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Roth Capital Downgrades Atkore to Neutral From Buy, Raises Price Target to $92 From $85
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US Markets
Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes
(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average hit an all-time high on Monday as Wall Street extended its rally into the third day, while hopes for a US-Iran deal sent oil prices lower.The Dow rose 1.3% to 53,178.41, notching a record closing high. The Nasdaq Composite advanced 2.1% to 25,913.90, while the S&P 500 climbed 1.5% to 7,600.50. Most sectors were in the green, led by communication services' 4.3% jump, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.2% to $80.29 a barrel in Monday late-afternoon trade, while Brent dropped 4.7% to $83.80.President Donald Trump said Monday that the US is in talks with Iran. He previously called off a planned attack against Tehran."Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower, with the 10-year rate down 6.1 basis points at 4.68% and the two-year rate falling 3.7 basis points to 4.25%.In company news, Boeing (BA) shares jumped 8%, the best performer on the Dow. The planemaker has received the US Federal Aviation Administration's clearance for its 737 Max 7, paving the way for the model's launch after nearly a decade of regulatory review.Atkore (ATKR) jumped 28% after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Marriott International (MAR) was the worst performer on the S&P 500, down 7%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.In economic news, the US manufacturing sector continued to grow in July, with Institute for Supply Management data indicating the fastest expansion rate in more than four years and S&P Global (SPGI) signaling steady growth pace.Spot gold edged up 0.2% to $4,052.94 per troy ounce, while silver rose 1% to $58.34 per ounce.
Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$BA$CAT$DIS$LLY$MAR$MCD$MRK$SHOP$SPCX$SPGI$UBER
Wire
Top Midday Gainers
Atkore (ATKR) shares rose more than 26% after the company said it has entered a definitive agreement to be acquired by Prysmian for $95 per share in an all-cash transaction with an enterprise value of about $3.8 billion.Intraday trading volume stood at over 5.51 million, compared with a daily average of about 423,000.Lindblad Expeditions (LIND) reported a narrower Q2 undistributed loss on Monday as a jump in sales beat market expectations, and the company raised its 2026 tour revenue guidance.Shares jumped 9.3%, with intraday trading volume rising to more than 1.0 million from the stock's daily average of about 892,000.Marcus Theatres, a division of Marcus (MCS), reported that the opening weekend of Spider-Man: Brand New Day set the record for the highest opening day and second-highest opening weekend for a single title ever at Marcus Theatres, according to a statement.Shares advanced 6.2% amid an increase in intraday trading volume to over 505,000 from a daily average of roughly 232,000.Price: $93.55, Change: $+20.59, Percent Change: +28.21%
$ATKR$LIND$MCS
Commodities
Italy's Prysmian to Acquire Atkore in $3.8 Billion Enterprise Value Deal
Italy-based Prysmian on Monday said it reached an agreement to acquire Illinois-headquartered electrical and infrastructure solutions provider Atkore (ATKR), valuing the target at an enterprise value of $3.8 billion."The transaction will expand Prysmian's presence in North America by adding a highly complementary portfolio of cable-adjacent electrical infrastructure products, accelerating its evolution into a fully-fledged electrical solutions provider," the company said in a statement.Prysmian will pay $95 per share in cash for the deal, a premium of about 23% over the 90-day volume-weighted average share price as of July 31.The merger will help create an electrical infrastructure solutions provider that will combine complementary products, enhance commercial network and enable faster delivery times and installation processes, supporting investment in electrification and AI-driven infrastructure.The Boards of Directors of the two companies have approved the deal unanimously, with a closing targeted by the end of 2026, contingent upon shareholder and regulatory approvals and other customary conditions, according to the statement.Price: $93.48, Change: $+20.52, Percent Change: +28.13%
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US Markets
Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck
