Yahoo Finance Trending tickers: Intel | Tencent | RayzeBio | Astrazeneca
The latest investor updates on stocks that are trending on Wednesday
Intel (INTC)
Shares in Intel were trending in extended trading following the announcement that Israel's government agreed to give Intel a $3.2bn (£2.51bn) grant for a new $25bn chip plant to be built in the country.
In addition to the grant, the chipmaker also committed to buying $16.6bn worth of goods and services from Israeli suppliers over the next decade, while the new facility is expected to create several thousand jobs.
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“This investment, at a time when Israel wages war against utter wickedness, a war in which good must defeat evil, is an investment in the right and righteous values that spell progress for humanity,” Israeli Finance minister Bezalel Smotrich said.
Intel operates four development and production sites in Israel, including a manufacturing plant in Kiryat Gat, 42km from the Gaza Strip.
Tencent (0700.HK)
Tencent regained just some of last week’s share losses after the country’s top gaming regulator pledged to “further modify and improve” draft rules aimed at curbing excessive online gaming and spending.
China’s National Press and Publication Administration, which issues licenses to game publishers and oversees the industry, unveiled a proposal last week aimed at effectively reducing how much people spend playing games. The plan took the industry by surprise, and investors dumped tens of billions of dollars in company stock.
Since the surprise announcement, regulators have attempted to calm the market by saying they would “carefully study” the concerns of all stakeholders on draft rules.
“We believe these fire-quenching measures may help to slightly ease market concerns, but they are not enough to remove the overhang caused by the draft regulation,” Nomura analysts said in a Tuesday note.
RayzeBio (RYZB)
Shares of RayzeBio jumped 100% after it was announced the company was being acquired by Bristol Myers Squibb (BMY) in a $4.1bn deal.
It's Bristol Myers' second deal in less than a week. On Friday, the company announced it was acquiring Karuna Therapeutics (KRTX) in a $14bn deal.
"There's still a lot of...firepower in the large pharma balance sheets and companies that have drugs that are going to lose exclusivity," William Blair analyst Matt Phipps told Reuters, referring to a spree of acquisitions in the biotech sector in recent weeks.
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San Diego-based RayzeBio is a clinical-stage developer of radiopharmaceutical therapeutics. Its current pipeline includes programs targeting the treatment of solid tumors, small cell lung cancer and hepatocellular carcinoma.
Astrazeneca (AZN.L)
AstraZeneca has struck a deal to buy Chinese cancer therapy firm Gracell (GRCL) for up to $1.2bn.
It is one of its first acquisitions in China for the Anglo-Swedish drugmaker. Astrazeneca made 13% of its revenues ($6bn) in the country last year, making it the second-most lucrative market behind the US, where revenues totalled $18bn.
The US$2 per share acquisition provides AstraZeneca with access to platforms potentially shortening manufacturing times and enhancing the development of more efficient cell therapy treatments.
Susan Galbraith, AstraZeneca's executive vice president of Oncology Research and Development, said: “The proposed acquisition of Gracell will complement AstraZeneca’s existing capabilities and previous investments in cell therapy.
“GC012F will accelerate our cell therapy strategy in haematology, with the opportunity to bring a potential best-in-class treatment to patients living with blood cancers using a differentiated manufacturing process, as well as exploring the potential for cell therapy to reset the immune response in autoimmune diseases.”
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