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US markets tumbled; Tenneco rocketed 93.9% on takeover news; Virgin Galactic rose 3.45% on Q4 results

  • The Nasdaq fell 2.57% to close the midweek session at 13,037 points.
  • Tenneco rocketed 93.9% on accepting a US$7.1bn acquisition offer.
  • Virgin Galactic rose 3.45% on Q4 results including smaller-than-expected loss.

The US markets tumbled on Wednesday as tensions escalated between Russia and Ukraine as the Ukraine shifted to a war footing and declared a state of emergency. President Biden said the US will not ‘hesitate to take further steps if Russia continues to escalate’. Investors fear the impact of a war on oil prices if there is a long, drawn-out war in Ukraine.

The Dow Jones fell 1.38% to finish the trading day down 465 points to close at 33,132 points.

The tech heavy NASDAQ fell 2.57% to finish the trading day down 344 points to close at 13,037 points.

One bitcoin is worth US$37,573 going into the Asian trading day.

The Australian dollar is firm against the major currencies and is buying 72.28 US cents.

Automotive components manufacturer Tenneco rocketed 93.89% after announcing it has accepted an acquisition offer from Apollo Global Management to take it private in an all-cash deal worth US$7.1bn. Apollo will pay Tenneco shareholders US$20/share that they own, a near 100% premium on the closing share price of Tenneco shares on 22nd February.

Shares in Virgin Galactic jumped 3.45% on Wednesday after the space exploration company reported fourth-quarter results. For the period, Virgin Galactic reported a smaller-than-expected loss of US$81m, a strong cash position of approximately US$931m, and the company said it expects to have a spaceship enter commercial service later in this year.

And a 656 foot-long cargo ship carrying Volkswagen, Porsche, and other luxury vehicles has been abandoned in the middle of the Atlantic Ocean after a fire spread throughout the ship forcing the crew to flee.

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