ConocoPhillips, Concho Resources jump following agreement to combine in all-stock transaction Check out this morning's top movers from around Wall Street, compiled by The Fly.
HIGHER -
- Fluidigm (FLDM) up 10% after the Department of Health and Human Services announced the company's saliva test that detects SARS-CoV-2 will be provided at surge testing site in Texas
- OraSure (OSUR) up 16% after announcing its its DNA Genotek subsidiary has received Emergency Use Authorization from the FDA for the use of its OMNIgene ORAL saliva collection and stabilization device in COVID-19 testing
- Cree (CREE) and Smart Global (SGH) up 3% and 6% respectively after announcing that Cree has entered into a definitive agreement to sell its LED Products business unit to Smart Global Holdings for up to $300M, including fixed upfront and deferred payments and contingent consideration
- South Mountain Merger Corp. (SMMC) up 5% after Billtrust and the company entered into a definitive business combination agreement in which the combined company will continue as a publicly listed entity and have an implied estimated enterprise value of approximately $1.3B at closing
- ConocoPhillips (COP) and Concho Resources (CXO) up 1% and 3% respectively after announcing that they have entered into a definitive agreement to combine companies in an all-stock transaction in which each share of Concho Resources common stock will be exchanged for a fixed ratio of 1.46 shares of ConocoPhillips common stock, representing a 15% premium to closing share prices and a $60B enterprise value
UP AFTER EARNINGS -
DOWN AFTER EARNINGS -
- Halliburton (HAL) down 1%
LOWER -
- American Equity (AEL) down 9% after announcing that it has entered into a strategic partnership with Brookfield Asset Management (BAM) for the reinsurance of $5B of existing liabilities and up to an incremental $5B of new sales of its IncomeShield or similar fixed index annuity products
- Mednax (MD) down 3% after Deutsche Bank analyst Pito Chickering downgraded shares to Sell from Hold with a price target of $12, down from $20
- Loop industries (LOOP) down 4% after disclosing that it received a subpoena from the U.S. Securities and Exchange Commission requesting certain information from the company, including information regarding testing, testing results and details of results from Gen I and Gen II technologies and certain partnerships and agreements
Symbols:
FLDM MD AEL HAL PHG CXO COP SMMCSouth Mountain Merger Corp.
SGH CREE OSUR LOOP Keywords: Fly Intel, Wall Street, Top Stories, Stocks