Wall Street is hoping for a positive start to the week, with stock index futures climbing on Monday, as focus shifts to the potential government shutdown. Here are four stocks to watch on the day:
Electronic Arts (EA) was up 5.3% in premarket trade after the video game publisher said that it will go private in a historic $55B deal led by several private equity firms. The deal from Silver Lake, Saudi Arabia’s Public Investment Fund and Affinity Partners will see the trio acquire EA for $210 per share in cash. That represents a 25% premium to the unaffected share price prior to last week’s media report.
Occidental Petroleum (OXY) rose 1.8% before the opening bell as the firm is reportedly negotiating the sale of its OxyChem division in a deal that could exceed $10 billion. If completed, the transaction would mark Occidental’s (NYSE:OXY) largest divestiture to date and create one of the world’s biggest independent petrochemical companies.
TotalEnergies SE (TTE) fell 0.4% in extended trading as it agreed to sell a 50% stake in a 1.4 GW North American solar portfolio to insurance vehicles and accounts managed by KKR (NYSE:KKR), valuing the portfolio at $1.25 billion. The deal, consistent with the company’s renewables strategy, will deliver $950 million in proceeds at closing, including bank refinancing.
Taiwan Semiconductor Manufacturing (TSM) shares were up 0.8% in premarket trade as the company reiterated that it has not held talks with any company regarding potential investments or partnerships. TSMC emphasized it has never discussed forming a joint venture, licensing, or transferring technology. Earlier reports had suggested that Intel (NASDAQ:INTC) had approached the chipmaker for support.