In Shanghai, China, the Xpeng G9 SUV is proudly showcased at the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center on April 18, 2023.
VCG | Visual China Group | Getty Images
Get ready for some exciting news in the business world:
Xpeng — Prior to the opening bell, the U.S. shares of Chinese electric vehicle company, Xpeng, surged by 5%. Xpeng recently announced its acquisition of Didi’s smart electric car business, a deal worth a staggering $744 million.
3M — Shares of 3M experienced a significant surge of over 5% after Bloomberg News reported that the company has tentatively agreed to settle over 330,000 lawsuits related to its defective earplugs. The settlement is estimated to cost 3M more than $5.5 billion.
Mister Car Wash — In premarket trading, the stock for car wash company, Mister Car Wash, increased by 5.7% following a Piper Sandler upgrade from neutral to overweight. Piper Sandler claims that Mister Car Wash has a promising potential for growth in the next two years.
CrowdStrike — Before the market opens, shares of cybersecurity company, CrowdStrike, dropped by 2.6% as Morgan Stanley downgraded the company from overweight to equal weight. The investment firm warned investors about possible slowdowns in revenue growth based on CrowdStrike’s upcoming earnings report.
Akero Therapuetics — After being initiated with a buy rating by UBS and receiving a price target suggesting substantial growth, the shares of biotech company, Akero Therapuetics, rose by 2.2%. UBS estimates that Akero’s treatment for non-alcoholic steatohepatitis presents an undervalued market opportunity worth more than $20 billion.
The Chinese stock market has also witnessed positive movements:
Alibaba and JD.com experienced gains of 1.3% and 1.6%, respectively, after the Chinese government announced measures to enhance the stock market, including a reduction in trading taxes.
RPT Realty — The stock value for real estate investment trust RPT Realty surged more than 11% as news broke that the company is being acquired by Kimco Realty in a stock deal worth $2 billion. The acquisition is expected to be finalized by early 2024. CEO Conor Flynn of Kimco stated, “Approximately 70% of RPT’s portfolio aligns with our key strategic markets.”
Abcam — Following Danaher’s announcement of acquiring Abcam in a deal valued at approximately $5.7 billion, shares of the protein consumables supplier fell by over 3%. Meanwhile, Danaher’s own shares experienced a negligible increase of less than 1%.
Boston Scientific — After successfully achieving positive results in its treatment for patients with abnormal heartbeats, Boston Scientific’s stock soared by 5.5%. The medical device maker’s advancement in treating atrial fibrillation was widely praised.
— Reporting by CNBC’s Jesse Pound, Sarah Min, and Alexander Harring contributed to this article.
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