Video Gaming Is Being Transformed by Covid-19 and New Technologies
4805aa42-5c67-425b-9e0d-251fc625ef1f Video Gaming Is Being Transformed by Covid-19 and New Technologies 30:26
28c9c872-efa6-4599-8a53-5810872251cd Goodbye, Laptop Fan Noise! Apple's M1 MacBooks Run Fast and Cool 4:54
c1dbe770-3a2e-4f7f-b84a-ad0d97ac14e3 How PlayStation Saved Sony 8:00
f7204869-4851-4ded-a474-8b294acea442 How Apple Became the World's Most Valuable Publicly Traded Company 8:27
3:39 a.m. Today3:39 a.m. Jan. 15, 2021 - By Quentin Fottrell
The No. 1 job in America pays $100,000 a year — and it's not in Silicon Valley The annual 'best jobs' rankings are based on salary, openings, work-life balance, and stress levelThe annual 'best jobs' rankings are based on salary, openings, work-life balance, and stress level.
My son, 23, pays me rent. He has saved $10,000 living with me. Should I ask him to leave when he hits 26?
My son, 23, pays me rent. He has saved $10,000 living with me. Should I ask him to leave when he hits 26? This mother asks, 'What can he do to help maximize the money he has saved? And how should I invest the money he is giving me?'This mother asks, 'What can he do to help maximize the money he has saved? And how should I invest the money he is giving me?'
My spendthrift fiancée, 30, refused to sign a prenup. Would it be wrong to secretly put my assets in a trust?
My spendthrift fiancée, 30, refused to sign a prenup. Would it be wrong to secretly put my assets in a trust? This man writes, 'I love her dearly, but I am really concerned'This man writes, 'I love her dearly, but I am really concerned.'
5:14 a.m. Jan. 14, 2021 - By Emily Bary
AMD gets a downgrade from BMO after Intel CEO changeAdvanced Micro Devices Inc. shares were subject to a downgrade by BMO Capital Markets analyst Ambrish Srivastava Thursday, in the wake of rival Intel Corp.'s announcement that it plans to replace its chief executive. "[W]e believe AMD has done a tremendous job under its CEO, and valuation reflects the near flawless execution under her watch," Srivastava wrote. "However, we do think a large part of the rich valuation is also attributable to how poorly Intel has executed." He argued that the CEO change at Intel offers the chip giant an opportunity to make up for past missteps. Srivastava lowered his price target on AMD shares to $75 from $80 and downgraded the stock to underperform from market perform. At the same time, he upped his Intel price target to $70 from $50 while upgrading the stock to outperform from market perform. AMD shares have gained 8.8% over the past three months as Intel's have risen 9.8%. The S&P 500 is up 9.5% over that span.
Google's deal for Fitbit closes at lastFitbit Inc. announced Thursday morning that its acquisition by Alphabet Inc.'s [s; GOOGL] Google has officially closed. Alphabet agreed to pay about $2.1 billion, or $7.35 a share, to acquire Fitbit. The deal but faced regulatory pushback, particularly in the European Union. European regulators who were looking into the deal after securing commitments from Google around data privacy. "Google will continue to protect Fitbit users' privacy and has made a series of binding commitments with global regulators, confirming that Fitbit users' health and wellness data won't be used for Google ads and this data will be kept separate from other Google ad data," Chief Executive James Park said in a letter to Fitbit users Thursday. Fitbit shares were halted prior to the announcement. Fitbit's stock had gained 5.2% over a 12-month span compared with a 16% rise for the S&P 500 over the same span.
VMware starts search for a new CEO, stock falls
5:11 a.m. Jan. 13, 2021 - By Tomi Kilgore
VMware starts search for a new CEO, stock fallsVMware Inc. said Wednesday that it has initiated a global search for a new chief executive officer, in the wake of on Feb. 12 to be come chip maker Intel Corp.'s CEO. Gelsinger has served as the enterprise cloud company's CEO since September 2012. Shares of VMware dropped 5.6% in morning trading. Since the end of September 2012 through Tuesday, VMware shares had rallied 47.7%, while the SPDR S&P Software & Services ETF had rocketed 382.2% and the S&P 500 had soared 163.8%.
