Market movers: Stocks seeing action on Wednesday

Riot acquired 1 million common shares of Bitfarms on Tuesday, representing about 0.22 per cent of issued and outstanding Bitfarms common stock.Bitfarms said earlier in the day its co-founder and chair Nicolas Bonta, one of the three board members top shareholder Riot sought to replace, would leave the company immediately.

Mars will pay US$83.50 per share in an all-cash deal for Kellanova, representing about 33-per-cent premium to its closing price on Aug. 2 before Reuters first reported that Mars was exploring a deal for the Pringles maker. Kellanova will become part of Mars Snacking, led by Global President Andrew Clarke and based in Chicago after the completion of deal in the first half of 2025, the companies said.

Southwest’s board will evaluate Elliott’s proposed nominees as part of its ongoing board refreshment process, the airline said on Wednesday. The net profit of US$1.1-billion for the April-June period beat the US$528-million forecast in a company-provided poll for what were UBS’s first results since it formally completed its merger with Credit Suisse in May.

“We are now entering the next phase of our integration, which will be critical to realize further substantial cost, capital, funding and tax benefits,” Ermotti said. Meanwhile, net new asset inflows were US$27-billion, even as UBS executives warned the outlook was clouded by geopolitical tensions, the U.S. election race and market volatility.) soared after announcing it is making a change at the top, naming Hillary Super from Savage X Fenty as its new chief executive.

Prior to working at Savage X Fenty, Ms. Super was the Global CEO of Anthropologie Group, an Urban Outfitters Company. At the time, DraftKings’ CEO compared the plans to similar charges in the hotel or taxi industry and hoped it would offset the cost of operating in states such as New York, which has a tax rate of 51 per cent on gambling revenues.

Flutter said on Tuesday that it now expects full-year core profit of US$680-million to US$800-million at market-leading FanDuel versus the US$635-million to US$785-million seen in March and last year’s US$167-million, which was its first full year of profitability in the rapidly growing market.

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