After six consecutive weeks of gains for the S&P 500, stock futures are indicating a slightly weaker start for Wall Street on Monday. The upcoming week holds significant events such as the release of the consumer price index for November, a decision on interest rates by the Federal Reserve, and U.S. retail sales.
Macy’s Receives $5.8 Billion Acquisition Offer
Macy’s, the renowned department-store chain, witnessed a staggering surge of 19% in its stock price, reaching $20.72. According to a report from The Journal, an investor group comprising Arkhouse Management and Brigade Capital Management has made a substantial offer of $5.8 billion to acquire the remaining Macy’s shares they do not already own. This offer amounts to $21 per share, representing a 32% premium over the stock’s closing price of $17.39 on Friday.
Humana Sees Increase in Stock Price
Humana experienced a 2.3% rise in premarket trading following news of Cigna backing away from a potential merger. The decision was reportedly due to disagreements over price and other financial terms, as stated by sources familiar with the matter in The Wall Street Journal. In light of this development, Cigna intends to focus on “bolt-on” acquisitions and aims to buy an additional $10 billion of its shares, totaling $11.3 billion. As a result, Cigna’s stock experienced a significant increase of 9.6%.
Paramount Global in Talks for Controlling Interest Sale to Skydance Media
Paramount Global is seeing a 2% rise in its stock following reports from Puck and The New York Times that suggest Shari Redstone, President of National Amusements, is in discussions to sell their controlling interest in the company to Skydance Media. This comes after speculation that both Skydance and RedBird Capital were considering a potential takeover of Paramount’s controlling shares, causing the stock to surge by 12% on Friday.
Currently, National Amusements holds around 10% of Paramount’s equity capital value but possesses an impressive 77% of voting rights within the company.
Pinterest Receives Upgrade from RBC Capital Markets
Shares of the popular photo sharing platform Pinterest have been upgraded to Outperform from Sector Perform by RBC Capital Markets, causing a 4.8% increase in stock value, reaching $36.60. Furthermore, the price target for the platform has been raised to $46 from $32, reflecting positive sentiment and future growth expectations.
HP Inc. Upgraded by Evercore ISI
HP Inc. has experienced an upgrade from In Line to Outperform by Evercore ISI, resulting in a 1.5% rise in the stock’s value during premarket trading, reaching $29.90. Moreover, the price target for HP Inc. has been increased to $40 from $33, showcasing confidence in the company’s performance.
Upcoming Earnings Reports
After the closing bell on Monday, Oracle and Casey’s General Stores are expected to release their quarterly earnings reports. Furthermore, later in the week, reports from Adobe, Nordson, Costco Wholesale, Lennar, and Darden Restaurants are also anticipated.