Business

Weber, Rivian, Tyson and others

Weber, which plans to trade on the New York Stock Exchange under the ticker WEBR, could be valued in the $4 billion to $6 billion range.

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Check out the companies that make headlines in the afternoon trade.

Weber – The grill maker’s shares fell 8.7% after the company fell short of Wall Street estimates in its latest quarterly report. Weber posted a loss of 19 cents per share compared to Refinitiv’s consensus estimate of 7 cents. Revenue also fell short of forecasts.

Rivian — Shares in the electric truck maker are up nearly 12% after Soros Fund Management said it bought nearly 20 million shares in the fourth quarter. At the time of the purchase, the package was worth about $2 billion, although its value had fallen to about $1.17 billion.

3M – Shares fell 1.4% after the respirator maker said demand for medical masks is expected to ease this year. Bloomberg also reported on Sunday that the company’s legal troubles are leading to a $33 billion discount over 3M peers.

Splunk – Shares of the cloud software company jumped more than 8% after the Wall Street Journal reported that Cisco Systems made a takeover bid worth more than $20 billion, citing people familiar with the matter. A deal of this size would be the largest acquisition ever made by a network equipment maker.

Aerojet Rocketdyne – Shares fell 5.3% after defense contractor Lockheed Martin pulled out of a $4.4 billion acquisition of the rocket engine maker. Federal regulators sued to block the deal in January over fears the merger would be anti-competitive.

Tyson Foods – Shares fell 3.1% on Monday after Barclays downgraded its stock of animal protein to equal weight with overweight. The firm said the strong beef and chicken sales results are already priced into the stock.

Micron – Shares of the chip maker rose 1.8% after Wedbush upgraded Micron’s rating to above neutral. The investment firm said Micron will benefit from higher prices for one of its key chips in 2022.

Goodyear Tire – Shares rose about 5% on Monday after JPMorgan upgraded its rating from neutral to overweight. The call came after the tire maker’s shares fell 27% on Friday as the company warned of an inflationary headwind. “Overall, the sell-off seems like an overreaction to us,” JPMorgan said.

Callaway Golf – Shares rose 4.9% after investment firm Stephens named parent company Topgolf a top pick. “We believe Callaway has a number of catalysts ahead of it: Analyst Day coming up in Q2, supply chain improvement and Topgolf traffic improvement in Q1,” Stevens said.

– CNBC’s Tanaya Macheel, Jesse Pound, Yun Lee provided reporting.


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