In This Article:
FedEx (FDX) shares rose after the shipping giant announced a $1 billion accelerated share buyback plan.
Shares of RayzeBio (RYZB) jumped 100% after it was announced the company was being acquired by Bristol Myers Squibb (BMY) in a $4.1 billion deal. It's Bristol Myers' second deal in less than a week. On Friday, the company announced it was acquiring Karuna Therapeutics (KRTX) in a $14 billion deal.
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Video Transcript
- Let's talk about FedEx as well. Those shares are edging higher today after an announced a $1 billion accelerated share repurchase program. The shares up 1.7%. The company has this repurchase agreement through Mizuho Markets Americas. They're going to get an initial share delivery of about 3.2 million shares on December 28.
We already knew that FedEx was going to be buying back shares. Now we just learned that it's sort of doing this push here. And this is after the stock recently took a big tumble following its last earnings report. So now coming back in here to support the shares.
- Listen, to your point, it's been a strong year FedEx. You're going to end the year up here about 45%. But they did offer that report, that disappointing-- it really was the outlook, that Q2 profit. It came in below consensus. And you saw the Street really focused on the Express division, which was challenged with these slowing volumes. I remember some analysts called the guidance vague. On the other hand, as we exit the year here, lots of bullishness still on this name, Julie. Most say buy it here at these levels. You've got 22 buys, 14 holds, no sells on FedEx.
- Yeah. There are still some questions around the Express business in particular. That's where there was some weakness in the quarter and in the outlook. So that's something that the investors are going to want more information on going into 2024.
- Yep. For sure. All right. Let's wrap it up here with shares of-- let's see.
- Radiopharmaceutical.
- Radiopharmaceutical. Thank you, Julie.
- It's a new thing. Rayzebio rocketing higher today after news it's being acquired by Bristol-Myers. Squibb for $4.1 billion. Second acquisition for Bristol-Myers in a week. So pulling out the checkbook again, Bristol-Myers, this time-- so this is about 4 billion. 62.50 a share. Looks like the transaction is expected to close in the first half of next year. It's going to be dilutive to Bristol's adjusted earnings next year. And it looks like they're going to-- Bristol will finance the deal mostly with new debt. And from what I've been reading here, so this is about targeting different tumors with these kind of radioactive drugs.