Stocks traded flat Monday after the
S&P 500
set another record high on Friday and closed above 5000 for the first time. The index, like the
Dow Jones Industrial Average
and the
Nasdaq Composite,
has risen 14 out of the last 15 weeks.
These stocks were making moves Monday:
Diamondback Energy
announced Monday it was merging with Permian rival Endeavor Energy Resources in a deal that would create an oil-and-gas giant worth more than $50 billion. The transaction was valued at about $26 billion, including Endeavor’s net debt. Shares in Diamondback, which has a market value of around $27 billion, were up 6.5%.
Big Lots
was down 23% to $4.11 following a report from Bloomberg that said the discount retailer was seeking new financing as deals with dwindling liquidity.
Big Lots
has been reaching out to bankers and investors to assess market willingness to provide a new loan, Bloomberg reported, citing people with knowledge of the company’s efforts. Analysts at Loop Capital downgraded the stock to Sell from Hold.
CymaBay Therapeutics
reached a deal to be acquired by
Gilead Sciences
for $32.50 a share. CymaBay shares were rising 25% to $31.99. Gilead rose 0.8%.
Monday.com,
the project and task management software company, reported fourth-quarter adjusted earnings that beat analysts’ estimates as revenue in the period rose 35% from a year earlier to $202.6 million. The company’s revenue outlook for the first quarter, however, disappointed and the stock fell 11%.
Joby Aviation
rose 4.9% after the company reached a deal to launch air taxi services in the United Arab Emirates by early 2026.
Rivian Automotive
was down 1.8% to $16.38 after shares of the electric-vehicle company were downgraded to Hold from Buy at
Barclays
and the price target was reduced to $16 from $25.
Trimble,
which sells precision measurement technology, rose 3%. The company reported fourth-quarter earnings and sales that topped Wall Street estimates. The company said it expects revenue in 2024 of $3.57 billion to $3.67 billion, down from $3.8 billion a year earlier and below analysts’ expectations of $3.84 billion.
XPO Inc.
was down 2.3% to $118.03 after shares of the transportation company were downgraded by
Morgan Stanley
to Underweight from Equal Weight while the price target was increased to $80 from $75.
Earnings reports are expected Monday after the closing bell from
Arista Networks,
Cadence Design Systems,
Waste Management,
Lattice Semiconductor,
Avis Budget Group,
and
ZoomInfo Technologies.
Write to Joe Woelfel at [email protected]
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