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.
Read the full story
in the Grafa app
To read the full article and more in the Grafa app, available on all app stores.
Track the trends
Get the hot tips first
Stay close to your investments
Learn to trade like a pro
Let your money entertain you
See more stories like this
48% of businesses say they will not raise prices, primarily due to the desire to...read more
Of the smaller cryptos, these ones were the movers. Mirrored iShares Gold Trust rose 353.48%...read more
Of the middle-sized cryptos, these ones were the movers. Metacraft rose 66.39% to US$1.31, closing...read more