Check out the companies making headlines in midday trading.
Horizon Therapeutics – Shares of the drugmaker jumped 15% after the company announced it has agreed to be acquired by Amgen in a deal valued at approximately $26.4 billion, or $116.50 per share, in cash. The deal will give Amgen a chance to build its portfolio of rare-disease treatments. Amgen shares fell more than 1%.
Weber – Shares of the grill manufacturer jumped 23% after the company announced a deal to be taken private by BDT Capital Partners. BDT will purchase Weber for $8.05 per share, according to the announcement.
Coupa Software – The maker of business spending management software jumped 26% after the private-equity firm Thoma Bravo agreed to buy the company in an all-cash deal worth $8 billion, or $81 per share.
Under Armour – The athletics apparel stock jumped 10% following an upgrade to buy from hold by Stifel. The firm cited Under Armour’s “better margin certainty” and management of inventory among its reasons for the upgrade.
Rivian – The electric vehicle stock shed more than 4% on news that it’s pausing plans to make electric vans in Europe in conjunction with Mercedes-Benz. Rivian CEO RJ Scaringe said the company is pursuing “the best risk-adjusted returns” on its capital investments, which includes focusing on its consumer and existing businesses. News of the agreement with the automobile maker was first announced in September.
Cheesecake Factory, Brinker International – The two restaurant stocks fell following downgrades to sell from neutral by Goldman Sachs. The firm said inflation will continue hurting the companies into 2023. Cheesecake Factory shed 1.6%, while Brinker, the parent of Chili’s and Maggiano’s Little Italy, dropped 2.9%.
Box – The software-as-a-service company gained 6.5% after JPMorgan upgraded the stock to overweight from neutral, arguing it is outperforming other technology names and can continue doing so going forward.
Tesla – Shares of Tesla fell more than 4% after a YouGov survey showed that negative views of the electric vehicle maker have overtaken positive ones just slightly. Tesla’s brand has deteriorated after CEO Elon Musk took over Twitter.
— CNBC’s Tanaya Macheel, Yun Li, Alex Harring, Samantha Subin and Jesse Pound contributed reporting.
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