Top 5 Market Updates to Watch Before Trading Begins
Stay informed with the latest market-moving news including Chevron's $53 billion acquisition of Hess, Apple's share dip amid Chinese tax probes into Foxconn, and key developments from ExxonMobil, Royal Philips, and Roivant-Pfizer.
Key financial headlines for October 23, 2023
Major market events today include Chevron's announcement to acquire Hess for $53 billion, a dip in Apple shares following China’s tax investigations into Foxconn, and other significant corporate moves. Here’s what investors need to keep on their radar before the markets open.
1. Chevron to Acquire Hess in $53 Billion Stock Transaction
Chevron Corporation (CVX) revealed plans to purchase Hess Corporation (HES) through an all-stock deal valued at $53 billion. Alongside this, Chevron intends to propose an 8% increase in its first-quarter dividend to $1.63 per share and boost its share buyback program by $2.5 billion, aiming for a total of $20 billion in repurchases this year, hitting the upper limit of its forecast. Following the announcement, Chevron's shares declined 2.9% in pre-market trading, while Hess's stock rose over 2%.
2. Apple Shares Drop Amid Chinese Tax Investigations Into Foxconn
Apple Inc. (AAPL) saw its shares fall by 1.4% after Chinese tax authorities initiated multiple probes targeting Foxconn, a critical supplier for Apple’s iPhone production. This scrutiny coincides with Foxconn founder Terry Gou’s announcement to run in Taiwan’s 2024 presidential election, adding a geopolitical dimension to the market's concerns.
3. ExxonMobil Divests 25% Stake in German Miro Refinery
ExxonMobil (XOM) has sold a 25% interest in its Miro refinery located in southwest Germany to Liwathon Group, a private investment firm. The Miro facility is Germany’s second-largest oil refinery and features the country’s largest storage tanks. ExxonMobil's shares experienced a slight 0.5% dip in pre-market trading following the transaction.
4. Royal Philips Raises Full-Year Sales and Profit Outlook
Shares of Royal Philips (PHG) declined 0.5% in pre-market trading despite the Dutch health technology company raising its full-year guidance. The company reported a net profit in Q3 driven by stronger sales and now expects comparable sales growth between 6% and 7% for the year. Additionally, Philips forecasts an adjusted EBITDA margin of 10% to 11%, surpassing previous projections.
5. Roivant and Pfizer Gain on $7.1 Billion Sale of Telavant Holdings to Roche
Roivant Sciences (ROIV) shares surged over 14%, while Pfizer (PFE) shares edged up 0.3% after both companies sold their stakes in Telavant Holdings to Swiss pharmaceutical giant Roche for $7.1 billion. This deal grants Roche rights to Telavant’s treatments for inflammatory bowel disease as it prepares to initiate Phase 3 clinical trials.
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