Alcoa is buying RTI International Metals in a deal worth $1.5 billion. The move is an effort by the aluminum giant to grow its aerospace business. Shares of Alcoa fell more than five percent to $13.70. RTI rose almost 40 percent to $38.
Simon Property Group & Macerich
Mall operator Simon Property Group is launching a hostile bid for rival Macerich worth about $16 billion. This after saying Macerich refused to discuss a combination. Shares of Simon fell a fraction. Macerich rose seven percent to $92.76.
Activist Starboard Value is upping the pressure on Yahoo. The firm wants a major overhaul, urging the company to cut costs, buy back up to $4 billion worth of shares and spin off its stake in Yahoo Japan. Shares were off one percent to $42.98.
Shares of Whiting Petroleum popped on reports its seeking a buyer. The search for deal comes as the price of crude plummets, which has taken a bite out of the oil and gas producer’s results. Shares popped about 11 percent to $37.71.
Urban Outfitters out with late earnings and its results from the holiday quarter beat estimates. The retailer’s sales were in line with consensus. After the bell shares were initially higher. Before the close, the stock was up 1.5 percent to $39.51.
Qualcomm is returning cash to shareholders. The tech giant announcing a $15 billion buyback and a dividend hike of 14 percent. The yield on that payout is around 2.3 percent. Shares spiked right after the close. In regular trading the stock was about 1.5 percent higher to $72.71.