Wall Street traders will be gearing up for the busiest week of the earnings season.
Dreamstime
Stock futures were falling Monday as equities come off a losing week, hit hard by rising Treasury yields and worries over higher-for-longer interest rates. Wall Street will be gearing up the busiest week of the earnings season, including reports from some of the tech sector’s biggest names such as
Microsoft,
Alphabet,
Amazon.com, and
Meta Platforms.
These stocks were poised to make moves Monday:
Chevron
(CVX) reached a deal to buy
Hess
(HES) in all-stock deal valued at $53 billion, or $171 a share. The total enterprise value of the transaction, including debt, is $60 billion.
Chevron
shares fell 2.7% in premarket trading, while
Hess
rose 2.4% to $166.92.
Roche Holding
(RHHBY) agreed to buy Telavant Holdings, a developer of a drug for people suffering from inflammatory bowel disease, from
Roivant Sciences
(ROIV) and
Pfizer
(PFE) in a deal worth up to $7.25 billion. The acquisition will give Roche, the Swiss drugmaker, the right to develop, manufacture and commercialize drug candidate RVT-3101 in the U.S. and Japan.
Roivant Sciences
shares rose 13% in premarket trading.
Pfizer
was up 0.2%.
Textainer Group Holdings
(TGH), a shipping-container lessor, agreed to be acquired by infrastructure investor Stonepeak for about $2.1 billion. Textainer shareholders will receive $50 a share in cash; the stock closed at $34.15 on Friday and was surging 42% to $48.53 in premarket trading. The deal has an enterprise value of about $7.4 billion including Textainer’s debt.
Royal Phillips
(PHG) raised its fiscal-year sales guidance but American depositary receipts of the Dutch health-technology company fell 1.3% after order intake during the third quarter declined 9% from a year earlier.
Okta
(OKTA) was down 1.9% in premarket trading after slumping 12% on Friday following the company’s disclosure that a hacker used a stolen credential to access its support system. “The threat actor was able to view files uploaded by certain
Okta
customers as part of recent support cases,” Okta’s Chief Security Officer David Bradbury said in an online post. Okta’s support system is separate from the production Okta service, which hasn’t been affected. All affected customers have been notified of the incident, the company said.
Earnings reports are expected Monday from
Cadence Design Systems
(CDNS),
Logitech
(LOGI),
Cleveland-Cliffs
(CLF), and
Whirlpool
(WHR).
Reports are expected later in the week from
Microsoft
(MSFT),
Alphabet
(GOOGL),
Amazon
(AMZN),
Meta Platforms
(META),
Intel
(INTC),
Visa
(V),
Mastercard
(MA),
International Business Machines
(IBM),
Boeing
(BA),
Merck
(MRK),
Coca-Cola
(KO),
Texas Instruments
(TXN),
Verizon Communications
(VZ),
General Motors
(GM),
General Electric
(GE),
3M
(MMM),
T-Mobile US
(TMUS),
United Parcel Service
(UPS),
Honeywell
(HON),
Bristol Myers
(BMY),
Exxon Mobil
(XOM),
Chevron
(CVX), and
AbbVie
(ABBV).
Write to Joe Woelfel at [email protected]
Read the full article here
