Movers: Amedisys, Apple Inc, Coinbase, EPAM Systems, Starbucks, Tesla, UBS

Scott Peters
05 Jun, 2023
New York City

The S&P 500 index decreased 1.12 points to 4,280.72 and the Nasdaq Composite increased 0.1% to 13,256.81. 

The yield on 2-year Treasury notes increased to 4.55%, 10-year Treasury notes edged up to 3.75% and 30-year Treasury bonds held at 3.94%. 

Crude oil increased $1.74 to $73.64 a barrel and natural gas prices increased 9 cents to $2.26 a thermal unit. 

Apple Inc increased 1.5% to $183.30 as investors looked forward to new product announcements at its annual developers conference starting today. 

Tesla Inc gained 2.3% to $218.96 and technical traders boosted the stock after the 15-day average crossed its 50-day average, supporting the case for higher stock price ahead. 

Starbucks Inc advanced 0.9% to $100.37 after a private survey showed China's service sector expanded for the fifth month in a row in May. 

For the coffee retailer, China is the second largest market with more than 6,000 locations. 

UBS Group AG declined 0.1% to $19.96 after the company said the acquisition of Credit Suisse is likely to be completed by June 12. 

Chewy Inc extended  its Friday's gains by 2.2% to $36.31 after the pet food  retailer reported better than expected results last week.

Coinbase Global Inc declined 10.5% to $57.54 after the Securities and Exchange Commission sued rival Binance on Monday, alleging that Binance and its cofounder Changpeng Zhao violated U.S. securities laws.

The regulatory authority in a 13-count charge sheet alleged that the company and its founder Zhao commingled billions of dollars of investor funds  with its owned.

Amedisys Inc soared 14.4% to $90.90 after the home health and hospice company received an unsolicited cash buyout offer from Optum, a division of UnitedHealth for $100 a share.

On May 3, Amedisys and Option Care Health agreed to combine in an all-stock deal that valued Amedisys at $3.6 billion or $97.38 a share. 

Upon closing, Option Care Health stockholders will own approximately 64.5% of the combined company, and Amedisys stockholders will own approximately 35.5%.

The merger proposal still needs regulatory and stockholders approvals. 

The Baton Rouge, Louisiana based company's stock peaked around $313 in early 2021.

Under the Option Care Health proposal, the combined company will retain its operations in Baton Rouge and Nashville and its chief executive John Rademacher will lead the larger company. 

Option Care jumped 7% to $30.57 after the buy out news. 

EPAM Systems Inc declined 19.9% to $208.30 after the software developer lowered its sales and earnings outlook for the second quarter and full year.

Revenue in the first quarter increased 3.4% to $1.21 billion from $1.17 billion but net income rose to $102.3 million from $89.7 million and diluted earnings per share advanced to $1.73 from $1.52 a year ago.  

For the full year, EPAM lowered its revenue estimate in the range of $4.95 billion to $5.0 billion and diluted earnings per share in the range of $8.11 to $8.31. 

For the second quarter the company lowered its revenue estimate in the range of $1.195 billion to $1.205 billion and diluted earnings per share in the range of $1.82 to $1.90.