3M, Jabil, XPeng, Hawaiian Electric, Nvidia and more stockbrokers

3M (MMM) was up 6.1% in premarket trading after the Wall Street Journal reported that the company and plaintiff’s attorneys are close to a settlement in which 3M would pay $5.5 billion to settle claims for having sold faulty combat earplugs to the US military. Negotiations are ongoing, people involved in the discussions told the Journal, and the final amount is yet to be determined.

Jabil (JBL) has reached an agreement to sell its China manufacturing business to BYD Electronic, a subsidiary of Chinese electric vehicle maker BYD, in a deal valued at approximately $2.2 billion. In a statement, Jabil said the transaction was the largest in the contract electronics manufacturer’s history. Jabil shares are up 4.6% in premarket trading.

US-listed XPeng (XPEV) rose 6.6% after the Chinese electric vehicle maker announced it would acquire DiDi Global’s (DIDI) smart car development business for $744 million.

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Hawaiian Electric (HE) rose 32% after the utility denied allegations that its power lines caused a deadly wildfire on the island of Maui in Hawaii. The company indicated it intends to defend itself as it faces lawsuits over the devastating Hawaii wildfires earlier this month.

CrowdStrike (CRWD) on Morgan Stanley was downgraded from Overweight to Equal Weight and its price target was reduced to $167 from $178. Shares of the cybersecurity company fell 2.7% to $145.52.

Alibaba’s American Depositary Receipts (BABA) rose 1.3%, (JD) gained 1.9% and Baidu (BIDU) rose 1.4% after the Chinese government announced the trade tax to lower and take other steps to raise capital markets.

Horizon Therapeutics (HZNP) gained 5.2% after the Federal Trade Commission stayed its lawsuit against Amgen

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‘s (AMGN) acquisition of the biotechnology company in a deal worth $27.8 billion. The hiatus, valid until Sept. 18, allows the FTC’s three commissioners to decide whether the agency should settle the case, the Wall Street Journal reported.

Nvidia (NVDA) is up 0.3% in premarket trading. Barrons Noted that despite the stock’s 215% surge this year, the AI ​​chip leader’s latest earnings report made the shares cheaper. The forward price-to-earnings ratio, which measures a stock’s current price relative to earnings in the future, often over the next year, shows that Nvidia shares are cheaper now than they have been since Jan. 5, even though the stock has increased sharply since then.

Write to Joe Woelfel at [email protected]


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Robert Wilson

Business & economics analyst. Breaking down intricate financial trends for informed decision-making.

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