Stocks traded higher Tuesday as investors returned from the Christmas break looking to extend the
S&P 500’s
eight-week winning streak, which has come amid signs of cooling inflation and expectations the Federal Reserve will be cutting interest rates multiple times in 2024.
RayzeBio
,
the radiopharmaceutical therapeutics company, was rising 101% to $61.35 after reaching an agreement to be acquired by
for $62.50 a share in cash. The deal was valued at $4.1 billion.
closed Friday at $30.57. Bristol Myers shares were down 2.3%.
U.S.-listed shares of
surged 60% to $9.88 after the Shanghai-based biopharmaceutical company reached an agreement to be acquired by
in a transaction valued at up $1.2 billion. Gracell shareholders will receive $2 ordinary share (equivalent to $10 per American depositary share) in cash, plus an additional share-purchase contingent. Astrazeneca was down slightly.
U.S.-listed shares of
were rising 8.7% after the Chinese electric-vehicle maker over the weekend unveiled the ET9a four-seat executive sedan. The starting price for the car is $112,780. Deliveries of the sedan won’t begin until early 2025.
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was up 4% after it was confirmed the chip maker would invest $25 billion in Israel to expand its wafer fabrication site after receiving $3.2 billion from the country’s government.
was rising 2.1% to $20.27 after British billionaire Jim Ratcliffe agreed to buy a minority stake in the professional soccer club. Ratcliffe will acquire 25% of
Class B shares and up to 25% of the club’s Class A shares and provide an additional $300 million for future investment into soccer stadium Old Trafford, Manchester United said in a statement.
rose 1.8% after the shipping company announced a $1 billion accelerated share repurchase program. Rival
was downgraded to Neutral from Outperform with a $155 price target at Daiwa Capital. The stock fell 0.3% to $157.71.
Hollysys Automation Technologies
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was up 6.5% after a consortium led by Dazheng Group Acquisition submitted a higher all-cash offer to acquire the automation control system solutions provider for $1.8 billion. Hollysys agreed to be acquired by private investment firm Ascendent Capital Partners earlier this month, with its board approving the $1.66 billion deal.
canceled hundreds of flights Sunday and more than 100 Monday, blaming dense fog at Chicago’s Midway International Airport that forced flight diversions and delays. The carrier scrubbed far more flights last year when a snowstorm disrupted travel, leading to chaos over the holiday period. Last week, Southwest was fined $140 million by Department of Transportation for the booking breakdown that happened over the holidays in 2022. The stock was declining 0.3%.
is in talks to acquire
Ansys
,
The Wall Street Journal reported Friday, in a deal that would create a design-software giant. An acquisition of Ansys could be struck early in 2024, the Journal reported, citing people familiar with the matter.
surged 18% on Friday as reports about the acquisition began to surface. The stock fell 0.2% on Tuesday.
was rising 0.4%.
Write to Joe Woelfel at joseph.woelfel@barrons.com