Apple to launch developer academy in Detroit as part of $100 million racial-justice investment
Apple to launch developer academy in Detroit as part of $100 million racial-justice investmentApple Inc. shared more information Wednesday about its plans to invest $100 million toward racial-justice goals. The company is making a $25 million contribution to help launch the Propel Center, which supports students and faculty members at historically black colleges and universities (HBCUs). Apple's contribution will help the Propel Center offer programming virtually as well as in person through a physical campus at the Atlanta University Center. The company will invest $10 million in Harlem Capital, an early-stage venture-capital company that invests in diverse founders. Apple also intends to open an Apple Developer Academy in Detroit that will offer 30-day introductory courses for those considering becoming app developers as well as a more intensive 10- to 12-month program helping developers build their skills. Apple expects to serve nearly 1,000 students every year with programming in coding, design, marketing, and professional skills. Speaking with "CBS This Morning," Chief Executive Tim Cook said that Apple is looking for "desire, creativity, and a level of interest" among applicants to this program. Cook also addressed Apple's recent move to yank social-media platform Parler from its App Store. Parler is popular among conservatives but Cook said that the company "has some issues with moderation." He noted that the app could eventually return to the App Store if Parler can "step it up on the moderation" as Apple's action was a suspension, not a permanent ban. Apple shares have gained 6.4% over the past three months as the Dow Jones Industrial Average has added 8.3%.
6:17 p.m. Jan. 7, 2021 - MarketWatch
Samsung expects 25% gain in Q4 operating profitSEOUL -- Samsung Electronics Co. expects a 25% rise in fourth-quarter operating profit, indicating continued demand for its tech components amid the coronavirus pandemic. On Friday, the world's largest smartphone and memory-chip maker forecast operating profit of around 9 trillion South Korean won, equivalent to about $8.2 billion, during the final three months of 2020.
Nvidia deal for Arm to face investigation by UK's competition authority
4:37 a.m. Jan. 6, 2021 - By Emily Bary
Nvidia deal for Arm to face investigation by UK's competition authorityThe Competition and Market Authority in the United Kingdom said Wednesday that it plans to investigate Nvidia Corp.'s planned deal for Arm Ltd. "The CMA is likely to consider whether, following the takeover, Arm has an incentive to withdraw, raise prices or reduce the quality of its IP licensing services to NVIDIA's rivals," the CMA said in a release. CMA Chief Executive Andrea Coscelli said in the release that the investigation will look to ensure that Nvidia's deal for Arm "doesn't ultimately result in consumers facing more expensive or lower quality products." A formal investigation starts later this year. Nvidia announced in September that it in a deal valued at $40 billion in cash and stock. Nvidia shares are down 1.8% in Wednesday morning trading. They've lost 4% over the past three months as the S&P 500 has added 10.5%.
Apple CEO Tim Cook's pay soared in 2020
Apple CEO Tim Cook's pay soared in 2020Apple Inc. said it exceeded its internal financial targets in the past fiscal year, resulting in the company paying out 179% of the targeted bonuses for named officers. For Chief Executive Tim Cook, that meant his cash bonus rose 40% last year to $10.7 million, Apple said Tuesday in its annual proxy filing with the Securities and Exchange Commission.
IBM names Gary Cohn its vice chairman
IBM names Gary Cohn its vice chairmanInternational Business Machines Corp. said Tuesday that it has appointed Gary Cohn to serve as vice chairman of its board of directors. Cohn will also join the company's executive leadership team. Cohn served as assistant for economic policy to President Donald Trump and director of the National Economic Council from January 2017 to April 2018. He previously worked as the president and chief operating officer of Goldman Sachs Group Inc. . In a release, Cohn cheered IBM's "focused growth strategy that will capitalize on the enormous opportunity in hybrid cloud and AI." IBM shares are up 0.7% in Tuesday morning trading. They've gained 3.1% over the past three months as the Dow Jones Industrial Average has risen 9.7%.
Micron stock gains after Citi boosts rating by two notches
Micron stock gains after Citi boosts rating by two notchesShares of Micron Technology Inc. are up more than 3% in premarket trading Tuesday after Citi Research analyst Christopher Danely upgraded the stock two notches, to buy from sell. "After a false start in 2020, we expect DRAM pricing to sustain its upward trajectory beginning in 1Q21 given the largest supply/demand imbalance since 2017," he wrote in a note to clients. "Although the stock has appreciated an impressive 40% in the last two months and is trading at a higher valuation than at any time during the previous upturn, we believe there is still plenty of upside as DRAM upturns usually last two years and supply/demand looks favorable over at least the next year." Danely raised his price target on the stock to $100 from $35. Shares have gained 56% over the past three months as the S&P 500 has risen about 9% and as the PHLX Semiconductor Index has added 25%.
