Stock futures were falling Monday as the yield on the 10-year U.S. Treasury note topped 5%. Wall Street will be gearing up the busiest week of the earnings season, including reports from some of the tech sector’s biggest names such as
Microsoft,
Alphabet,
Amazon.com,
and Meta Platfor
ms.
These stocks were poised to make moves Monday:
Chevron
(CVX) reached a deal to buy
Hess
(HES) in all-stock deal valued at $53 billion, or $171 a share. The total enterprise value of the transaction, including debt, is $60 billion.
Chevron
shares fell 2.5%, while
Hess
slipped 0.2% to $162.78.
Roche Holding
(RHHBY) agreed to buy Telavant Holdings, a developer of a drug for people suffering from inflammatory bowel disease, from
Roivant Sciences
(ROIV) and
Pfizer
(PFE) in a deal worth up to $7.25 billion. The acquisition will give Roche, the Swiss drugmaker, the right to develop, manufacture and commercialize drug candidate RVT-3101 in the U.S. and Japan.
Roivant Sciences
shares rose 8.7%.
Pfizer
was up 1%.
Textainer Group Holdings
(TGH), a shipping-container lessor, agreed to be acquired by infrastructure investor Stonepeak for about $2.1 billion. Textainer shareholders will receive $50 a share in cash; the stock closed at $34.15 on Friday and was surging 43% to $48.76. The deal has an enterprise value of about $7.4 billion including Textainer’s debt.
Okta
(OKTA) was down 7.4% after slumping 12% on Friday following the company’s disclosure that a hacker used a stolen credential to access its support system. “The threat actor was able to view files uploaded by certain
Okta
customers as part of recent support cases,” Okta’s Chief Security Officer David Bradbury said in an online post. Okta’s support system is separate from the production Okta service, which hasn’t been affected. All affected customers have been notified of the incident, the company said.
Walgreens Boots Alliance
(WBA) rose 3.2% to $21.93. Shares of the drugstore chain were upgraded to Overweight from Neutral at
J.P. Morgan
and the price target was raised to $30 a share from $27.
EngageSmart
(ESMT) reached a deal to be acquired by Vista Equity Partners for $23 a share of $4 billion.
EngageSmart
stock was rising 12% to $22.57.
FMC
(
FMC
) dropped 15% after the agricultural-sciences company said it was reducing third-quarter revenue guidance to $982 million, below analysts’ estimates of just under $1.2 billion, “primarily due to lower volumes in Latin America as destocking was more severe than anticipated.” FMC also cut its revenue outlook for the fourth quarter and fiscal year.
Earnings reports are expected Monday from
Cadence Design Systems
(CDNS),
Logitech
(LOGI),
Cleveland-Cliffs
(CLF), and
Whirlpool
(WHR).
In addition to earnings from the biggest U.S. tech companies, reports are expected later in the week from
Visa
(V),
Mastercard
(MA),
Boeing
(BA),
Merck
(MRK),
Coca-Cola
(KO),
Verizon Communications
(VZ),
General Motors
(GM), and
General Electric
(GE).
Write to Joe Woelfel at [email protected]
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