MGM Resorts International saw a 16% surge in shares after Barry Diller's People Inc. proposed to acquire the company for $48.30 per share in cash. Diller, who is on MGM's board, will recuse himself from discussions regarding the offer. Zoom Communications' stock rose over 11% following Anthropic's confidential IPO filing, in which Zoom was an early investor.
Veeva Systems shares increased nearly 9% ahead of its earnings report, with expectations of earnings of $2.14 per share on revenue of $857.7 million, aligning with prior guidance. Humana's stock gained 8% after reaffirming its full-year adjusted earnings guidance of at least $9 per share, exceeding the consensus estimate of $8.93.
Conversely, Viasat's shares fell 11% after it filed a shelf registration to sell stock or debt, despite a remarkable 730% increase over the past year. Science Applications International's shares jumped 16% after reporting first-quarter earnings per share of $3.23, significantly above the expected $2.28, and revenue of $1.91 billion, surpassing the forecast of $1.82 billion.
Nvidia's collaboration with Microsoft on a new processor for personal computers led to a 4% rise in Nvidia's stock and a 2% increase for Microsoft, while Dell and HP, set to manufacture computers with the new chip, rose 8% each. In contrast, competitors Qualcomm, Intel, and AMD saw declines.
Taylor Morrison Home's shares surged 22% after Berkshire Hathaway announced its acquisition for $6.8 billion, with CEO Greg Abel praising the company as a top homebuilder. IBM's shares rose 9% after Barclays initiated coverage with an overweight rating, highlighting its compelling quantum computing strategy.
The software sector also saw gains, with the iShares Expanded Tech-Software Sector ETF rising 5.2% and notable increases in stocks like ServiceNow and Salesforce. However, trading platforms Robinhood and Coinbase fell as Bitcoin prices dropped below $73,000, marking the lowest levels since mid-April