Qualcomm says CEO Mollenkopf will step down
Qualcomm says CEO Mollenkopf will step downQualcomm Inc. announced Tuesday morning that its chief executive, Steve Mollenkopf, will be stepping down from his post on June 30. He'll be replaced as CEO by Cristiano Amon, the company's current president, who was unanimously selected by Qualcomm's board of directors. Mollenkopf took over the CEO role at Qualcomm in 2014 and he's served a 26-year stint with the company. Amon has served as Qualcomm's president for two years and he is responsible for the company's semiconductor, or QCT, business. Qualcomm said in its release that Mollenkopf will stay on as a strategic advisor for Qualcomm over an unspecified "period of time." Qualcomm shares have gained 71% over the past year as the S&P 500 has risen 14%.
Slack outage snarls remote work on the first Monday of 2021
7:33 a.m. Jan. 4, 2021 - By Nicole Lyn Pesce
Slack outage snarls remote work on the first Monday of 2021 Shares dipped slightly as users mocked the business messaging app on Twitter. Service started returning around 12:30 p.m. Eastern. Shares dipped slightly as users mocked the business messaging app on Twitter. Service started returning around 12:30 p.m. Eastern.
My partner supports me 100%. I'm ill and haven't worked or filed taxes since 2016, so I got no stimulus. When will I get one?
2:30 a.m. Jan. 4, 2021 - By Quentin Fottrell
My partner supports me 100%. I'm ill and haven't worked or filed taxes since 2016, so I got no stimulus. When will I get one? 'What is my best chance of getting anything out of these relief payments, either a past stimulus check or a future one?''What is my best chance of getting anything out of these relief payments, either a past stimulus check or a future one?'
I'm 12 and in 7th grade. My parents are divorced, and I earn $10 a month from my podcast. What do you advise?
I'm 12 and in 7th grade. My parents are divorced, and I earn $10 a month from my podcast. What do you advise? 'We are using MarketWatch to learn how to trade stocks and stuff at school, but we start off with $500,000, and I would be starting off with maybe $10 or $20 dollars in my account''We are using MarketWatch to learn how to trade stocks and stuff at school, but we start off with $500,000, and I would be starting off with maybe $10 or $20 dollars in my account.'
I earned $100,000 in 2019, but far less in 2020. Why did I not get a stimulus check? How is that fair?
I earned $100,000 in 2019, but far less in 2020. Why did I not get a stimulus check? How is that fair? 'I also know people who made over $100,000 in 2019, but can't get a stimulus because of their 2019 tax return''I also know people who made over $100,000 in 2019, but can't get a stimulus because of their 2019 tax return'
I took care of everything after my father died. My aunt, who claims she's entitled to $27,000, says I only care about his money
11:50 a.m. Jan. 2, 2021 - By Quentin Fottrell
I took care of everything after my father died. My aunt, who claims she's entitled to $27,000, says I only care about his money 'I called my father's bank, and I was told that his sister was listed as an authorized person on his bank account''I called my father's bank, and I was told that his sister was listed as an authorized person on his bank account.'
I received two $1,200 stimulus payments last summer. Will I get two $600 checks this time too?
I received two $1,200 stimulus payments last summer. Will I get two $600 checks this time too? The Moneyist: 'Don't you mean round three and four? I wouldn't spend that second check quite yet'The Moneyist: 'Don't you mean round three and four? I wouldn't spend that second check quite yet.'
'I'm lucky to get by on $75,000 a year': The $600 stimulus program doesn't sound reasonable to me. Why am I left out?
'I'm lucky to get by on $75,000 a year': The $600 stimulus program doesn't sound reasonable to me. Why am I left out? 'Be grateful that you have a home and family to go home to tonight''Be grateful that you have a home and family to go home to tonight.'
15 stock-market winners that index-fund investors missed out on in 2020
3:21 a.m. Jan. 2, 2021 - By Philip van Doorn
15 stock-market winners that index-fund investors missed out on in 2020 These stocks aren't in the S&P 500 or the Nasdaq-100These stocks aren't in the S&P 500 or the Nasdaq-100.
These are the best performing Nasdaq and S&P 500 stocks of 2020 COVID-19 rewarded companies at the cutting edge of mobility and remote workingCOVID-19 rewarded companies at the cutting edge of mobility and remote working.
