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By Swissquote Analysts
Morning News

Dominion Energy Sells Gas Units for $9.4 Billion

Dominion Energy announced plans to sell several of its natural gas-distribution companies to Enbridge for $9.4 billion as it focuses on investing in renewable energy and improving the electric grid. Enbridge, a Calgary, Alberta-based pipeline operator, has agreed to pay $9.4 billion in cash and assume $4.6 billion in debt to acquire the gas-distribution companies, which operate pipeline networks in Ohio, North Carolina and parts of the Western U.S. The Wall Street Journal earlier reported that Dominion was considering a sale of the companies. The sale comes as lawmakers and regulators across the U.S. debate the future of natural gas and more towns and cities look to reduce its use in homes and businesses.

By
Mathieu VILLARD
Morning News

Arm Targets More Than $52 Billion Valuation in Largest IPO of the Year

British chip designer Arm Ltd. is targeting a valuation of more than $52 billion from what is expected to be the largest initial public offering this year, according to the company's latest regulatory filing. SoftBank Group, Arm's owner, plans to sell roughly 10% of the total shares outstanding, setting a share sale price of between $47 and $51 apiece. The Securities and Exchange Commission filing comes as Arm's management hits the road starting Tuesday to meet with prospective investors to solicit support for the offering.

By
Mathieu VILLARD
Morning News

Unibail-Rodamco-Westfield Sells Westfield Valencia Town Center To Centennial

French real estate company Unibail-Rodamco-Westfield (UNBLF, UNRDY) announced that it has sold Westfield Valencia Town Center, a Regional mall in Santa Clarita, California, to Centennial Real Estate for $199 million, above the $195 million debt amount on the asset.

By
Peter Rosenstreich
Morning News

Chip-Maker Arm Looks to Target Over $50 Billion Valuation at IPO

British chip designer Arm Ltd. is eyeing a target valuation between $50 billion and $55 billion for what is shaping up to be the year's largest initial public offering. Arm plans to start meeting with prospective investors as early as Tuesday ahead of its stock-market debut on the Nasdaq exchange the following week, people familiar with the matter said.

By
Peter Rosenstreich
Morning News

3M Board Approves $6 Billion Earplug Settlement

3M’s board approved a $6 billion settlement to resolve claims that its earplugs caused hearing loss among veterans, putting a long-awaited price tag on a large chunk of the company’s legal troubles. The settlement, which people familiar with the matter said will be paid out over multiple years, is substantially less than the $10 billion to $15 billion some analysts expected. 3M shares climbed Monday after news of the initial settlement terms was reported over the weekend. Veterans allege that 3M and Aearo Technologies, a company 3M acquired in 2008, produced faulty earplugs that failed to protect their hearing from noise damage after they were issued by the U.S. military. 3M has said the earplugs work correctly when used with proper training.

By
Mathieu VILLARD
Morning News

Chinese Stocks Rally After Beijing Moves to Boost Market

Stocks in mainland China soared on Monday, after the government cut a tax on trading and said it will take more steps to revive its sagging capital markets. The move is an attempt to address a slide in Chinese stock prices this year, as investors have dumped shares amid worsening economic news and big rallies elsewhere. China’s benchmark CSI 300 Index was down around 4.2% this year before Mondays open. The CSI 300 and the Shanghai Composite Index both moved 2.3% higher in morning trading, putting them on track for one of their best days this year. Hong Kong’s Hang Seng Index, which includes the shares of many Chinese companies, was up 1.7%.

By
Mathieu VILLARD
Morning News

Credit Suisse Drops IPO Plan For Real-Estate Fund

Credit Suisse, now part of UBS Group, said it has dropped its plan for initial public offering of real-estate fund citing low trading volumes for listed Swiss real-estate funds. Credit Suisse 1a Immo PK real estate fund will remain unlisted. The IPO was planned for the fourth quarter of 2023.

By
Mathieu VILLARD
Morning News

Nvidia Tops Forecasts with Booming AI Chip Sales

Chip maker Nvidia said revenue in its recently completed quarter more than doubled from a year ago, setting a new company record, and projected that surging interest in artificial intelligence is propelling its business faster than expected. Nvidia is at the heart of the boom in artificial intelligence that made it a $1 trillion company this year, and it is forecasting growth that outpaces even the most bullish analyst projections. The company's chips are the computational muscle behind lots of popular AI tools, including OpenAI's ChatGPT and similar language-generation systems made by Google, Microsoft and others. Nvidia has invested in making chips and software for AI for more than a decade and has no competitors who can yet match it.

By
Mathieu VILLARD
Morning News

Microsoft Submits Revised Activision Deal to U.K. Watchdog

Microsoft agreed to forfeit cloud-streaming rights for Activision Blizzard games in much of the world as part of a renewed proposal to win over British regulators, who have so far rejected the tech giant’s planned $75 billion purchase of the game company. In a new deal proposed to the U.K.’s Competitions and Markets Authority, Microsoft offered to cede most cloud-streaming rights for Activision games - including its hit franchise “Call of Duty” - over the next 15 years to rival games giant Ubisoft Entertainment.

By
Mathieu VILLARD
Morning News

J&J’s Kenvue Exchange Offer Oversubscribed

Johnson & Johnson’s $35 billion exchange offer for Kenvue that expired last Friday was substantially oversubscribed. The result is that participating J&J holders will be able to convert only a fraction of their shares for Kenvue stock. J&J said that the preliminary proration estimate is 23.8%, meaning that J&J holders who participated in the exchange will see just 23.8% of their shares swapped for Kenvue (KVUE) stock. The rest of J&J shares submitted by J&J investors in the exchange offer will be returned to them.

By
Mathieu VILLARD