Yahoo Finance Trending tickers: Wetherspoon | Microsoft | Nvidia | Activision Blizzard
Wetherspoon (JDW.L)
UK pub chain Wetherspoon's stock ticked up around 9% on Wednesday morning in London as investors cheered full-year profit forecasts. Positive numbers were supported by bank holidays earlier in the year and a partial pullback in energy costs.
In May, the company had said full-year profits would be towards the top end of market estimates.
The latest report shows its debt pile is also shrinking, currently standing at ÂŁ668m ($863.59m) (down from ÂŁ920m a year before). The level of debt is also ÂŁ114m lower than before the pandemic.
"The group is well-positioned to kick on from here," said Richard Hunter, head of markets at Interactive Investor. "A return to the payment of the dividend may still be some way off as the finishing touches are made, although there have been other developments which could accelerate any such decision."
Tailwind from a record Easter week and May bank holidays could mean new highs for full-year sales, added Hunter.
In the first 10 weeks of this latest quarter, like-for-like sales rose by 11.5% and are ahead by 12.9% in the year to date. By way of comparison, the group highlights that these numbers are also 11% and 7.4% respectively above pre-pandemic levels.
Nvidia (NVDA)
Semiconductor maker Nvidia is reportedly looking at anchoring an investment in Softbank-backed Arm, according to a new report in the Financial Times, which sites several people briefed with the talks.
The moves would bring Nvidia in ahead of a New York public listing which could happen as soon as September.
In February last year, Nvidia was forced to cancel its acquisition of Arm, a deal which would have been worth $66bn, following regulatory scrutiny. Softbank originally bought Arm for $24m in 2016.
The sale was objected to by regulators in the US and Europe due to the fact it might restrict rival's access to Arm's IP.
Microsoft (MSFT)
Elsewhere, in news of major corporate takeovers, a court ruling has breathed new life into prospects for Microsoft's buyout of gaming industry stalwart Activision Blizzard (ATVI). Antitrust authorities had looked set to block the $69bn deal.
Most recently, a US judge in a federal court in San Francisco has refused a request from the Federal Trade Commission for an injunction preventing the deal from closing. The judge also extended a temporary restraining order that blocks Microsoft from closing the deal until midnight US West Coast time on Friday. The FTC could still appeal the decision.
The ruling sent Activision's stock up by 10% by the US close on Tuesday.
Meanwhile, rival gaming tech company Sony's (SONY) stock dropped, falling around 1.2% by the closing bell.
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