Market Updates
U.S. Movers: GameStop, U.S. Cellular, T-Mobile U.S., Texas Instruments
Scott Peters
28 May, 2024
New York City
GameStop jumped 21% to $23.30 after the specialty retailer said it raised $933.4 million through the sale of 45 million in a secondary offering.
United States Cellular Corp. jumped 10.3% to $47.50 after the wireless services provider agreed to be acquired by T-Mobile.
Deutsche Telekom-controlled T-Mobile agreed to pay $4.4 billion for the wireless operation of U.S. Cellular and 30% of its wireless spectrum assets.
The deal is expected to be completed in the second quarter of 2025, and T-Mobile will also enter into a new licensing agreement on more than 2,000 towers.
Texas Instruments increased 0.4% to $199.97 after activist investor Elliott Management acquired a $2,5 billion stake in the semiconductor company.
The activist investor said in a letter to the company that it should improve its cash flow to $9 a share by 2026 and urged the company to take a more flexible approach to its capital expenditure plan.
The news was first reported by CNBC, and ticker.com has viewed the electronic copy of the 13-page letter signed by several members of Elliott Management.
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