Stock Alert: Xilinx Hits New 52-week High On Acquisition By AMD
Shares of Xilinx Inc. (XLNX) are rising more than 10 percent or $11.65 in Tuesday’s morning trade at $126.20, after touching a new 52-week high of $130.40.
Tuesday, Advanced Micro Devices Inc. (AMD) said it has entered into a definitive agreement to buy rival chip maker Xilinx in an all-stock transaction valued at $35 billion.
As per the deal, Xilinx stockholders will receive a fixed exchange ratio of 1.7234 shares of AMD common stock for each share of Xilinx common stock they hold at the closing of the transaction. This represents about $143 per share of Xilinx common stock. The transaction is expected to close by the end of calendar year 2021.
Xilinx has traded in a range of $67.68 to $130.40 in the past 52 weeks.
Unilever board says to press on with unification plan
LONDON, Oct 27 (Reuters) – Unilever said on Tuesday that its board had met and decided to proceed with its plans to unify its Anglo-Dutch corporate structure into a single entity based in London.
The board plans to request that the UK High Court approve the cross-border merger at a hearing scheduled for Nov 2, with a view to complete the process on Nov. 29.
He Was Arrested for Weed at 13, and He’s Selling It Legally at 27
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In the hinterlands of central Massachusetts, Seun Adedeji works the crowd with an evangelist’s flair. “We’re here to get you guys medicated and elevated,” he says. At his store’s grand opening this month, he and his customers—some in khakis and leaning on canes, others in psychedelic T-shirts and ripped jeans—greet each other with pandemic-friendly elbow bumps.
Adedeji is a cannabis entrepreneur. In his skinny suit, T-shirt, and wing tips with no socks, he looks the part. His shop, not so much. It’s a low-slung brick building that used to be a gas station in the former mill town of Athol, population 12,000. It still could be mistaken for one, except for the bright green marijuana leaf balloons hanging from the ceiling, the pre-rolled joints under the counter, and the rainbow of artisanal glass pipes on top.
Herald morning quiz: October 28
Test your brains with the Herald's morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.
Harley-Davidson shares soar more than 25 percent after strong quarter
Harley-Davidson beat profit expectations on Tuesday as shipments improved from pandemic lows and it reined in costs as part of Chief Executive Officer Jochen Zeitz’s restructuring plan, sending its shares soaring 26 percent in morning trading.
Declines in shipments improved to 6 percent, or 43,000 motorcycles, from a year earlier and compared with a 59 percent slump in the prior quarter, indicating a rise in demand for the maker of large cruisers.
Retail sales in its biggest market, the United States, where Harley has not recorded a sales rise for the past six years, fell 10 percent from a year earlier, but was much less than the 27 percent slide in the second quarter.
Harley’s sharp recovery from the COVID-19 lows also comes amid Zeitz’s efforts to shut unprofitable markets like India and focus on growth markets such as the US, Europe and parts of Asia-Pacific to lower costs.
Total expenses fell 26 percent to $196.9 million in the quarter.
In a shift in strategy, Harley announced plans with India’s Hero MotoCorp to develop and sell a range of premium motorcycles under the Harley-Davidson brand name, a month after it discontinued its sales and production in the world’s largest two-wheeler market.
Net income rose to $120 million, or 78 cents per share, in the third quarter ended Sept. 30, from $87 million, or 55 cents per share, a year earlier. On an adjusted basis, it earned $1.05 cents per share, according to Refinitiv data.
Motorcycles and related product revenue fell to $964 million from $1.07 billion a year earlier.
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ECB Glitch Reduced Bank Deposits By More Than 400 Billion Euros
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A glitch in the European Central Bank’s system for settling large-value payments by commercial and central banks has resulted in a drop in deposits worth more than 400 billion euros ($473 billions).
The interruption — which occurred on Friday and lasted more than 11 hours — meant large institutions were unable to move their cash in the usual way. The failure was illustrated in data published Tuesday by the ECB that shows a 416 billion-euro slump in the use of the deposit facility at the central bank.
While the balances held at the deposit facility have returned to normal, the incident highlights the critical role of the payments infrastructure for the euro area, and the risks that could be posed from a longer outage.
The ECB said the drop in the balance “was due to the technical issues with TARGET2 on Friday, which led to difficulties for banks and central banks to settle and determine the account balance.”
Target2 is used to process more than2 billion euros of transactions per minute. A long-enough halt to that flow of liquidity would start to have real-world effects very quickly.
Trump Wants to Pick Off Nevada. But Biden Is Holding a Lead, Our Poll Shows.
Joe Biden has a six-point advantage in the latest New York Times/Siena College poll of Nevada, where unemployment has soared amid the coronavirus pandemic.
By Sydney Ember and Isabella Grullón Paz