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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/oddity-prices-closely-watched-ipo-above-expectations-5f0abc5d
Persons: Dow Jones
One Equity Investigated by SEC
  + stars: | 2023-07-19 | by ( Laura Cooper | Dave Michaels | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/one-equity-investigated-by-sec-869c594d
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/roivant-in-talks-to-sell-stomach-drug-to-roche-in-deal-valued-at-more-than-7-billion-c68e3f3f
Persons: Dow Jones Organizations: roche
Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.
Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru
The United States appears to be on the verge of providing Ukraine with cluster munitions, a senior Biden administration official said. What are cluster munitions? “There’s just not a responsible way to use cluster munitions,” said Brian Castner, the weapons expert on Amnesty International’s Crisis Response Team. The New York Times has documented Russia’s extensive use of cluster munitions in Ukraine since the beginning of the invasion in February 2022. The Convention on Cluster Munitions also limits the ability of nations that have signed on to cooperate militarily with countries that employ them.
Persons: Laura Cooper, “ There’s, , Brian Castner, Castner, , Ukraine —, Jerry Redfern, Mary Wareham, Cooper, Biden, Gabriela Rosa Hernández, David Guttenfelder, Oleksandr Kubrakov, ” Eric Schmitt, John Ismay, Gaya Gupta Organizations: Biden, Washington, U.S, Pentagon, National Public Radio, United Nations, Amnesty, Cluster Munitions, Getty, The New York Times, The Times, Human Rights Watch, NATO, Ukraine, Munitions, Arms Control, Ukraine’s, Brigade, ., Munich Security Locations: States, Ukraine, Kyiv, Russia, Eurasia, Tibnin, Lebanon, Syria, Yemen, Afghanistan, Balkans, Laos, U.S, United, United States, LightRocket, Russian, Kramatorsk, Ukrainian
The United States appears to be on the verge of providing Ukraine with cluster munitions, a senior Biden administration official said. What are cluster munitions? “There’s just not a responsible way to use cluster munitions,” said Brian Castner, the weapons expert on Amnesty International’s Crisis Response Team. The New York Times has documented Russia’s extensive use of cluster munitions in Ukraine since the beginning of the invasion in February 2022. The Convention on Cluster Munitions also limits the ability of nations that have signed on to cooperate militarily with countries that employ them.
Persons: Laura Cooper, “ There’s, , Brian Castner, Castner, , Ukraine —, Jerry Redfern, Mary Wareham, Cooper, Biden, Gabriela Rosa Hernández, David Guttenfelder, Oleksandr Kubrakov, ” Eric Schmitt, John Ismay, Gaya Gupta Organizations: Biden, Washington, U.S, Pentagon, National Public Radio, United Nations, Amnesty, Cluster Munitions, Getty, The New York Times, The Times, Human Rights Watch, NATO, Ukraine, Munitions, Arms Control, Ukraine’s, Brigade, ., Munich Security Locations: States, Ukraine, Kyiv, Russia, Eurasia, Tibnin, Lebanon, Syria, Yemen, Afghanistan, Balkans, Laos, U.S, United, United States, LightRocket, Russian, Kramatorsk, Ukrainian
The United States is expected to announce that it will provide Ukraine with cluster munitions, a senior Biden administration official said. Kyiv has been pushing for the controversial and widely banned type of weapon but Washington has resisted because of its potential to cause indiscriminate harm to civilians. Ukraine has said the weapons would help in its counteroffensive against Russian troops by allowing its forces to effectively target entrenched Russian positions and to overcome its disadvantage in manpower and artillery. After months of demurring, citing concerns about the weapons’ use and saying they were not necessary, U.S. officials have recently signaled a shift. Laura Cooper, the deputy assistant secretary of defense for Russia, Ukraine and Eurasia, told U.S. lawmakers late last month that the Pentagon had determined that cluster munitions would be useful for Ukraine, “especially against dug-in Russian positions on the battlefield.”The expected U.S. decision was first reported by National Public Radio and confirmed on Wednesday night by the administration official, speaking on condition of anonymity in order to disclose internal policy discussions.
Persons: Laura Cooper Organizations: Biden, Washington, U.S, Pentagon, National Public Radio Locations: States, Ukraine, Kyiv, Russia, Eurasia
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Persons: Dow Jones
“These would undoubtedly have a significant battlefield impact,” a US official told CNN. Changing battlefield conditions inside Ukraine over the last two weeks have prompted US officials to give the cluster munitions renewed and serious consideration, officials told CNN. Administration officials also believe they have managed to alleviate some allies’ concerns about the US transferring the munitions, officials said. DPICMs stands for dual-purpose improved conventional munitions, the official name for the type of cluster munitions that the US has in its stockpile. He previously told CNN that with the cluster munitions, “Ukraine will finish this war much faster, to the benefit of everybody.”“Russia is extensively using the old styles, the most barbaric styles, of cluster munitions against Ukraine,” Goncharenko told CNN in December.
