Super Micro, XPeng, AstraZeneca: Trending tickers
Shares of Super Micro (SMCI) are trading lower Tuesday morning as the company moves to sell 2 million shares of its common stock in a public offering. Goldman Sachs will be the sole underwriter of the proposed offering and is expected to have a 30-day option to purchase up to 300,000 additional shares.
Shares of Chinese EV maker XPeng (9868.HK) are moving as the company released its fourth quarter report. The report showed a quarterly revenue of $1.84 billion, which is an increase of 153.9% from the same period in 2022.
AstraZeneca (AZN) has announced it will buy the drug developer Fusion Pharmaceuticals (FUSN) in a deal valued at around $2 billion. Shares of Fusion are surging on Tuesday morning in response to the announcement.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
Video Transcript
BRAD SMITH: Stocks, they're mixed as the Federal Reserve's March meeting gets underway. All eyes are going to be on the Fed's summary of economic projections or known in your hood as the dot plot. Investors, they're going to try to gauge the number of rate cuts that we could see this year. The S&P 500 down by about 2/10 of a percent right now.
SEANA SMITH: All right. Let's get to some trending tickers. First up, Super Micro Computer shares are actually plunging today off just about 12%. Now the news here is that the company plans to offer 2 million shares of its common stock in a public offering. Goldman Sachs is a sole underwriter of this proposed offering and is expected to have a 30-day option to purchase up to 300,000 additional shares this coming just a day after the computer server maker was added to the S&P 500 index. And certainly, we have seen massive gains in this stock since the start of the year.
BRAD SMITH: We're also tracking shares of Chinese EV maker XPeng. They are down right now after the company reported better-than-expected fourth-quarter results. The company delivered over 60,000 vehicles in the quarter. That's up from about 22,000 the year prior here. The improved sales helped offset profit margin contraction. XPeng saw that thanks to the EV pricing war that hit on margins there.
SEANA SMITH: And AstraZeneca, trending in the news today, is going to be buying a Canadian drug developer Fusion Pharmaceuticals for a deal valued at just around $2 billion. Now it's a sign that the pharmaceutical giant is betting on next-generation cancer treatments. Shares of Fusion are also surging on the news. You can see the move to the upside there. Not a huge surprise, trading just around 21 bucks a share.
