Market movers: Stocks seeing action on Monday

On Monday, CI announced it has entered in an agreement with Abu Dhabi-based Mubadala Capital – the alternative asset arm of Mubadala Investment Company – to be acquired for $32 a share – a 33-per-cent premium to the Friday’s closing price of $24.01

Mubadala’s private equity arm has made a splash in recent years, buying majority stakes in credit manager Fortress Investment Group and baby stroller maker Bugaboo. Its influence has coincided with the rise of multiple Middle East sovereign wealth funds, all of whom have deep pockets. The company had a net debt US$13.6-billion as of Sept. 30. EQT said in July it planned to cut its debt load by $5 billion through cash it generated from operations and asset sales.

The Ohio-based company introduced new products including its new winter range of fragrances such as Winter Candy Apple and Frosted Coconut Snowball to keep up with competition and help tackle softer demand in the retail industry in the quarter. Bath & Body Works now expects net sales to shrink to a range of 1.7 per cent to 2.5 per cent for full-year 2024, compared with a prior forecast of a 2-to-4-per-cent decline.

The gold miner had set a target of generating more than US$2-billion through asset sales following its US$17-billion purchase of Newcrest in 2023.) was down on the premarket announcement that its distribution agreement a subsidiary of PepsiCo will conclude on May 22, 2025 in accordance with the terms outlined in an agreement signed in 2021.

Macy’s preliminary results showed net sales fell to US$4.74-billion compared to US$4.77-billion based on estimates compiled by LSEG, a sign that steep promotions have failed to draw customers who have turned selective on purchases for the holidays. “While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues are focused on...executing our strategy for a successful holiday season,” Mr. Spring said.) said on Monday it will stop all trials of its Alzheimer’s disease drug after it failed a late-stage study, sending shares of the drug developer plummeting.

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