Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.
$35bn Deal to Create Payments Behemoth
In what is this year’s biggest merger announcement to date, Capital One [COF] is to buy Discover [DFS] in a $35bn all-stock deal. The merger will create the largest US credit card company by volume, surpassing the likes of JPMorgan Chase [JPM] and Citigroup [C]. The deal is a “singular opportunity”, according to Capital One CEO Richard Fairbank, and is expected to go through late this year or early next.
$1.5bn Subsidy for GlobalFoundries
Chipmaker GlobalFoundries [GFS] is to receive $1.5bn in grants from the US government to help it build and expand facilities in the country. This is the first major award granted under the CHIPS and Science Act, which aims to boost the domestic chip sector; other chipmakers, including Taiwan Semiconductor Manufacturing Co. [TSM] and Micron Technology [MU] have also applied for support. Meanwhile, the government of Spain is restructuring its own €12bn chip subsidy plan.
£2bn Barclays Cost-cutting Commitment
The UK bank [BCS] has said it is aiming to cut costs by some £2bn and change up its reporting structure. In addition, it will return some £10bn to shareholders. Its share price jumped nearly 12% by mid-morning following the news. The announcement came following Tuesday’s report of a Q4 net loss of £111m, with net attributable profit for the full year at £4.3bn, down from the previous year’s £5bn.
Nvidia Passes Tesla
The chipmaker [NVDA] is now Wall Street’s most-traded stock, having overtaken the electric vehicle maker [TSLA]: some $30bn of Nvidia shares were traded on average over each of the past 30 sessions, ahead of Tesla’s daily average of $22bn. Having recently become the US’ third most-valuable company, anticipation is high ahead of Nvidia’s quarterly earnings call on Wednesday.
Is Zee + Sony Back On?
Zee Entertainment [ZEEL:NS] is making one last attempt to salvage its $10bn merger with Sony [SONY], reported India’s Economic Times. The deal was nixed at the end of January over unresolved “closing conditions”, as well as disagreements over leadership and regulation. Zee would have to notify Sony within the next 48 hours if it is willing to accept its terms and go ahead with the deal.
Disclaimer Past performance is not a reliable indicator of future results.
CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
CMC Markets does not endorse or offer opinion on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
*Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
Continue reading for FREE
- Includes free newsletter updates, unsubscribe anytime. Privacy policy
