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Market Update

Broadcom Offers $130 B to Qualcomm, Marvell Pursues Cavium


Author: Mukesh Buch
ticker.com
Last Update: 12:27 PM EST November 06 2017

11:55 AM New York Altice USA and Sprint agree to form a wireless partnership. Broadcom offers to buy Qualcomm for $130 billion. Biglari third-quarter net loss narrowed. Marvell Technology is in merger talk with Cavium.

Tollbooth Index increased 23.41 or 0.2% to 13,261.50.

Earnings Review

Broadcom Ltd increased 1.1% or $3.12 to $276.65 after the chip-maker made an unsolicited offer to acquire its rival Qualcomm Inc for $70 per share in cash and stock, $60 in cash and $10 per share.

The transaction is valued at $130 billion, including $25 billion in debt.

City Office REIT Inc (CIO) slumped 3.8% or 49 cents to $12.57 after the real estate developer said revenues in the third-quarter ending in September soared 31.9% from a year ago to $24.8 million.

Net loss in the quarter widened to $3.6 million or 12 cents per diluted share from $1.9 million or 8 cents in the same quarter last year.

Biglari Holdings Inc (BH) declined 8.9% or $31.27 to $330 after the media, property and casualty insurance, and restaurants operator reported total revenues in the third-quarter ending in September fell 1.1% from a year ago to $214.2 million.

Net loss in the quarter narrowed to $24.7 million or $20.09 per diluted share from $60.1 million or $49.48 in the same quarter last year.

Marvell Technology Group Ltd (MRVL) soared 9.5% or $1.76 to $20.27 after the Wall Street Journal said the chipmaker is in preliminary merger talk with its rival Cavium Inc to create a $14 billion.

Cavium Inc stock surged 10.9% to $75.71.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc