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.