Tupperware, Kenvue, Earthstone Energy: Market Movers
Tupperware Brands (TUP), a new addition to the meme stock roster, sees its shares surge after Federated Hermes (FHI) raises its stick in the company. Kenvue (KVUE) stock trends higher over demand on parent company Johnson & Johnson's (JNJ) stock swap it offered shareholders. Permian Resources (PR) is set to buy Earthstone Energy (ESTE) in a $4.5 billion deal scheduled to close by the end of 2023.
Yahoo Finance Live host Julie Hyman highlights several of the top trending stocks following this morning's opening bell.
Video Transcript
JULIE HYMAN: It is just after 10:00 AM in New York City. This is Yahoo Finance Live. I'm Julie Hyman, Brad Smith is off today and we're about 30 minutes into the trading day. So let's take a look at how stocks are moving at this moment. We've got stocks sort of looking for traction here. The S&P 500 up about a [? half a percent ?] after a three week slump. Investors are anticipating big results this week from NVIDIA, as well as some insight from the Fed in Jackson Hole, Wyoming where it's holding its annual conference.
Let's take a look at some individual movers, as well shares of Tupperware are jumping today some 23 and 1/2% after an SEC filing shows that Federated Hermes bought about 200,000 shares of the company's stock in the most recent quarter, bringing its holdings up to over 360,000 shares. That's about 0.8% of the company. The firm's stake in Tupperware is now worth about [? $950,000. ?] Tupperware has been sort of memified as of late. It's frequently on our trending ticker list and has been quite actively traded.
Also shares of Kenvue, that's Johnson & Johnson's newly spun off consumer health unit. They're on the move today on news that the parent company's offer to its shareholders to exchange their shares of JNJ common stock for shares of Kenvue was oversubscribed, meaning there was a lot of demand for. 23.8% of the shares will be exchanged with those JNJ shares. JNJ is going to retain about a 9 and 1/2% stake in the newly separated business.
And we're also watching shares of Earthstone Energy. That stock is popping after announcing that Permian Resources is buying it in an all stock deal valued at about [? 4 and 1/2 ?] billion, including debt. The transaction expected to close by the end of the year with the goal of strengthening Permian Resources as a leading Delaware basin independent producer. It produces about 300,000 barrels of oil per day. Permian Resources stock in contrast was down on this news.
