Boeing shares extended losses as airline inspections revealed more loose parts and Juniper Networks jumped on reports it could be acquired by Hewlett Packard Enterprise. Here’s what investors need to know today.
1. Boeing Extends Decline as Inspections Reveal Loose Parts
Boeing (BA) shares traded 0.7% lower in the pre-market after shares fell 8% in Monday’s session as United Airlines (UAL) and Alaska Airlines (ALK) inspections found loose bolts and hardware in Boeing 737 Max 9 aircraft. The Federal Aviation Administration grounded dozens of the Boeing aircraft to conduct inspections after the blowout of a panel on an Alaska Airlines flight last week. United Airline shares were up 1.6% in the pre-market while shares of Alaska Airlines dipped 0.3%.
2. Juniper Networks Surges on Possible Takeover by Hewlett Packard Enterprise
Juniper Networks (JNPR) shares soared more than 22% in pre-market trading after a report that Hewlett Packard Enterprise (HPE) was in talks to acquire the network equipment provider in a $13 billion deal. The merger could be announced as soon as this week, potentially helping Hewlett Packard Enterprise challenge Cisco Systems (CSCO) in the network architecture market. Hewlett Packard Enterprise shares fell more than 7% in pre-market trading, while Cisco shares traded 0.6% lower.
3. JetBlue CEO Steps Down, COO To Take Role Amid Spirit Merger
JetBlue (JBLU) CEO Robin Hayes will step down next month, to be succeeded by Chief Operating Officer Joanna Geraghty, an airline industry veteran with nearly two decades at the company. The change comes as the low-cost carrier seeks to merge with Spirit Airlines (SAVE), potentially making it the nation’s fifth-largest airline if it can win regulatory approval. Shares of JetBlue were up about 0.2% in the pre-market while Spirit shares declined about 1.9%.
4. Match Group Rises on Report Activist Investor Elliott Management Built a $1 Billion Stake
Match Group (MTCH) shares jumped 11% in the pre-market after a report that activist investor Elliott Investment Management has built a $1 billion stake in the company that owns dating apps including Tinder and Hinge. The investor group said it intends to meet with Match Group on ways to improve the company’s stock performance as its market capitalization dropped to around $10 billion, down from about $40 billion in 2021.
5. Unity Software Shares Jump as It Plans to Trim 25% of Staff
Unity Software (U) shares rose nearly 2% in the pre-market after it reported it would trim around 1,800 jobs, laying off about 25% of its staff as part of a company refocus on core businesses. Expected to be completed by March, the layoffs are the largest ever for the company that supplies software tools and support for 1.1 million video game creators.
