Market Focus

Qualcomm

Qualcomm came under activist pressure today. Jana Partners held talks with the chip maker about potentially spinning off its chip unit from its parent licensing business. Barry Rosenstein who’s a managing partner at Jana Partners says he sees a lot of value in the company. Shares were off slightly to $68.73.

Apple, Fossil & Movado

The Apple Watch could spell trouble for Fossil and Movado. An analyst note from KeyBanc today says Apple could sell over 20 million Apple Watches this year, which would be nearly half of the market for watches worth $200 or more. That sent shares of Fossil down four percent to $81.89. Movado was off two percent to $30.73. Apple fell too, down 25 cents to $126.85.

Builders FirstSource & ProBuild Holdings

Builders FirstSource is buying its rival building material supplier, ProBuild Holdings for more than $1.5 billion. Last year the two companies had a combine revenue of around $6 billion. Shares of Builders FirstSource soared almost 68 percent to $11.57. ProBuild is privately held.

Alamos Gold & Aurico

Another deal to tell you about: miners Alamos Gold and Aurico are merging. The transaction is structured as a merger of equals and will create a gold producer with a market cap of around $1.5 billion. This comes as small miners are looking to offset a drop in gold prices. Shares of Alamos popped nearly seven percent to $6.28. Aurico was almost nine percent higher, closing at $3.25.

UPS

UPS plans to invest over $1 billion to expand its European package delivery network, according to reports. This comes a few days after FedEx announced it will buy a Dutch package delivery company to expand in Europe. Shares of UPS were off a bit to close at $96.15.

Sears & Simon Property Group

Sears has struck a 50-50 joint venture deal with mall owner Simon Property Group. The retailer will contribute properties valued at over $200 million and then lease them back from Simon. This is an attempt by Sears to cash in on the value of its real estate. Sears rose a fraction to $43.24. Simon Property was off slightly to $190.33.

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