Chevron and Hess are making headlines as Chevron’s shares plummeted more than 2% following the announcement that it will acquire smaller rival Hess in an all-stock deal worth $53 billion. On the other hand, Hess shares saw a slight increase.
In other news, Apple’s shares fell 1.5% after a report from the Global Times revealed that Foxconn, one of Apple’s major suppliers, is under investigation in China for tax and land-use related issues.
On a positive note, Walgreens Boots Alliance, the pharmacy operator, experienced a nearly 3% rise in its shares after JPMorgan upgraded them to overweight from neutral. The investment firm expects a better year ahead for the company and an improvement in its cash flow profile.
Textainer Group, the leasing container company, saw a significant boost as its shares surged more than 42% following the announcement that alternative asset manager Stonepeak will acquire it in a deal valued at $2.1 billion in equity and $7.4 billion in enterprise value.
On the software front, Salesforce’s shares dropped nearly 2% after Piper Sandler downgraded them to neutral from overweight due to increased execution and M&A risks.
Shares of Roivant Sciences and Pfizer jumped 5.7% and 1.1%, respectively, after Swiss healthcare company Roche announced its acquisition of Telavant Holdings from the two pharmaceutical giants in a deal worth $7.1 billion.
Meanwhile, cybersecurity firm Okta faced a challenging start as its shares fell over 3% in premarket trading. Investors are concerned about the aftermath of a data breach that was recently disclosed the company. This decline follows a drop of more than 11% on Friday. Citi and Evercore ISI have warned that Okta’s business might suffer in the near term as a result of the attack.
In the aluminum industry, Alcoa’s stock dropped over 3% before the market opened. Bank of America downgraded Alcoa to a neutral rating and significantly reduced its price target, expressing concerns about a potential decline in earnings in the near future.
These are the latest updates in the world of business and finance. Stay tuned for more news and developments.