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Biggest stock movers Monday: Crypto stocks and TSLA. (00:25) McKesson (MCK), Oracle (ORCL) among finalists to acquire Veradigm: report. (01:10) Smith & Nephew (SNN) investors may push for breakup – Mail on Sunday. (02:10)
This is an abridged transcript of the podcast.
Bitcoin is above $82,000 and crypto-related stocks are seeing gains of at least 10% in premarket action.
The surge is driven by President-elect Donald Trump’s favorable stance on digital assets.
Riot Platforms (RIOT) is up 12.3% premarket. MARA Holdings (MARA) is seeing gains of nearly 17%. MicroStrategy (MSTR) is up 10% in premarket action. Coinbase (COIN) +18%, Hive Digital (HIVE) +13%, Bit Digital (BTBT) is up 21% and Bitfarms (BITF) is up 17% premarket.
The crypto craze is our top story in the Wall Street Breakfast newsletter, our daily one-page news summary. Here’s a link to sign up for the newsletter.
McKesson (NYSE:MCK) and Oracle (NYSE:ORCL) are among the finalists seeking to acquire electronic medical records company Veradigm (OTC:MDRX), Axios reported Sunday, citing sources.
According to the report, a deal is expected to top Veradigm’s $1B market cap due to the lower antitrust risk from the incoming Trump administration.
One source was quoted as saying that the companies and private-equity firm Thoma Bravo could possibly have asked for a small discount due to possible increased antitrust scrutiny due to their medical data holdings.
Axios reported that sources said Thoma Bravo was particularly interested due to its NextGen portfolio company.
The sources reportedly said that CVS Health (CVS) had looked at Veradigm but dropped out amid its own strategic review.
Axios reported that a deal is expected to be reached by Thanksgiving, the sources said.
Veradigm, McKesson, Oracle, and Thoma Bravo did not immediately respond to requests for comment by Seeking Alpha.
Smith & Nephew (NYSE:SNN) shareholders are concerned about the medical device maker’s performance and may push for a breakup.
According to a Mail on Sunday report, the holders want CEO Deepak Nath to improve the company’s fortunes or potentially be ousted. Shareholders are looking for a shake-up in Smith & Nephew’s (SNN) orthopedics division, which may be a potential spin-off candidate.
Investors are said to be pleased with the leadership of Smith & Nephew (SNN) Chairman Rupert Soames, though they are unsure about CEO Nath, according to the report.
The Mail on Sunday report comes after Swedish activist investor Cevian Capital disclosed a 5% stake in the UK-medical device maker in July. BlackRock (BLK) is also one of the company’s biggest holders, with a more than 5% stake.
The pressure from shareholders comes at a time when Smith & Nephew (SNN) shares have fallen 15% this year and dropped almost 45% over the past five years amid supply-side constraints and multiple leadership changes.
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Catalyst watch:
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The Fortune Global Forum will include talks from Target (TGT) CEO Brian Cornell, Yum China (YUMC) CEO Joey Wat, and Zoetis (ZTS) CEO Kristin Peck.
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Nasdaq will release its short interest report at 4pm.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 1.6% at $69/barrel. Bitcoin is up 3.1% at $82,000.
In the world markets, the FTSE 100 is up 0.7% and the DAX is up 1.2%.
The U.S. bond market will be closed for the observance of the Veterans Day holiday.
The biggest movers for the day premarket: Tesla (TSLA) is up 7.5%, poised to extend their gains for a fifth straight session. This rally has driven the electric vehicle maker’s market capitalization back above the $1 trillion mark as of Friday.
It is the three-year anniversary date of the Rivian Automotive (RIVN) IPO. Shares trade about 85% below where the IPO was originally priced.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.