Chevron and Hess are making headlines as Chevron announced its plan to acquire smaller rival Hess in an all-stock deal worth $53 billion. This deal, valued at $171 a share, caused Chevron shares to drop more than 2%, while Hess shares saw a slight increase.
In other news, Apple experienced a 1.5% decrease in its stock price following reports of a tax and land-use related investigation faced by one of its major suppliers, Foxconn, in China. The report from the Global Times affected investor confidence in Apple.
On a positive note, Walgreens Boots Alliance saw a nearly 3% rise in its shares after JPMorgan upgraded their rating from neutral to overweight. The upgrade was based on expectations of a “cleaner year ahead” and improvements in cash flow for the pharmacy operator.
Textainer Group, a leasing container company, experienced a significant boost of over 42% in its stock price after alternative asset manager Stonepeak announced its acquisition of the company. The deal, valued at $2.1 billion in equity value and $7.4 billion in enterprise value, caused Textainer’s shares to surge.
Meanwhile, software giant Salesforce faced a loss of almost 2% in its shares as Piper Sandler downgraded its rating from overweight to neutral. The downgrade was attributed to increased execution and M&A risks.
Roivant Sciences and Pfizer also made headlines as Swiss healthcare company Roche announced its acquisition of Telavant Holdings from the two companies. This deal, valued at $7.1 billion, resulted in a 5.7% increase in Roivant Sciences’ shares and a 1.1% increase in Pfizer’s shares.
In the cybersecurity sector, Okta observed a decrease of over 3% in its stock price due to the aftermath of a data breach that was announced last week. Investors are concerned about the potential consequences of the breach, as evidenced by the 11% drop on Friday. Both Citi and Evercore ISI warned of a possible negative impact on Okta’s business in the near term.
Alcoa, an aluminum stock, experienced a drop of more than 3% before the opening bell. Bank of America downgraded Alcoa to a neutral rating and lowered its price target, citing concerns about a possible decline in earnings in the near future.
This news update was compiled with contributions from CNBC’s Jesse Pound.
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