Horizon Therapeutics, Coupa Software, Weber and more

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Check out the companies making headlines during midday trading.

Horizon therapies – Shares of the drug maker rose 15% after the company announced it agreed to be acquired by Amgen in a deal worth approximately $26.4 billion, or $116.50 per share, in cash. The deal gives Amgen the opportunity to build its portfolio of rare disease treatments. Shares of Amgen fell more than 1%.

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Weber – Shares of the grill manufacturer rose 23% after the company announced a deal that would be taken private by BDT Capital Partners. BDT will buy Weber for $8.05 per share, the announcement said.

Coupa software – The maker of business expense management software rose 26% after private equity firm Thoma Bravo agreed to buy the company in an $8 billion cash deal, or $81 per share.

Under armor – The stock of athletic wear is up 10% after an upgrade to buy off hold by Stifel. The company cited Under Armor’s “better margin security” and inventory management as reasons for the upgrade.

Boeing Shares of the aircraft maker rose 2.8% after the Economic Times reported over the weekend that Air India is close to signing an order to acquire up to 150 737 Max jets.

Rivian – The stock of electric vehicles lost more than 4% on the news that it is interrupting plans to make electric vans in Europe with Mercedes-Benz. Rivian CEO RJ Scaringe said the company pursues “the best risk-adjusted return” on its capital investments, which includes focusing on its consumer and existing businesses. News of the agreement with the automaker was first announced in September.

Monday – Shares of software publisher rose 6% on Monday after JPMorgan upgraded the stock from neutral to overweight and raised its price target.

Cheesecake factory, Brink International – The two restaurant stocks fell after downgrades to sell from neutral by Goldman Sachs. The company said inflation will continue to hurt businesses in 2023. Cheesecake Factory lost 1.6%, while Brinker, the parent company of Chili’s and Maggiano’s Little Italy, fell 2.9%.

Box – The software-as-a-service company gained 6.5% after JPMorgan upgraded the stock from neutral to overweight, arguing it is outperforming other technology names and can continue to do so going forward.

Tesla – Shares of Tesla fell more than 4% after a YouGov poll found that negative views about the electric vehicle maker have only slightly overtaken positive ones. Tesla’s brand has taken a turn for the worse after CEO Elon Musk took over Twitter.

— CNBC’s Tanaya Macheel, Yun Li, Alex Harring, Samantha Subin, and Jesse Pound contributed reporting

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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