DXC Tech Rallies on Apollo, Kyndryl Acquisition Talks

DXC Technology surges on acquisition talks; GM hits highest level since Feb 2022; Regional banks slide on Huntington warning.

By Bill Bullington

6/10, 19:31 EDT
Advanced Micro Devices, Inc.
ARM Holdings plc
DraftKings Inc.
DXC Technology Company
General Motors Company
iShares Biotechnology ETF
KLA Corporation
SPDR S&P Regional Banking ETF
Eli Lilly and Company
Lam Research Corporation
Southwest Airlines Company
Micron Technology, Inc.
VanEck Semiconductor ETF
iShares Semiconductor ETF
SPDR Series Trust SPDR S&P Biotech ETF

DXC Technology Soars on Acquisition Talks, Regional Banks Slide, GM Hits Highs

After-hours Stock Action

DXC Technology (DXC): Acquisition Buzz Boosts Stock

  • Late Surge: Jumped near close and extended gains after hours following reports of Apollo Global and Kyndryl joint bid talks.
  • Share Performance: Closed at $18.45 per share, down 30% in a year.

Regional Banks: Huntington Bancshares Warning Impacts Sector

  • Pressure on Banks: Huntington Bancshares warning on net interest income led to regional banks' decline.
  • ETF Performance: SPDR S&P Regional Banking ETF (KRE) down over 1%, off by 11% YTD.

General Motors (GM): Strong Performance Continues

  • Market Outperformance: Closed at highest level since February 2022, up over 30% YTD.
  • Analyst Sentiment: Majority with buy rating; trading at slight discount to average price target.

Semiconductor Sector Shines Bright

  • VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) hit record highs as chip stocks surge.
  • Notable Performers: KLA Corp., Micron, Lam Research among top gainers; AMD downgraded by Morgan Stanley.

Biotechs & Pharma Landscape

Eli Lilly's Alzheimer's Drug Approval Boosts Stock

  • Positive Nod from FDA Advisors for Alzheimer's drug; stock up more than 90% in a year.

Biotech Industry Insights & Indices Performance

  • Wave of IPOs Expected in Biotech Industry per Financial Times insiders.
  • Sector Indices Overview:
    • SPDR S&P Biotech ETF (XBI) up 5%, NYSE Arca Biotechnology Index (BTK) down 2%, iShares Biotechnology ETF (IBB) up 6% in a year.

Elliott Management Activist Campaigns & Top Wall Street Picks

Recent Activist Campaigns by Elliott Management

  • Southwest Airlines stake disclosed yesterday; stock surged by 7% today.
  • SoftBank stake revealed last week with positive performance since then.

Top Wall Street Picks

  • Rosenblatt Securities' top pick Arm Holdings showing strong growth trends and analyst support.
  • Morgan Stanley reinstates DraftKings as a top pick amidst state tax concerns but optimistic outlook.