Before the bell, take a look at the businesses that are in the news.
1. U.S. Steel: Shares of U.S. Steel surged over 28% after Japan’s Nippon Steel announced its plan to acquire the American steel company at $55 per share. The deal values U.S. Steel at $14.9 billion, including debt.
2. Affirm: Affirm, the buy now pay later company, witnessed a 5% drop in its stock price after Morgan Stanley downgraded its rating from equal weight to underweight. The bank cited challenges in justifying the company’s valuation despite recent stock surges.
3. Illumina: Illumina’s stock saw a nearly 6% increase following an announcement that the company plans to sell its Grail unit through a third-party sale or capital markets transaction. The terms of the deal are expected to be finalized by the end of the second quarter of next year. This development follows a federal appeals court ruling in favor of the U.S. government, which contested Illumina’s 2021 acquisition of a cancer test maker.
4. Roku: Shares of the streaming video platform, Roku, declined by over 3% after Seaport downgraded the stock from neutral to sell. The downgrade was attributed to growing competition in the digital video advertising sector. On Friday, Roku’s shares also fell by more than 6%.
5. Adobe: Adobe’s stock witnessed a 2% increase as the company announced the termination of its $20 billion merger agreement with Figma. Regulatory obstacles were cited as the primary reason for ending the deal.
6. Structure Therapeutics: Despite showing promise in reducing weight and blood sugar levels with its obesity pill, clinical-stage biopharmaceutical company Structure Therapeutics saw its stock plummet by over 42%.
7. Uber: Uber’s stock remained relatively unchanged as the ride-sharing company prepared to join the S&P 500 index on Monday. Additionally, Jabil and Builders FirstSource are also set to be included in the index, with their respective stock prices showing minor fluctuations.
Source (CNBC)