Apple's iPhone 12 sales exceed Wedbush's 'bull case scenario,' expected to boost stock
Apple's iPhone 12 sales exceed Wedbush's 'bull case scenario,' expected to boost stock Sales of Apple Inc.'s iPhone 12 have exceeded Wedbush's "bull case scenario" for fiscal 2021, based on Asia supply chain checks, and should boost shares with December results coming shortly, analyst Dan Ives wrote in a note Thursday. "We believe Apple saw a robust Christmas/holiday season not just on iPhones, but also had a strong AirPods performance that will be another product tailwind heading into 2021 for Cook & Co," Ives wrote. Asia checks suggest the supply chain is expecting low to mid 90 million iPhone unit builds for the quarter, comfortably ahead of the 80 million to mid 80s range expected in mid December, 75 million expected in late October and 65 million to 70 million range expected three months ago, he wrote. "This is roughly a 35% increase from our original and Street forecasts. For the March quarter we believe builds for total iPhones ticked up again another 5% over the last week and are now in the 60 million to 70 million range. For the June quarter we believe initial builds are in the low 40 million range with potentially an upward bias. We have not seen a launch uptrend such as this in a number of years for Apple and the only iPhone trajectory similar would be the iPhone 6 in 2014 based on our analysis," said Ives. The Wall Street consensus is for 217 million iPhone unit sales in fiscal 2021, but Wedbush sees potential for up to 240 million units, "which would easily eclipse the previous Apple record of 231 million units sold in FY15. Importantly, with our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for Cook & Co.," said Ives. Wedbush rates Apple as outperform with a $160 12-month price target and a bull case target of $200. Apple shares were up 0.5% premarket and have gained 82% in 2020, while the Dow Jones Industrial Average has gained 6.6% and the S&P 500 has gained 15.5%.
Nano Dimension stock slides 12% premarket after company sells shares at a discount
Nano Dimension stock slides 12% premarket after company sells shares at a discountShares of Nano Dimension Ltd. , an Israel-based 3D printing company, tumbled 12% in premarket trade Monday, after the company priced a share offering at a discount. Nano Dimension said it sold 33.3 million ADS at $7.50 per ADS in a registered direct offering, below its closing price Friday of $8.81. Proceeds will be used for working capital and general corporate purposes, including potential deals. The stock has gained 248% in 2020 to date, while the S&P 500 has gained 16%.
My father left his estate to me and nothing to my 3 wealthier brothers. They now want their share. Should I do as they say?
5:45 a.m. Dec. 27, 2020 - By Quentin Fottrell
My father left his estate to me and nothing to my 3 wealthier brothers. They now want their share. Should I do as they say? 'Two brothers never called our dad while he was alive or even asked me, "How's Dad?" One brother complained about how much he spent on Dad's meals.''Two brothers never called our dad while he was alive or even asked me, "How's Dad?" One brother complained about how much he spent on Dad's meals.'
Watch out for all the bad penny stocks that are skyrocketing
6:50 a.m. Dec. 24, 2020 - By Cody Willard
Watch out for all the bad penny stocks that are skyrocketing Updated ratings of some of the Revolution Investing portfolioUpdated ratings of some of the Revolution Investing portfolio
4:17 a.m. Dec. 24, 2020 - By Nicole Lyn Pesce
Here's how to get your 'Cyberpunk 2077' refund Amazon, Sony, Microsoft, Best Buy and videogame developer CD Projekt Red are giving refunds for the title featuring Elon Musk and Keanu ReevesAmazon, Sony, Microsoft, Best Buy and videogame developer CD Projekt Red are giving refunds for the title featuring Elon Musk and Keanu Reeves.
Tesla's stock slips toward 3rd-straight loss as an S&P 500 debutant
Tesla's stock slips toward 3rd-straight loss as an S&P 500 debutantShares of Tesla Inc. slipped 0.8% in premarket trading Wednesday, putting them on track to suffer a third-straight loss as S&P 500 index debutants. The electric vehicle market leader's stock has lost 7.9% the past two sessions, after surging 11.6% in two days to Friday's record close of $695.00 . Taking a look back at another high-profile index inclusion, Apple Inc.'s stock rose 3.9% amid a 3-day win streak through March 18, 2015 (not to a record close), just prior to , then fell a total of 2.0% the next two sessions as a Dow debutant until notching its first gain on March 23. Granted, entering the S&P 500 makes a much bigger investment impact than entering the Dow, as that more than $11 trillion is indexed to the S&P 500 while just a little over $30 billion in indexed to the Dow.
