SpaceX Agrees to Merge With Cursor; Novo to File for China Approval of Wegovy; Dave & Buster's Misses Estimates

SpaceX Rises, Rackspace Technology Surges, Netflix Drops on Semafor Report

On this episode of Stock Movers: - SpaceX (SPCX) shares gain. SpaceX formally agreed to buy Cursor in a deal that will entitle the startup's investors to SpaceX stock. The acquisition is expected to help SpaceX's xAI rapidly rebuild and catch up to rivals including Anthropic PBC and OpenAI in the market for artificial intelligence-powered coding tools. - Rackspace Technology (RXT) shares rise. The IT company said it signed a definitive agreement with Advanced Micro Devices for the phased deployment of 30 MW of AMD-based compute across Rackspace’s global data centers. - Netflix (NFLX) shares drop. Semafor reported that the streaming giant lost out to Fox in its pursuit of Roku. Netflix is also one of a number of companies interested in buying Lionsgate, although it hasn’t put in a formal indication of interest, Semafor says, citing a person familiar with the matter. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Dave & Buster's Sinks, Western Digital Rises, SpaceX Gains on Cursor Takeover Days After IPO

On this episode of Stock Movers: -Dave & Buster's (PLAY) shares sink. The operator of restaurant and entertainment facilities reported comparable sales for the first quarter that missed the average analyst estimate. Research firm Benchmark downgraded the stock, citing a lack of confidence that same-store sales will stabilize/eventually turn positive this year.  -Western Digital (WDC) shares rise. Morgan Stanley reiterated Overweight ratings on the hard-drive makers and bumped its price target for Western Digital stock to $650. -SpaceX (SPCX) shares gain. SpaceX formally agreed to buy Cursor in a deal that will entitle the startup's investors to SpaceX stock. The acquisition is expected to help SpaceX's xAI rapidly rebuild and catch up to rivals including Anthropic PBC and OpenAI in the market for artificial intelligence-powered coding tools. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Yum to Sell Struggling Pizza Hut; Dave & Buster’s Sinks; Robinhood Shares Gain

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Yum! Brands (YUM) agreed to sell its struggling Pizza Hut chain for $2.7 billion to a private equity firm and its China business. LongRange Capital will acquire Pizza Hut ex-China for $1.5 billion, Yum said in a statement Tuesday. Yum China Holdings Inc. will buy the rest of the business for $1.2 billion. The transactions are expected to close in the third quarter. - Dave & Buster’s (PLAY) shares tumble after the operator of restaurant and entertainment facilities reported comparable sales for the first quarter that missed the average analyst estimate. Research firm Benchmark downgraded the stock, citing a lack of confidence that same-store sales will stabilize/eventually turn positive this year. - Robinhood Markets (HOOD) shares are up after it said it is reducing its full-time employee workforce by 10%, and also closing a small number of open roles. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

SpaceX Agrees to Merge With Cursor; Novo to File for China Approval of Wegovy; Dave & Buster's Misses Estimates

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - SpaceX (SPCX), X67 and Anysphere entered a merger agreement with Cursor in a deal which values Cursor at an implied equity value of $60b. - Novo Nordisk (NOVOB DC) will submit oral Wegovy for regulatory approval in China in a few weeks, Chief Executive Officer Mike Doustdar told reporters in Beijing on Tuesday. - Dave & Buster's (PLAY) reported revenue for the first quarter that missed the average analyst estimate. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.

Rathbones Plunges, STMicro Dips, Porsche Down

Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Rathbones Group Plc shares plunged after the UK wealth manager said it expects to incur £60 million ($80.4 million) of additional costs over the next two years, as it addresses issues found in a watchdog review into how it treats its customers. - STMicroelectronics NV is looking to raise $1.5 billion from selling debt that can be exchanged into equity after the chipmaker’s shares tripled in value so far this year. - Porsche received an upgrade to equal-weight at Barclays, which sees improving investor sentiment and a lack of near-term negative catalysts. See omnystudio.com/listener [https://omnystudio.com/listener] for privacy information.