US Markets
U.S. stocks were in the green on Tuesday morning, with investors positive on news about additional fiscal stimulus. The Dow gained 0.70% to 30,929, the S&P 500 index jumped 0.70% to 3,788 and the Nasdaq Composite Index was up 0.79%, to 12,903.
Gainers
• Occidental Petroleum Corporation (OXY, Financial) +2.3%
• Akamai Technologies, Inc. (AKAM, Financial) +0.53%
• McDonald´s (MCD, Financial) +0.47%
• NiSource Inc. (NI, Financial) +0.3%
Losers
• NOV Inc. (NOV, Financial) -7.1%
• Peloton Interactive, Inc. (PTON) -2.4%
• FMC Corporation (FMC) -1.7%
• AutoNation, Inc. (AN) -0.6%
Global Markets
The main European stock markets traded mostly in the green. The U.K.'s FTSE 100 gained 0.11%, France's CAC 40 jumped 0.09%, Germany's Dax advanced 0.25% and Spain's Ibex 35 slid 0.28%.
In Asia, Japan's Nikkei 225 gained 1.39%, India's BSE Sensex rose 1.72%, Hong Kong's Hang Seng rise 2.70% and China's Shanghai Composite was down 0.83%.
Lumentum Holdings buys Coherent in a $5.7 billion deal
Shares of Lumentum Holdings Inc. (LITE, Financial) fell 8.5% on Tuesday in pre-market trading after the company announced it has agreed to acquire Coherent Inc. (COHR, Financial) in a cash-and-stock deal. The transaction, valued at $5.7 billion, consists of Lumentum paying $100 in cash and 1.1851 shares of common stock for each Coherent share.
The companies said in a joint statement that the deal "unites Coherent's leading photonics and lasers businesses, including in the Microelectronics, Precision Manufacturing, Instrumentation, and Aerospace & Defense markets, with Lumentum'sleading Telecom, Datacom, and 3D Sensing photonics businesses, creating a diversified photonics technology company with significantly increased scale and market reach."
The deal is expected to close in the second half of 2021 and generate more than $150 million in annual synergies.
At the end of September, Ken Fisher (Trades, Portfolio) reduced his investment in the stock by 6% to 904,969 shares while Julian Robertson (Trades, Portfolio) sold out the stock.
Disclosure: The author holds no positions in any stocks mentioned.
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