Stocks – Taubman Soars in Premarket on Simon Bid; Xerox Raises HP Offer

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By Geoffrey Smith — Stocks in focus on Monday, 10th February. Please refresh for updates.

  • Tesla (NASDAQ:) stock rose 6.5% after social media reports indicating that its new plant in Shanghai reopened on Monday after an extended New Year shutdown caused by the coronavirus outbreak. The website reported that around 40 shuttle buses were seen ferrying workers to the plant.
  • Normally, the fleet extends to around 100 buses, it added, citing the Japanse Asahi Shimbun newspaper. Employees returning from their holidays away from Shanghai first need to be spend 14 days in quarantine, it added.
  • Apple (NASDAQ:) stock fell 1.6% amid concerns that production of its iPhones in China will be disrupted by the authorities’ attempts to combat the coronavirus outbreak. The Japanese newspaper reported that the government had denied Apple supplier Foxconn – also known as Hon Hai Precision – to reopen its factories after the New Year break, citing the contagion risk.
  • Taubman Centers (NYSE:) stock soared over 52% to a nine-month high after rival mall owner Simon Property (NYSE:) bid $3.6 billion for the group. Simon was up 1.3% on hopes that the two will be able to streamline their portfolio to address the constant crush on margins generated by the march of online shopping
  • HP Inc (NYSE:) stock rose 4.7% after Xerox (NYSE:) raised its offer for the maker of PCs and printers to $24 a share from $22 earlier. The latest offer comprises $18.40 in cash and 0.149 Xerox shares for each HP share, valuing the company at about $35 billion.
  • Xerox (NYSE:), whose stock fell 1.5% on the news, had had an initial $33.5 billion cash-and-stock offer for HP rejected in November, HP saying that it undervalued the company.
    • Exxon Mobil (NYSE:) stock resumed its recent declines, dropping 1.2% to $60.73 amid continued concern about the safety of its dividend in the current low price environment, and amid perceptions that the company has been slow to wake up to the climate-related risks in its balance sheet.
  • The stock is now barely 1% above the 10-year low it hit last week.
    • Allergan (NYSE:) stock rose 0.1% after the company reported earnings and revenue that came in ahead of expectations in the final quarter of 2019.
    • The drugmaker also said it expected its merger with AbbVie (NYSE:) to complete by the end of March. With completion so near, the company declined to give pro forma guidance for the year.
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