SPAC Colonnade Acquisition's stock rockets after merger deal with lidar sensor maker Ouster
SPAC Colonnade Acquisition's stock rockets after merger deal with lidar sensor maker OusterShares of Colonnade Acquisition Corp. rocketed 46.2% in morning trading Tuesday to pace the NYSE's gainers, after the special purpose acquisition company (SPAC), or "blank-check" company, announced a merger deal that will take lidar sensor maker Ouster Inc. public. Under terms of the deal, which implies an equity value for Ouster of about $1.9 billion, will provide up to $300 million in gross proceeds for Ouster. The proceeds is expected to be used to advance development and manufacturing of Ouster's digital lidar sensors, that provide 3D vision to robots and autonomous vehicles. Once the reverse merger closes, the company will operate as Ouster Inc. and the stock is expected to remain listed on the Nasdaq exchange but under the new ticker symbol "OUST." The deal comes at a time that shares of fellow lidar sensor maker Luminar Technologies Inc. , which earlier this month, have more than doubled (up 108.0%) this month, while the S&P 500 has gained 2.0%.
IAC stock soars after plan to spin off Vimeo as a publicly traded company
IAC stock soars after plan to spin off Vimeo as a publicly traded companyShares of IAC/InterActiveCorp. soared 12.7% toward a record Tuesday, after the technology company incubator said it approved a plan to spin off its stake in video software company Vimeo into a separately traded public company. The announcement comes after IAC had announced in early November . IAC said Vimeo will become the 11th company which it has incubated and then spun off, like it did with Expedia Group Inc. and Match Group Inc. . "The combination of Vimeo's remarkable growth, solid leadership position, and enormous market opportunity have made clear its future," said IAC Chief Executive Joey Levin. "It's time for Vimeo to spread its wings and become a great independent public company." IAC's stock has run up 53.0% over the past three months, while the S&P 500 has gained 11.4%.
EV maker Canoo's stock set to surge under new ticker symbol 'GOEV'
EV maker Canoo's stock set to surge under new ticker symbol 'GOEV'Canoo Holdings Ltd., a Los Angeles-based electric vehicle (EV) maker, said Tuesday it has with special purpose acquisition company (SPAC) Hennessy Capital Acquisition Corp., so its stock will now begin trading on the Nasdaq under the ticker symbol "GOEV." The stock is surging 12.9% in premarket trading. "This next chapter is a very important one for Canoo as we prepare to complete advanced testing of our innovative electric mobility platform and to bring our recently unveiled multi-purpose delivery vehicle to limited production in 2022, and to commercial production and rollout in 2023," said Canoo Executive Chairman Tony Aquila. The new EV stock's rally comes on a mixed day for other U.S.-based EV makers ahead of Tuesday's open, with shares of market leader Tesla Inc. up 0.3%, Nikola Copr. down 0.9% and Workhorse Group Inc. up 2.0%. Meanwhile, futures for the S&P 500 are up 0.2%.
Now that Tesla has joined the S&P 500, know these 3 things before investing
Now that Tesla has joined the S&P 500, know these 3 things before investing Debates on the value of Tesla's stock are 'more heated than the last election,' one financial adviser saidDebates on the value of Tesla's stock are 'more heated than the last election,' one financial adviser said.
Tesla is technically the 'Spiders' 5th highest weighted component
Tesla is technically the 'Spiders' 5th highest weighted componentTesla Inc. is technically a lot smaller than Google-parent Alphabet Inc. , but it technically carries a higher weighting in the SPDR S&P 500 ETF (SPY), given that Alphabet's weightings are split between its Class A and Class C shares. Tesla is entering the SPY, affectionately known as the "Spiders," with a market capitalization of $658.79 billion, compared with Alphabet's market cap of $1.17 trillion, and enough to make it the sixth-most valuable company in the ETF. But Tesla's weighting in the SPY is fifth at 1.686947, compared with Alphabet's Class A shares weighting of 6th at 1.661148 and the Class C shares weighting of 7th at 1.608403. Alphabet shares' combined weightings would place it fourth. Above Tesla in weightings is Apple Inc. at 6.478904, Microsoft Corp. at 5.289761, Amazon.com Inc. at 4.370437 and Facebook Inc. at 2.126779.
