U.S. equity futures steadied as crude oil extended a climb and investors monitored diplomatic efforts to bring an end to Russia’s almost month-old war in Ukraine.S&P 500 and Nasdaq 100 contracts erased an earlier loss Monday after the underlying indexes posted their best five-day streak since November 2020.
Market Snapshot
At 7:50 a.m. ET, Dow e-minis were down 50 points, or 0.14%, S&P 500 e-minis were up 3.75 points, or 0.08%, and Nasdaq 100 e-minis were up 5.25 points, or 0.04%.
Boeing – A Boeing 737-800 jet operated by China Eastern Airlines crashed in the mountains of southern China with 132 people aboard, with no immediate word on casualties. Boeing shares sank 5.8% in the premarket.
Anaplan Inc. – Anaplan agreed to be bought out by private-equity firm Thoma Bravo for $10.7 billion, or $66 per share in cash. The business planning software company’s stock had closed at $50.59 per share on Friday, and the stock surged 28.3% in the premarket.
Nielsen Holdings PLC – Nielsen tumbled 18.6% in premarket trading after it rejected a $9.13 billion takeover bid, worth $25.40 per share, from a private-equity consortium. Nielsen said the bid significantly undervalues the company, best known for its TV ratings.
Alleghany –Berkshire Hathaway(BRK.B) is buying the insurance company for $11.6 billion in cash, or $848.02 per share, compared to Alleghany’s Friday close of $676.75 per share. Alleghany will operate as an independent subsidiary of Berkshire.
General Motors – GM bought Softbank’s $2.1 billion stake in its Cruise driverless-car division. It also announced it would invest an additional $1.35 billion in cruise, replacing funds that Softbank had pledged to provide. GM initially fell more than 1% in the premarket but then pared those losses.
SAP SE – SAP fell 2% in the premarket. Chief Financial Officer Luka Mucic is departing the German business software company at the end of March 2023.
Manchester United PLC – Deutsche Bank upgraded the soccer team’s shares to “buy” from “hold,” saying Manchester United is undervalued relative to its peers in the sports and live events category. Manchester United gained 1.6% in premarket action.
NIO Inc. – Nio said it had no immediate plans to raise prices on its electric vehicles, although China-based carmaker said it would be flexible on pricing. Rivals likeTesla(TSLA) and BYD have recently raised prices due to higher materials costs.
BlackBerry – The communication software company’s stock added 2.1% in the premarket after RBC upgraded it to “sector perform” from “underperform,” saying the stock’s price is now more aligned with BlackBerry’s fundamentals.
Market News
A China Eastern Airlines Corp. Boeing Co. 737-800NG plane carrying 132 people has crashed in China’s southwestern province of Guangxi. According to FlightRadar24, China Eastern flight MU5735 was traveling from Kunming to Guangzhou, and radar tracking shows the aircraft taking a steep descent.
Moderna, Inc. said on Monday it has signed a new agreement with Switzerland for the supply of another seven million doses of its COVID-19 booster vaccine for delivery in 2023. The agreement also includes an option of seven million doses for delivery in 2023 and 2024, the U.S. biotechnology company said in a statement.
Nielsen Holdings PLC said on Sunday that the company has rejected an unsolicited acquisition proposal from a private equity consortium that valued the TV ratings company at $9.13 billion.The consortium had proposed to acquire Nielsen at $25.40 per share, which the board unanimously determined would significantly under value the company, it said in a statement.
Anaplan Inc. agreed to be taken private by Thoma Bravo LP for $9.65 billion, in a sign of rising private equity interest in the cloud-based software space. The deal, announced on Sunday, would give Anaplan investors $66 for each share held, a premium of more than 30% over the company's last closing price on Friday.
Italian luxury yacht maker Ferretti S.p.A launched a Hong Kong initial public offering on Monday that values the company at up to $1.2 billion, a term sheet seen by Reuters showed, going ahead despite volatility in global equity markets.
Warren Buffett's Berkshire Hathaway has struck an $11.6 billion deal to buy Alleghany Corp , the owner of reinsurer TransRe, just weeks after the 91-year-old billionaire bemoaned the lack of good investment opportunities. Alleghany adds to Berkshire's already large insurance portfolio, which includes Geico auto insurance, General Re reinsurance and a unit that insures against major and unusual risks.
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