Shift4Payments (FOUR, Financial) experienced a notable 5% increase in stock value following reports that Global Payments (GPN, Financial) is considering an acquisition of the company. This news comes on the heels of a Bloomberg report citing sources familiar with the matter. Global Payments, with a market capitalization of $33.7 billion, is significantly larger than Shift4, which is valued at $5.6 billion. Despite Global Payments' stock falling by 3%, the potential acquisition is a significant development, especially considering previous reports in September about private equity firms' interest in Shift4, with Advent being a potential lead bidder. Shift4 had reportedly engaged Goldman Sachs to explore the interest.
In the software sector, Alteryx (AYX, Financial) saw its shares rise by over 3% amid discussions with private equity firms, including Insight Partners and Clearlake Capital Group, for a possible buyout. The deal could value the data analytics software company at more than $50 per share, translating to an approximate valuation of $5 billion. Another private equity firm, Symphony Technology Group, has also shown interest in acquiring Alteryx. The company's third-quarter results indicated a 7% year-over-year increase in sales, and it expects fourth-quarter revenue to be in the range of $334 million.
Wedbush analysts have increased their price target for Palo Alto Networks (PANW, Financial) to $350 from $290, maintaining an Outperform rating due to the company's strong cloud momentum and the anticipated rise in cybersecurity demand. Despite this positive outlook, shares of Palo Alto Networks fell more than 3% on Thursday. Wedbush's field checks suggest robust deal activity for Palo Alto, positioning it to capture more market share in the cybersecurity landscape.
The Biden Administration, after discussions with pharmaceutical companies including Sanofi (SNY, Financial) and AstraZeneca (AZN, Financial), announced the availability of an additional 230,000 doses of RSV vaccines for infants in January. This follows the delivery of 77,000 additional doses of Beyfortus last month by the two companies. The monoclonal antibody is used to prevent lung disease caused by Respiratory Syncytial Virus in children up to 24 months old. This agreement comes as the U.S. enters the peak season for respiratory viruses.
Ford (F, Financial) shares are on a positive trajectory, with the stock potentially marking a 7-day winning streak and touching a near-two-month high. The U.S. automaker has seen its shares rise by 8.1% this year, with consistent gains in November and December. Despite a Hold rating from Seeking Alpha's Quant Rating, Ford's profitability has been rated A+, although there are warning signs that could historically lead to dividend cuts.
In the semiconductor sector, Intel (INTC, Financial), Micron Technology (MU, Financial), and NXP Semiconductors (NXPI, Financial) were among the biggest gainers as the broader chip industry reached a record high. The Philadelphia Semiconductor Index, which includes companies such as AMD (AMD), Analog Devices (ADI), Nvidia (NVDA), and Qualcomm (QCOM), surged nearly 2.7% to a record level of 4,095.91. This rise is partly attributed to investor optimism following Federal Reserve Chairman Jerome Powell's comments on potential rate cuts next year.
Ameren (AEE, Financial) saw its shares drop following the announcement of hearings by the Missouri Public Service Commission regarding the construction of several solar-power plants in the state. Similarly, Exelon (EXC, Financial) experienced a decline in its stock value. The hearings are scheduled for February and will discuss Ameren Missouri's proposal to build and operate solar generation facilities across various counties.
Real estate stocks, including Meritage Homes (MTH, Financial), Havnanian Enterprises (HOV, Financial), and Toll Brothers (TOL, Financial), soared after the Federal Reserve indicated an end to aggressive interest-rate hikes, signaling potential rate cuts in 2024. This news spurred a rally in homebuilders and online real estate brokerages, with significant gains observed across the sector.
U.S. Senator Elizabeth Warren and Representative Pramila Jayapal accused pharmaceutical companies such as AbbVie (ABBV, Financial) and AstraZeneca (AZN, Financial) of engaging in "sham" patent claims that stifle competition and contribute to rising drug prices. The lawmakers have urged these manufacturers to cease listing patents improperly or inaccurately, following notices from the Federal Trade Commission regarding violations of patent listing procedures.
Caterpillar (CAT, Financial) announced the appointment of Jason Kaiser as group president of its energy and transportation unit, effective January 1. Kaiser, who has been with the company since 2000, will oversee various divisions within Caterpillar, including rail, solar turbines, and electrification. His extensive experience in engineering, product management, and operations positions him well for this leadership role.
Car manufacturers received optimistic projections from S&P Global Mobility, which expects global vehicle sales to exceed 88 million in 2024. This forecast is based on improvements in supply chains and a continuing recovery in demand, supported by pent-up consumer demand. In the U.S., sales are anticipated to reach 15.9 million in 2024, a 2% increase from the projected sales in 2023.
The FDA issued warning letters to nine companies, including Chewy (CHWY, Financial), for selling unapproved antimicrobial animal drugs. These drugs contain antibiotics important for human medicine, and their unregulated use could contribute to antimicrobial resistance and the development of superbugs. The FDA's action aims to curb the spread of drug resistance by ensuring proper medical oversight of antibiotic use in animals.
Chewy (CHWY, Financial) celebrated its first investor day by launching Chewy Vet Care, a new pet health practice brand. The company plans to open its first practice in South Florida early next year, with more locations to follow throughout 2024. Chewy's expansion into veterinary services is powered by a custom-built open platform and aims to tap into the growing pet healthcare market.
Boeing (BA, Financial) shares continued their upward trend, marking the seventh consecutive session of gains. The aerospace giant has seen its stock rise by approximately 28.41% since the beginning of the year, outperforming the S&P 500. Boeing's profitability and momentum have received high ratings from Seeking Alpha's Quant Ratings, although its valuation is graded lower.
Berkshire Hathaway (BRK.B) increased its stake in Occidental Petroleum (OXY, Financial) by purchasing close to 10.5 million shares. This move comes after Occidental announced a $12 billion deal to acquire Permian producer CrownRock. Berkshire, now holding over 27% of Occidental, has been steadily increasing its investment in the oil company, leading to speculation about a potential full acquisition in the future.