Luminar's stock bounces after company and Mobileye said collaboration remains 'full speed ahead'
Luminar's stock bounces after company and Mobileye said collaboration remains 'full speed ahead'Shares of Luminar Technologies Inc. bounced 4.4% in premarket trading Wednesday, after the maker of autonomous vehicle sensor and software maker said its collaboration with Intel Corp.'s Mobileye remained "full speed ahead." The companies "clarified" their deal announced on Nov. 20, after Luminar's stock plunged 17.6% on Tuesday as a Reuters report that Mobileye planned to develop its own sensors. On Wednesday, Luminar said it is providing its technology to Mobileye for its Autonomous Vehicle series, its technology will be used to enable Mobileye's True Redundancy capability and the companies have been working together for nearly two years and signed in November a contract in which Luminar provides Mobileye lidar production volumes at sub-$1,000 cost. "In tandem, Mobileye has independently been working on silicon photonics based lidar that could be part of our future solutions," said Mobileye Chief Executive Amnon Shashua. "This has been public for some time and does not change our plans to use Luminar." Luminar's stock, which has plummeted 45.3% amid a five-day losing streak through Tuesday, has still soared 80.5% over the past three months while the S&P 500 has gained 9.1%.
Apple planning 30% increase in iPhone production for first half of 2021: report
5:32 a.m. Dec. 15, 2020 - By Emily Bary
Apple planning 30% increase in iPhone production for first half of 2021: reportApple Inc. shares are up 3.2% in morning trading Tuesday after Nikkei Asia reported that the company , which would mark an increase of almost 30% from a year earlier. The company's smartphone production targets cover the newer iPhone 12 models as well as older devices like the iPhone 11 and iPhone SE. Nikkei Asia noted that supply shortages impacting the entire industry could affect Apple's ability to meet its production goals. Overall, the company's plans shared with suppliers suggest a production target of up to 230 million smartphones over the course of 2021, which would be a 20% bump over 2020 totals, Nikkei Asia reported, citing multiple unnamed sources. Apple didn't immediately respond to a MarketWatch request for comment. Wedbush analyst Daniel Ives wrote that the report was "another bullish sign" of demand for the iPhone 12 devices that Apple released this fall. "With more order activity kicking in over the last few weeks for iPhone 12 our initial reads are very bullish and give us incremental confidence in our supercycle thesis on iPhone 12," he wrote. Apple shares have risen 71% so far this year as the Dow Jones Industrial Average has increased 4.9%.
Indie Semiconductor to go public through SPAC buyout deal that values company at $1.4 billion
Indie Semiconductor to go public through SPAC buyout deal that values company at $1.4 billionIndie Semiconductor announced Tuesday an agreement to go public through a merger with special purpose acquisition company (SPAC) Thunder Bridge Acquisition II Ltd. , in a deal that values the combined company at about $1.4 billion. The deal provides up to $495 million in cash to the combined company. After the deal is completed, which is expected to occur in the first quarter of 2021, the company will be named indie Semiconductor Inc. and will be listed on the Nasdaq under the ticker symbol "INDI." Indie is an automotive chip and software company that focuses on sensors for advanced driver assistance systems, including LiDAR. Thunder Bridge went public as a SPAC on Oct. 4, 2019. The stock has gained 4.7% year to date, while the S&P 500 has gained 12.9%.
Apple is getting an earful over the AirPods Max's $549 price tag
Apple is getting an earful over the AirPods Max's $549 price tag Some people noted Apple's hew headphones cost more than a PS5 gaming consoleSome people noted Apple's hew headphones cost more than a PS5 gaming console.
Amphenol to buy MTS Systems in a deal valued at $1.7 billion, including debt
Amphenol to buy MTS Systems in a deal valued at $1.7 billion, including debtAmphenol Corp. announced Wednesday an agreement to buy testing and simulation hardware and software company MTS Systems Corp. in a deal valued at $1.7 billion, including debt. Under terms of the deal, Amphenol will pay $58.50 in cash for each MTS share outstanding, representing a 51.9% premium to MTS's stock closing price of $38.52 on Tuesday. MTS shares were up 2.4% in premarket trading prior to a trading halt for new, and Amphenol's stock was still inactive. The per-share buyout bid implies a market capitalization for MTS of $1.13 billion. Amphenol expects the deal, which is anticipated to close by the middle of 2021, to add to earnings in the first year after closing. "This acquisition is consistent with our strategy of continuing to expand our range of sensor and sensor-based products across a wide array of industries to further capitalize on the long-term growth potential of the electronics revolution," said Amphenol Chief Executive Adam Norwitt. MTS shares have lost 19.8% year to date through Tuesday, while Amphenol's stock has climbed 23.1% and the S&P 500 has advanced 14.6%.