All three major US stock indexes were down in late-morning trading Monday, after Fox News reported that President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan.
In company news, Shares of PG&E (PCG), Edison International (EIX) and Sempra (SRE) fell Monday after the state of California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes, ABC7 reported Sunday. The legislature rejected provisions in Senate Bill 492 that would limit the amount of money people could recover. The amended bill also doesn't limit local governments and private businesses from recovering losses from utilities that start fires, according to the report. PG&E shares were down 19.5% around midday, while Edison and Sempra shares were down 23.0% and 2.5%, respectively.
Nvidia (NVDA) has invested $3.5 billion in MediaTek convertible bonds as part of a deepening partnership to build next-generation artificial intelligence computing platforms across AI infrastructure, local AI computing and automotive, the companies said Monday in a joint statement. Nvidia shares were up 1%.
Apollo Global Management-managed (APO) funds have agreed to sell cooling systems company Kelvion to SLB (SLB) for $3.4 billion in cash, with SLB assuming about $700 million of debt as well, the companies said Monday. Apollo shares were up 1.4%, while SLB shares were up 2.2%.
Eli Lilly (LLY) said Monday it has agreed to acquire Merida Biosciences for up to $2.88 billion in cash, including upfront and milestone payments, to expand its pipeline of treatments for autoimmune and allergic diseases. The deal is expected to close in Q4, subject to regulatory approvals and other customary closing conditions, Lilly said. Shares of Eli Lilly were down 1.4%.
Oneok (OKE) said Sunday it has agreed to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing facilities for about $4.43 billion. The deal will be funded via a $9 billion non-voting minority equity investment from funds and affiliates managed by Apollo, the company said. Oneok shares were up 0.5%.
SpaceX (SPCX) and NASA are delaying their launch date for the Crew-13 manned mission to the International Space Station in order to address an oxidizer leak on the propulsion system of the Dragon spacecraft, the space agency said Saturday. Separately, SpaceX is developing a foundry in Bastrop, Texas, to make blades and vanes for large gas turbines, The Information reported Saturday, citing job listings and other indicators. SpaceX shares were up 1%.
Aon (AON) has agreed to acquire USI Insurance Services from KKR (KKR) and other shareholders for $17 billion, the companies said Monday. The boards of Aon and USI have approved the deal, which is expected to close in Q4 and will generate about $3.3 billion of after-tax proceeds for KKR. Aon shares were down 7%, while KKR shares were up 1.5%.
Price: $219.81, Change: $+2.26, Percent Change: +1.04%