Hostess Manufacturers, AT&T, Tesla & extra
Check out the companies that are making headlines in midday trading.
AT&T, Discovery – The two stocks were volatile on Monday after the company announced a $ 43 billion deal to merge Discovery and AT & T’s WarnerMedia unit. Discovery’s A shares burst on the open, but fell 3.8% in midday trading. AT&T was up about 1% but was below the session highs. Prior to the official announcement, Citi praised the move and upgraded Discovery on the purchase.
At Home Group – Shares in the home textiles retailer rose 2.9% after the company’s largest shareholder, CAS Investment Partners, announced the deal to sell the company to private equity firm Hellman & Friedman for 2, Rejecting $ 4 billion, the Wall Street Journal reported. CAS Investment Partners, which owns around 17% of At Home Group, said the offer “severely undervalued” the company.
Marathon Petroleum – Energy stock rose more than 2% after the company announced a modified Dutch auction offer for up to $ 4 billion of its common stock. Meanwhile, senior officials from the Federal Trade Commission said Marathon Petroleum’s sale of Speedway gas stations to the 7-11 chain’s parent company could be illegal due to competition concerns. The $ 21 billion deal was closed on Friday, but officials say they will continue the investigation.
Tesla – Tesla’s shares, down 27% in the past three months, fell 2.4% in midday trading after CEO Elon Musk said the company hadn’t sold Bitcoin. Some investors had wondered if the electric car maker had reduced its Bitcoin holdings after Tesla decided to stop using Bitcoin for car purchases.
Hostess Brands – The Twinkie maker shares fell 1.7% as it beat quarterly results at the top and bottom. Hostess Brands posted earnings of 20 cents per share on sales of $ 265 million. According to Refinitiv, analysts expect earnings of 19 cents per share on sales of 258 million US dollars.
MicroStrategy – MicroStrategy fell nearly 9% after the price of Bitcoin fell to its lowest level in more than three months. The business analytics company holds around $ 5 billion worth of Bitcoin. Bitcoin most recently fell 3.7% to $ 43,775, according to Coin Metrics.
– CNBC’s Jesse Pound, Maggie Fitzgerald and Yun Li contributed to the coverage.
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