Persons: Washington CNN —, Biden, Clodagh Kilcoyne, , ” Laura Cooper, DPICMs, Cooper, , Joe Biden, Oleksiy Goncharenko, ” Goncharenko, Organizations: Washington CNN, CNN, White, Administration, Human Rights Watch, Pentagon, Foreign, Central Command, US State Department, State Department Locations: Ukraine, France, Germany, Ukrainian, Russia, Russian, Syria, Eurasia
Private-Equity Giants Settle for Bite-Size Deals
  + stars: | 2023-06-27 | by ( Ben Dummett | Laura Cooper | ) www.wsj.com   time to read: 1 min
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IBM Nears $5 Billion Deal for Software Provider
  + stars: | 2023-06-24 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones Organizations: ibm
Eisner’s Bazooka Gum Hits Auction Block
  + stars: | 2023-06-11 | by ( Ben Dummett | Laura Cooper | ) www.wsj.com   time to read: 1 min
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Software Company New Relic in Talks to Be Sold
  + stars: | 2023-05-17 | by ( Laura Cooper | ) www.wsj.com   time to read: 1 min
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J&J Prices Consumer Unit IPO at $22 a Share
  + stars: | 2023-05-04 | by ( Corrie Driebusch | Laura Cooper | ) www.wsj.com   time to read: 1 min
Sales of Tylenol were driven higher by a rough cold and flu season. Photo: gary cameron/ReutersJohnson & Johnson ’s big consumer-healthcare business priced its initial public offering at $22 a share in the biggest new-stock listing of the year. The offering was priced at the higher end of the $20 to $23 targeted range, with about 10% more shares sold than planned, according to people familiar with the matter. At that price, the offering is expected to raise at least $3.7 billion and value the new company, known as Kenvue , at more than $40 billion.
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Merck has been looking for deals to add new products to its pipeline. Merck & Co. is in late-stage talks to acquire Prometheus Biosciences Inc., according to people familiar with the matter, a move that could give the big drugmaker promising immune disease treatments. A deal for Prometheus could be announced as soon as Sunday, the people said, cautioning the talks could still fall apart.
Merck has been looking for deals to add new products to its pipeline. Merck & Co. said it agreed to acquire Prometheus Biosciences Inc. for $10.8 billion, a push into the lucrative market for immune-disease treatments. Merck said Sunday it would acquire Prometheus at $200 a share, a roughly 75% premium to where shares closed on Friday, at $114.01. Prometheus had a market cap of $5.4 billion as of Friday’s market close. Its shares are up about 4% year-to-date.
IBM Explores Sale of Weather Business
  + stars: | 2023-04-13 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com   time to read: 1 min
IBM has been taking steps to focus on its platform-based hybrid cloud and artificial-intelligence strategy. International Business Machines Corp. is exploring a sale of its weather operation, according to people familiar with the matter, as the technology company seeks to streamline its operations. An auction of the business is at an early stage, the people said, and there may not be a deal. Should there be one, private-equity is most likely the buyer in a deal that could be valued at more than $1 billion, the people said.
Carrier Plots Separation of Fire Unit
  + stars: | 2023-04-11 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com   time to read: 1 min
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Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil and gas industry while pushing Exxon deeper into West Texas shale.
Exxon, which has oil storage tanks in Beaumont, Texas, is flush with cash after posting record profits in 2022. Exxon Mobil Corp. has held preliminary talks with Pioneer Natural Resources Co. about a possible acquisition of the U.S. fracking giant, as the oil major hunts for a blockbuster deal in the shale patch, according to people familiar with the matter. Discussions between the two companies about a potential deal have been informal, the people said. But after posting record profits in 2022, Exxon is flush with cash and, according to people familiar with the company’s plans, has been exploring options that could reshape a swath of the U.S. oil-and-gas industry while pushing Exxon deeper into West Texas shale.
As more cities look to phase out fossil-fuel usage, utilities are determining how to modify their natural-gas delivery networks. Two of the country’s largest utility companies are weighing potential sales of parts of their natural-gas pipeline networks as efforts to phase out in-home gas use accelerate. Dominion Energy Inc. is considering selling its gas-distribution companies serving North Carolina, Ohio and parts of the Western U.S., according to people familiar with the matter. Combined, the assets could be worth as much as $13 billion, some of the people said, though they are unlikely to be sold all together.
Klaviyo Hires Bankers, Plans for Late 2023 IPO
  + stars: | 2023-04-03 | by ( Laura Cooper | Corrie Driebusch | ) www.wsj.com   time to read: 1 min
Marketing-automation platform Klaviyo Inc. plans to list its shares publicly, according to people familiar with the matter, a sign of life in an otherwise lackluster IPO market. Klaviyo, which was valued at $9.5 billion in a funding round in 2021, has tapped Goldman Sachs Group Inc. to be lead underwriter for the listing, which could take place as early as September, the people said.
Silicon Valley Bank had to sell bonds at a loss. Recent turmoil in the banking industry has made the already-difficult task of selling off tens of billions of risky buyout debt even harder for Wall Street firms. Bank of America Corp., Barclays PLC, Morgan Stanley and others together currently hold $25 billion to $30 billion of “hung debt” on their balance sheets, according to leveraged-finance analytics firm 9fin. The unsold debt is tied to leveraged buyouts that banks agreed to finance before worsening credit conditions last year sapped investor appetite for the paper.
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