Shares of Coinbase climbed 12% in premarket trading on Thursday, a day after the cryptocurrency platform became the most valuable U.S. exchange Wednesday amid strong demand for its newly listed stock. Shares of Coinbase made its debut at $381 a share on Wednesday, after a $250 reference price was established Tuesday afternoon. The stock pushed as high as $429.54 before ending at $328.28. At the closing price, Coinbase was valued at $85.8 billion.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
ARK Invest bought cryptocurrency exchange Coinbase , which went public on Wednesday, for three of the ARK exchange-traded funds, including the flagship ARK Innovation ETF . ARK Invest bought Coinbase stock valued at $246 million for the ARK Innovation ETF, ARK Next Generation Internet ETF and ARK Fintech Innovation ETF . ARK Invest CEO Cathie Wood spoke of Coinbase's potential, as well as volatility, in an interview with Bloomberg BNN on Wednesday. To make room, ARK sold $178 million shares of Tesla on Wednesday, though the electric vehicle maker is still the top holding of the ARK Innovation ETF and the ARK Next Generation Internet ETF.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Norway's biggest bank, DNB , on Thursday said it has reached an agreement with Sbanken to buy the smaller rival in deal valued at NOK11.1 billion ($1.3 billion). In a recommended voluntary offer, DNB will pay NOK103.85 for each share of Sbanken, which represents a 29.8% premium over Wednesday's closing price of NOK80. "DNB believes that Sbanken will further strengthen its position within retail banking in its home market," the company said in a statement.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Thermo Fisher Scientific Inc. is approaching a deal to buy pharmaceutical-testing company PPD Inc. for more than $15 billion, the Wall Street Journal reported Wednesday, citing people familiar with the deal, which could be formalized as soon as this week. Wilmington, N.C.-based PPD, with a market cap around $13.6 billion, is a contract-research company, running drug trials for pharma companies as well as provinding lab services. Thermo Fisher, based in Waltham, Mass., sells lab equipment, chemicals and tests, among other life-sciences services and products, the Journal said. Thermo Fisher has a market cap around $188 billion. PPD shares rose 2% in the extended session after ending the regular trading day up 12%; Thermo Fisher shares were up 1.5% after closing down 1.4%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Dell Technologies Inc. DELL shares rallied in the extended session Wednesday after the computer maker said it was finally spinning off its majority stake of VMware Inc. VMW. Dell shares surged 9% after hours, following a 0.2% rise in the regular session to close at $92.70. VMware shares declined 0.3% after hours, following a 0.7% gain to close at $155.49. Dell said the spinoff will result in VMware distributing a special cash dividend of $11.5 billion to $12 billion to VMware shareholders, with Dell using $9.3 billion to $9.7 billion of that to pay down debt. Dell shareholders will also receive about 0.44 shares of VMware for each Dell share they own. The transaction is expected to close in the fourth quarter of 2021. Dell Chairman and Chief Executive Michael Dell will remain the chair of VMware’s board, and Zane Rowe will remain interim CEO of VMware, Dell said. Back in June, rumors concerning the years-long speculation of some sort of split grew louder. Dell owns a 81% stake in VMware, which it picked up in its 2016 acquisition of EMC Corp. for $67 billion. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.