Stocks rallied on Monday, with the S&P 500 climbing 1.4%, rebounding from weakness seen through much of last week. The gains came as investors positioned themselves ahead of CPI data and Federal Reserve decisions. week.
Looking at individual stocks, Coopa Software (Nasdaq:Coup d’état) expanded its valuation by more than a quarter after the company agreed to be acquired by a private equity firm. Meanwhile, Cigna (CI) added to recent gains to set a 52-week high.
Returning to the bottom, RH (RH) dropped after an analyst downgrade. Meanwhile, Fat Therapeutics (fate) recorded a double-digit percentage decline in preliminary data.
News of the acquisition deal sent shares of Cooba Software (Coup d’état) will rise. The stock jumped 27% after the announcement by the maker of cost control, compliance and business expense management software A contract to be taken personally by private equity firm Thoma Bravo.
Under the deal, Thoma Bravo will pay $81 per share, or a total of $8B including debt. The deal includes a significant minority investment from a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
Following the acquisition deal, COUP ended trading at $78.65, up $16.56 on the session. That took the stock to its highest close since May.
However, the stock, which hit a 52-week high of $166.21, is down about 49% in 2022. Shares hit a 52-week low of $40.30 earlier last month.
RH (RH) fell 8% on Monday, reversing the earnings-related strength seen last weekend. The downgrade came amid a downgrade by Goldman Sachs.
Goldman downgraded the furniture retailer Sell from neutralAs the company specializes in big-ticket, discretionary products and RH, the company’s sales are likely to be “stressed”, citing the possibility of a “forward pull of demand and an over-promotional environment”.
RH closed down $21.44 at $253.06. This changed the company’s profits late last week Beat expectations It announced its latest financial figures and some acquisitions.
Monday’s slide sent RH to its lowest level in more than a month. Overall, the stock is down 53% in 2022.
A significant new high
Cigna (CI) extended its recent momentum, rising another 2% to hit a new 52-week high.
CI ended Monday trading at $339.30, up $7.18 on the day. Shares established a new intraday 52-week high of $339.51.
The managed health and insurance company has been generating gains throughout the year. CI is up nearly 11% in the past month and looks to advance nearly 45% in 2022.
The recent momentum was fueled by a A reconfirmed forecast Released last month. CI said 2022 consolidated adjusted earnings will be at least $23.10 per share.
Significant new low
Publication of Preclinical data Fed spurs selloff in therapeutics (fate) shares fell more than 14%, hitting a new 52-week low.
FATE announced preliminary data regarding its induced pluripotent stem cell product platform as part of a treatment for acute myeloid leukemia. The product was used in conjunction with GT Biopharma (GTPP) tri-specific killer engager.
On the news, FATE closed down $2.70 at $16.20. During the session, the stock hit a 52-week low of $14.84. Adding to the losses posted in the first half of the year, shares have fallen 73% in 2022.
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