This is what's hot on Monday in the market. You're welcome in advance.
Suddenly Everyone Wants to Buy Fiat Chrysler
Fiat Chrysler (FCAU) shares were up Monday morning, after another Chinese carmaker confirmed its interest in buying the company.
China's Great Wall Motor told Reuters Monday that it had interest in acquiring the company. "With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," the company official in Great Wall's press relations department, who declined to give his name, told Reuters over phone.
Fiat Chrysler's U.S. listing was up 6.1% in midday trading Monday to $13.34.
TheStreet takes a dive into what the company may be worth.
Herbalife Saga Rages On
Herbalife Ltd. (HLF) held talks with an undisclosed "prospective financial investor" about taking the company private, the company disclosed in an announcement saying that it will be buying back $600 million in shares.
But, the company said that it formally ended the talks on August 16 and "because these discussions contemplated the possibility of the company being taken private, the board of directors decided to provide tendering shareholders with some protection in the event the company is taken private."
Additionally, the company announced that as part of its share repurchase tender offer, Carl Icahn and his investment group entered into an agreement with the company to not increase its stake in the company above 50% for two years following its tender offer.
Shares rose 11.3% in midday trading Monday.
Bangalore, India-based Infosys' stock fell nearly 10% in the last trading session as investors got cold feet after Sikka, who was hired three years ago to help turn the IT services company around, quit due to a "continuous drumbeat of distractions," according to a blog post he wrote.
Nomura analyst Ashwin Mehta downgraded Infosys to "reduce" from "neutral" on Monday following the resignation. The firm also cut the stock's price target to $13.64 from $15.59.
"The biggest risk in [Infosys] (in our view), the dispute between the board and the promoters, culminated in the resignation of the CEO/MD, Dr Vishal Sikka," Mehta wrote in the note to investors.
Infosys stock traded down 2% to $14.49 midday Monday.
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