On 10-23-2023, the stock market saw a mixed performance with the S&P 500 declining by 0.17% and the Dow Jones Industrial Average finishing 0.58% lower. However, the Nasdaq Composite rose by 0.27%. The 10-year Treasury yield fell 2.61% to 4.852.
Alexandria Real Estate Equities (ARE, Financial) reported Q3 GAAP EPS of $2.26, beating estimates by $1.42. However, its revenue of $713.8M (+8.2% Y/Y) missed by $14.67M. The company reported solid leasing volume during 3Q23 and FY23 Funds from operations per share of $8.97 to $8.99.
Occidental Petroleum (OXY, Financial) saw a 3.8% drop in Monday's trading after Chevron's agreement to buy Hess for $53B took a potential acquirer for the company off the table. Chevron had been considered a potential buyer for Occidental (OXY), since both companies are major players in the Permian Basin.
MicroStrategy (MSTR, Financial) stock surged 8.5% in Monday trading as the software firm's bet on bitcoin (BTC-USD) became profitable with the recent crypto rally. The company held ~5,445 bitcoins (BTC-USD) as of Sept. 24, for which it paid an average price of $27,053 per token.
Cadence Design Systems (CDNS, Financial) reported Q3 GAAP EPS of $1.26, beating estimates by $0.47. Its revenue of $1.02B (+13.0% Y/Y) also beat estimates by $20M. The company expects total revenue in the range of $1.039 billion to $1.079 billion for the fourth quarter of 2023.
Nvidia (NVDA, Financial) and AMD (AMD, Financial) could sell PC chips using architecture from Arm Holdings (ARM) as soon as 2025, according to a Reuters report. AMD already makes processors for desktops and notebooks using x86 architecture, which is owned by Intel (INTC).
Medpace (MEDP, Financial) reported Q3 GAAP EPS of $2.22, beating estimates by $0.17. Its revenue of $492.5M (+28.4% Y/Y) also beat estimates by $16.74M.
International Flavors & Fragrances (IFF, Financial) is reportedly evaluating the potential sale of its pharma solutions unit. The unit could fetch more than $3.5 billion in a sale, according to a Bloomberg report.
Chevron (CVX, Financial) has agreed to acquire Hess (HES, Financial) in an all-stock transaction valued at $53B, or $171 per share. The transaction price represents a 10.3% premium on a 20-day average based on October 20, 2023 stock prices.
