Market Updates
U.S. Movers: Archer Daniels-Midland, Boeing, Macy's, NuStar, Sunoco
Scott Peters
22 Jan, 2024
New York City
Sunoco declined 6.2% to $55.77 after the automotive fuel distributor agreed to acquire NuStar Energy, in an all-equity transaction valued at $7.3 billion.
NuStar soared 20% to 15.9% to $20.91.
NuStar common unitholders will receive 0.4 Sunoco common units for each NuStar common unit, implying a 24% premium based on the 30-day volume-weighted average price of both NuStar and Sunoco as of January 19, 2024.
Sunoco said it has secured a $1.6 billion one-year bridge term loan to refinance NuStar's purchase and assume its debt.
Boeing decreased 1.3% to $212.15 after the Federal Aviation Administration expanded its inspection of door plug design on the 737 900-ER.
The FAA ordered an investigation after, earlier in the month, a 737 Max 9 plane used by Alaska Air Flight blew off a door midflight.
The government agency expanded the probe from the 737 Max 9 because the same door plug design is used in the 737 900-ER model.
Macy's Inc. increased 4.3% to $18.39 after the department store chain rejected a $5.8 bid by a consortium of investors, citing the offer was not financially attractive and lacked credible financing.
Ark House and Brigade Capital Management proposed to acquire shares in the company for $21 per share.
Archer Daniels-Midland plunged 15% to $58 after the company said it placed its chief financial officer, Vikram Luthra, on administrative leave amid an accounting practices investigation.
The company also offered a weaker-than-expected fourth-quarter earnings outlook.
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