Oct 29 2019

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Egain stock price-By Carla Mozee and Victor Reklaitis, MarketWatch Apple supplier ARM rises on buyout deal European stocks finished mostly higher Monday, led by ARM Holdings PLC soaring on the chip…

EUROPE MARKETS: European Shares Gain Ground, But Turkish Stocks Fall After Coup Attempt

By Carla Mozee and Victor Reklaitis, MarketWatch

Apple supplier ARM rises on buyout deal

European stocks finished mostly higher Monday, led by ARM Holdings PLC soaring on the chip designer’s $32 billion buyout deal.

But Turkish shares closed down in the wake of a failed military coup.

ARM lifted: Leading European advancers on Monday was ARM Holdings (>> ARM Holdings plc) (>> ARM Holdings plc) , with shares closing up 41% at GBP16.75 ($22.27). The U.K.-based chip designer, whose clients include Apple Inc. (>> Apple Inc.) , agreed to an all-cash acquisition valued at more than $32 billion ( Japanese telecommunications and internet company SoftBank Group Corp. (>> SoftBank Group Corp) made the offer to buy ARM.

“The ARM takeover doesn’t look like a Brexit baby, because the company is actually more expensive in Japanese yen than it was on the day of the referendum vote,” wrote Laith Khalaf, senior analyst at Hargreaves Lansdown, in a note.

The pound has fallen against the yen, as well as recently hitting a 31-year low against the dollar , after the U.K. voted June 23 in favor of leaving the European Union, a move known as “Brexit.” Those moves are seen as effectively reducing the cost of acquiring U.K.-based companies for overseas buyers.

That isn’t necessarily the case in the SoftBank-ARM deal, Khalaf suggested.

“Almost all of [ARM’s] revenues come from overseas, so as the pound has fallen, the share price has risen sharply,” he added. “That won’t stop U.K.-based investors popping the corks though, they have now seen a 67% rise in the value of their shares since referendum day.”

On Monday, sterling was buying $1.3292, up from $1.3214 late Friday.

Turkey: Turkish stocks fell in the wake of this weekend’s failed attempt to topple President Recep Tayyip Erdogan’s government. Roughly 6,000 people ( have been arrested.

Turkey’s BIST 100 index closed down 7.1%, with all of its components lower except for industrial conglomerate Dogan Sirketler Grubu Holding (>> Dogan Sirketler Grubu Holding AS) , which was up 2%. The company owns CNN Turk, whose on-air broadcast was briefly interrupted early Saturday as soldiers overtook the broadcaster’s studio.

UBS said Monday it’s retaining its overweight stance on Turkish equities (TUR) as it appears “the macro fallout from these events is unclear but seems likely to be limited,” and as the “market continues to trade cheap. relative to its own history and, especially, [versus] global emerging markets.”

The Turkish lira ( was higher against the dollar, up nearly 2% to 2.9656 per U.S. dollar. The currency tumbled 4.7% on Friday.

A sustained fall in the lira on rising risk aversion and capital flight and a downturn in Turkey’s economic growth pose as potential risks to UBS’s overweight rating on Turkish stocks, the bank said.

The euro fetched $1.1080, slightly up from $1.1068 late Friday.

Movers: Roche shares (>> Roche Holding Ltd.) closed off 0.9% after the Swiss drugmaker said a study of its Gazyva blood-cancer treatment didn’t significantly reduce the risk of the disease worsening compared with another medication.

SBM Offshore NV (>> SBM Offshore) jumped 15% after the Dutch oil services company agreed to pay $341.8 million in fines related to a leniency agreement it struck with Brazilian authorities investigating corruption at oil giant Petrobras (>> Petroleo Brasileiro SA – Petrobras) .

ING said the settlement is a “positive” for SBM in part as there will be “limited impact on its balance sheet.”


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