Stock prices fall.Bitcoin soars to $65,000

JetBlue and Spirit Airlines cancel $3.8 billion merger, sending Spirit stock plummeting

33 minutes ago

JetBlue (JBLU) and Spirit Airlines (SAVE) have called off their $3.8 billion merger plan after regulators blocked the deal.

Spirit Airlines stock was down 15% on Monday morning, while JetBlue’s stock was up nearly 4%.

The partnership, announced in July 2022, would create the fifth-largest airline in the United States and come under antitrust scrutiny from regulators. A federal judge ruled against the airline earlier this year.

While both companies say they still believe in the merits of the deal, they are abandoning the merger because they are unable to obtain the necessary approvals by the July 2024 deadline. JetBlue will pay Spirit $69 million in termination settlement.

With Monday’s decline, Spirit Airlines stock has lost more than 70% of its value since the merger was first announced.

-Kevin George

Super microcomputer stocks soar after being included in the S&P 500

1 hour 20 minutes ago

Super Micro Computer (SMCI) shares rose more than 20% in pre-market trading on Monday following the announcement that the company will be included in the large-cap S&P 500 index.

Super Micro & Decker’s Outdoor Corporation (DECK) plans to remove white goods manufacturer Whirlpool (WHR) and regional bank Zions Bancorp (ZION) from its blue-chip index, with a change of 3. It was reported that the agreement will take effect before trading begins on the 18th. S&P Global.

The San Jose, Calif., company’s stock has more than tripled since the beginning of the year, and its market capitalization has soared to more than $50 billion amid an AI-powered buying frenzy.

Supermicro stocks have been on a steady upward trend since May 2020, when the 50-week moving average broke above the 200-week moving average, triggering a golden cross buy signal. What is impressive is that although the stock retraced several times in 2023, it failed to reach the 50-week moving average, highlighting the strength of the uptrend.

Recently, the rally above average volume accelerated after the price broke out of a four-month consolidation period in an upward triangle shape. This chart pattern suggests a continuation of the current long-term trend. If you see a wave of profit-taking in the stock, keep an eye on the $300-$350 level where the upper trendline of the triangle and rising 50-week moving average could provide support for a pullback.

-Timothy Smith

Macy’s takeover offer jumps to $6.6 billion as Arkhouse and Brigade raise bids

2 hours 3 minutes ago

Macy’s (M) shares rose 16% in early trading Monday after a group of investors raised their bid by nearly $1 billion after their previous offer for the struggling department store chain was rejected.

Real estate firm Arkhouse Management and asset management firm Brigade Capital Management announced Sunday that they are proposing to acquire Macy’s shares they don’t already own for $24 per share, or $6.6 billion. . The company’s stock is worth about $5.8 billion, 33% above Friday’s closing price of $18.01.

Managing partners Gabriel Kahane and Jonathan Blackwell said in a statement that Arkhouse “is prepared to further increase the purchase price, subject to customary due diligence.” Mr. Kahane and Mr. Blackwell outlined their funding plan, saying they were backed by investors Fortress and OneIM.

Macy’s board of directors said it will consider and evaluate the latest proposal.

-Fatima Atalwala

Stocks that move the most before the market

2 hours 43 minutes ago

Profit:

• Super Micro Computer Inc. (SMCI): The data center company’s stock rose 16% after S&P Dow Jones Indices announced it would add the company to the S&P 500 effective March 18. Shoe company Deckers Outdoor Corporation (DECK) also gained about 5% in its eponymous index.
• Macy’s (M): Investors Arkhouse Management and Brigade Capital, who offered to buy the department store for $21 a share in December, have increased their offer by nearly $1 billion. As a result, the stock price rose more than 14%.
• Coinbase Global Inc. (COIN): The cryptocurrency exchange’s stock rose 6% as Bitcoin prices exceeded $65,000 for the first time since 2021.

loss:

• Li Auto Inc. (LI): The Chinese automaker’s stock fell more than 7%, widening its losses from Friday, when it unveiled its first fully electric vehicle priced slightly higher than analysts expected.
• Apple Inc. (AAPL): The iPhone maker’s shares fell nearly 2% after the European Union fined the company 1.8 billion euros ($2 billion) over its handling of a music streaming app that competes with Apple Music. did.
• Zions Bancorp (ZION): Shares of this regional lender fell about 1% after being lifted from the S&P 500 to the mid-cap S&P 400 by Super Micro Computer. Whirlpool (WHR) also fell 1% due to the boom.

Stock futures fall before market opens

3 hours 30 minutes ago

Futures contracts tied to the Dow Jones Industrial Average fell 0.4% in premarket trading Monday.

S&P 500 futures fell about 0.1%.

Nasdaq 100 futures were little changed about an hour before the market opened.