzzling" that despite revenue growing faster than many peers, such as Nike Inc. , Under Armour Inc. and Crocs Inc. , Skechers stock trades at less than half of the earnings multiples of those peers. Among Tremblant's suggestions to grow value were to initiate an "aggressive" share repurchase program and a dividend, and to eliminate the dual share class structure. Tremblant believes its suggestions could create more than $4 billion of value over the next 10 years. The stock has shed 6.0% over the past three months, while the S&P 500 has gained 2.5%.
3:33 a.m. Dec. 1, 2021 - By Tomi Kilgore
Azenta, the former Brooks Automation to begin trading under new tickerAzenta Inc. , formerly known as life sciences solutions company Brooks Automation Inc., said Wednesday that its stock will begin trading under a new ticker -- "AZTA" -- after the opening bell. The previous ticker was "BRKS." The company had said on Nov. 16 that it was changing its name to Azenta, following the launch of the Azenta Life Sciences brand, and after announcing in September that it was selling its semiconductor automation business to Thomas H. Lee Partners. The company expects the sale of its chip automation business to be completed in the first half of 2022. The stock has run up 32.5% over the past three months, while the S&P 500 has gained 1.0%.
4:12 a.m. Nov. 30, 2021 - By Tomi Kilgore
ViacomCBS to raise $1.85 billion from sale of CBS Studio Center and its operating businessViacomCBS Inc. announced Tuesday an agreement to sell its CBS Studio Center and its operating business for $1.85 billion to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC. ViacomCBS shares slipped 0.1% in premarket trading. The deal follows a "widely marketed" sale process, which the media and entertainment company said "attracted interest from a number of buyers." When the deal closes, which is expected to occur in 2021, CBS Broadcasting Inc. will enter into a lease-back of the Broadcast Center, and ViacomCBS will continue to uses stages and produce content on the lot. "This sale is part of an ongoing optimization of ViacomCBS' real estate and operations portfolio and will allow the company to re-deploy capital to strategic growth priorities, including streaming," said ViacomCBS Chief Financial Officer Naveen Chopra. The stock has dropped 19.8% over the past three months through Monday, while the SPDR Communication Services Select Sector ETF has lost 8.8% and the S&P 500 has gained 2.8%.
5:44 a.m. Nov. 29, 2021 - By Steve Gelsi
Clearlake buys private cyber security company Quest Software for $5.4 billionClearlake Capital Group LP said Monday it would buy private cybersecurity company Quest Software from Francisco Partners. A source familiar with the transaction told MarketWatch the value of the transaction is about $5.4 billion. Quest CEO Patrick Nichols will remain in his current position, along with the existing executive management team. Goldman Sachs, Morgan Stanley, BoA Securities, Barclays, Credit Suisse, BMO Capital Markets and Citigroup are issuing debt financing for the deal. The transaction comes about five years after Francisco Partners carved out the Quest business from Dell Technologies Inc. for $2.4 billion.
2:51 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hyatt Hotels stock jumps after J.P. Morgan turns bullish, saying discount to Marriott, Hilton is too wideShares of Hyatt Hotels Corp. bounced 2.5% in premarket trading Monday, after the hotel operator was upgraded at J.P. Morgan, citing improved valuation after the recent selloff. The stock dropped 5.7% on Friday, amid fears that the omicron variant of the COVID-19 virus would lead to reduced leisure travel, and has tumbled 14.6% since closing at a 21-month high of $91.50 on Nov. 5. Analyst Joseph Greff raised his rating to overweight after being at neutral for at least nearly three years, while raising his stock price target to $101 from $90. Greff said Hyatt's stock has underperformed its peers over the past year, but he thinks "this can turn around" as Hyatt migrates to "a less capital-intensive, more fee-generative and a more leisure-focused business" following the company's . "We think the current environment is ripe for [Hyatt] to optimize the value of its owned hotels, particularly leisure focused ones, and we don't see this changing in the near to medium term," Greff wrote in a note to clients. "Lastly, we look at [Hyatt's] relative valuation as attractive versus [Hilton] and [Marriott], and while we believe it should trade at some discount, we'd argue the discount is too wide." Hyatt's stock has gained 5.2% year to date through Friday, while shares of Marriott International Inc. have rallied 22.4% and Hilton Worldwide Holdings Inc. have advanced 11.8%. The S&P 500 has climbed 22.3% this year.
3:29 a.m. Nov. 15, 2021 - By Tomi Kilgore
Casper stock rockets after buyout deal for a 94% premiumShares of Casper Sleep Inc. skyrocketed 91.0% toward a three-month high in premarket trading Monday, after the mattress in a box company announced an agreement to be acquired by Durational Capital Management in a cash deal valuing Casper at about $286.0 million. Under terms of the deal, Durational Capital will pay $6.90 for each Casper share outstanding, representing at 94.4% premium to Friday's closing price of $3.55. The deal is expected to close in the first quarter of 2022. "The proposed acquisition offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth," said Casper Chief Executive Philip Krim. Separately, Casper reported a third-quarter net loss that widened to $25.3 million, or 61 cents a share, from a loss of $16.1 million, or 40 cents a share, in the year-ago period. Revenue rose 26.8% to $156.5 million, while cost of sales jumped 68.6% to lower gross margin to 40.8% from 55.5%. The company also announced that it named Emilie Arel, formerly of Quidsi, Gap and Target, as its chief executive. Casper's stock has tumbled 42.3% year to date through Friday, while the S&P 500 gained 24.7%.
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