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Top Midday Stories: SpaceX Surpasses Amazon in Market Cap; Yum! Brands to Sell Pizza Hut for $2.7 Billion
The Dow Jones Industrial Average was up, while the S&P 500 Index and Nasdaq Composite were down in late-morning trading Tuesday, as oil prices continued to fall following the announcement of a peace deal between the US and Iran.In company news, SpaceX (SPCX) shares continued to climb on Tuesday after debuting last Friday, boosting the company's market cap above Amazon's (AMZN) and, briefly, Microsoft's (MSFT). Separately, SpaceX said Tuesday in a regulatory filing that it has signed an agreement to acquire Cursor in a deal with an implied equity value of $60 billion. SpaceX expects the deal to become effective in Q3, subject to the satisfaction of closing conditions and regulatory approvals. SpaceX shares were up 11.1%, while Amazon was up 1.0% and Microsoft was down 1.6%.Yum! Brands (YUM) said Tuesday it has signed agreements to sell Pizza Hut for a combined $2.7 billion through two separate transactions. Private equity firm LongRange Capital will acquire the Pizza Hut business not located in Mainland China for $1.5 billion. Yum China will acquire the Mainland China business for $1.2 billion. Yum! shares were up 2.4%, while Yum China shares were down 0.8%.Olin (OLN) and Huntsman (HUN) agreed to an all-stock merger of equals that will form OlinHuntsman, a chemicals company with combined 2025 revenue of about $12.5 billion, the companies said. under the deal terms, Huntsman shareholders will receive 0.5476 Olin shares for each Huntsman share, with Olin shareholders expected to own 54.5% of the combined company. Olin shares were down 8.5%, while Huntsman shares were down 19.3%.Netflix (NFLX) is one of several media companies interested in acquiring Lionsgate Studios (LION), Semafor reported Tuesday, citing a person familiar with the matter. Neither Netflix nor the other companies have put in a formal indication of interest, the report said, citing the person. Netflix shares were down 2.8%.Price: $213.76, Change: $+21.26, Percent Change: +11.04%
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