Macy’s (M) go-private deal and Cigna’s (CI) no deal are moving their share prices today.
Arkhouse Management and Brigade Capital Management proposed to buy Macy’s for $5.8 billion, above the $4.77 billion market cap last Friday. M stock had already risen from as low as $11 on Nov. 10 to over $17 before the news. Department stores are rising with the news. Nordstrom (JWN), Dillard’s (DDS), and Kohl’s (KSS) are up by over 4%.
Citing an inability to reach an agreement on financial terms, Cigna (CI) canceled its plans to merge with Humana (HUM). CI stock is up 9% as it switches its strategy. It will look for other acquisition opportunities and will buy back a massive $10 billion in shares. This increases the buyback to as much as $11.3 billion. HUM stock is up 1.1%.
Pinterest (PINS) rose after RBC Capital Markets upgraded the stock to “outperform.” The analyst cited the firm’s ability to monetize impulse spending in digital advertising. Analyst Brad Erickson raised the price target from $32 to $46.
Nasdaq 100’s index change sent JD.com (JD) down by over 4%, Lucid (LCID) lower, and Zoom Video (ZM) lower. Oddly enough, MongoDB (MDB) added 2.04% after Nasdaq included it, effective before market opening on December 18.
CDW (CDW), Coca-Cola Europacific Partners (CCEP), Roper Technologies (ROP), and Splunk (SPLK), which Cisco (CSCO) is acquiring, are the other additions to the index. DoorDash (DASH) will join the index, despite gaining over 85% in the last year.
After the reconstitution, Align Technology (ALGN), eBay (EBAY), and Enphase Energy (ENPH) were the other firms removed from the Nasdaq 100 index.