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Monday, October 17, 2022 4:37:33 PM
2 Rumors Lighting Up Trading Screens Today
By: Investing.com | October 17, 2022
Stocks surged higher Monday, helped in part by bank stocks which continued to report strong earnings. Bank of America (NYSE:BAC) was the latest bank to continue the trend as earnings season kicks off. The Nasdaq 100 had its largest one-day gain since late July, notching a 3.5% surge during the session. Amid the action, several rumors swirled around Wall Street. Below we highlighted a couple:
Cano Health (NYSE:CANO) plunged 43% following a report that CVS Health (NYSE:CVS) decided not to pursue a deal to acquire the company. This follows recent reports the two sides were in exclusive talks. Amid the sell-off in Cano on the rumor, a spokesperson for CVS told Investing.com "[W]e don’t comment on rumors or speculation."
Shares of Splunk (NASDAQ:SPLK) gained nearly 6% after the WSJ reported that activist investor Starboard Value now holds a 5% stake in the company. This follows Cisco's (NASDAQ:CSCO) unsuccessful $20 billion bid for the company earlier in the year and private equity firm Hellman & Friedman's 7.5% stake in the company and most recent board representation. Private equity giant Silver Lake also owns a sizable investment in Splunk. Following the latest activist news, a Needham & Company analyst said they now view a buyout as "more likely than not."
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By: Investing.com | October 17, 2022
Stocks surged higher Monday, helped in part by bank stocks which continued to report strong earnings. Bank of America (NYSE:BAC) was the latest bank to continue the trend as earnings season kicks off. The Nasdaq 100 had its largest one-day gain since late July, notching a 3.5% surge during the session. Amid the action, several rumors swirled around Wall Street. Below we highlighted a couple:
Cano Health (NYSE:CANO) plunged 43% following a report that CVS Health (NYSE:CVS) decided not to pursue a deal to acquire the company. This follows recent reports the two sides were in exclusive talks. Amid the sell-off in Cano on the rumor, a spokesperson for CVS told Investing.com "[W]e don’t comment on rumors or speculation."
Shares of Splunk (NASDAQ:SPLK) gained nearly 6% after the WSJ reported that activist investor Starboard Value now holds a 5% stake in the company. This follows Cisco's (NASDAQ:CSCO) unsuccessful $20 billion bid for the company earlier in the year and private equity firm Hellman & Friedman's 7.5% stake in the company and most recent board representation. Private equity giant Silver Lake also owns a sizable investment in Splunk. Following the latest activist news, a Needham & Company analyst said they now view a buyout as "more likely than not."
Read Full Story »»»
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