The benchmark US stock measures were pointing higher before the opening bell Monday as President Donald Trump said he called off a planned attack on Iran, while traders await fresh labor market data and more corporate earnings later in the week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.6% and the Nasdaq added 0.4% in premarket activity. All three main indexes finished Friday trading in the green.In a social media post over the weekend, Trump said he canceled a planned attack against Iran after being asked by Tehran and other Middle Eastern countries to hold off because the "perimeters of a deal has been agreed to." The proposed deal would include the "immediate, complete, and total opening" of the Strait of Hormuz, Trump wrote."I have agreed, for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a deal," Trump said. Media reports last week said Trump was preparing for a fresh round of strikes against Tehran.West Texas Intermediate crude oil dropped 5.8% to $79.77 a barrel before the open, while Brent fell 4.7% to $83.82.On Sunday, seven members of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said they agreed to raise combined oil production by 188,000 barrels per day next month.Fresh labor market data is scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for June on Tuesday. Last month's ADP employment and Challenger Job Cut reports are due on Wednesday and Thursday, respectively. The government's nonfarm payrolls data for July is out on Friday.Treasury yields were trending lower in premarket action, with the two-year rate retreating 4.7 basis points to 4.24% and the 10-year rate declining 6.1 basis points to 4.68%.Monday's economic calendar has the final Purchasing Managers' manufacturing index for July at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their latest quarterly results this week.Palantir Technologies (PLTR), Williams (WMB) and Snap (SNAP) post their earnings after the markets close Monday, while Marriott International (MAR), EchoStar (ECHO) and Tyson Foods (TSN) are expected to announce their financial statements before the bell, among others.AstraZeneca's (AZN) US-listed shares slipped 5.1% pre-bell following media speculation that the company is in talks with Bristol Myers Squibb (BMY) about a potential combination that would create a pharmaceutical company valued at nearly $400 billion. Bristol Myers' stock gained 6.4%.Atkore (ATKR) jumped 27% early Monday after the electrical products manufacturer agreed to be acquired by Italian cable maker Prysmian in an all-cash deal with an enterprise value of about $3.8 billion.Gold inched 0.1% higher to $4,109 per troy ounce, while bitcoin was down 1.2% at $62,596.
Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$AZN$BMY$CAT$DIS$ECHO$LLY$MCD$MRK$PLTR$SHOP$SPCX$TSN$UBER$WMB
US Markets
Atkore Agrees to Be Acquired by Prysmian in $3.8 Billion Deal
Atkore (ATKR) shares jumped early Monday after the electrical products manufacturer agreed to be acquired by Italian cable maker Prysmian in an all-cash deal with an enterprise value of about $3.8 billion.Shareholders of Atkore will receive $95 per share in cash, representing a premium of about 30% to the firm's closing price on Friday, it said in a statement. Atkore's stock surged 26% in the most recent premarket activity."This transaction is the culmination of our comprehensive strategic review process to maximize shareholder value," Atkore Chairman Michael Schrock said in a statement. "We believe this combination will create a stronger platform with greater scale and a more comprehensive portfolio of solutions."The companies aim to combine their offerings to establish an integrated electrical infrastructure solutions provider as a "one-stop shop" in North America to simplify and accelerate electrification and data center roll-out for customers. On a pro forma basis for 2025, the combined group would have generated around 22.1 billion euros ($25.46 billion) in revenue, Prysmian said in a separate statement.The transaction, which requires approval from Atkore's shareholders and regulators, is expected to be completed by the end of the year. The deal is anticipated to be financed through a combination of debt, including hybrid bonds, and equity."Atkore offers an attractive combination of complementary products, structural growth exposure and meaningful synergy opportunities -- and represents a major acceleration in Prysmian's evolution into a fully-fledged electrical solutions provider," according to Prysmian CEO Massimo Battaini.Prysmian expects the acquisition to expand its presence in North America and generate run-rate earnings before interest, taxes, depreciation, and amortization synergies of about $150 million within three years after completion, it said.Separately, Atkore reported third-quarter adjusted earnings of $1.92 per share, up from $1.63 a year earlier. Four analysts polled by FactSet expected $1.55. Sales improved 8.1% to $794.8 million, topping the $758.9 million consensus based on the same number of analysts.Atkore said it does not plan to reaffirm or update its previously issued full-year outlook in light of its proposed acquisition by Prysmian.
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Wire
RBC Raises Price Target on Atkore to $82 From $71, Keeps Sector Perform Rating
Atkore (ATKR) has an average rating of hold and mean price target of $74, according to analysts polled by FactSet.Price: $77.36, Change: $+0.97, Percent Change: +1.26%
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