On this episode of Stock Movers:
- Keurig Dr Pepper (KDP) shares are lower after it agreed to buy JDE Peet’s NV for €15.7 billion to bolster its struggling coffee business. The company will pay €31.85 a share in cash for the Dutch firm, a 20% premium over its closing price on Aug. 22, according to a statement. Keurig Dr Pepper plans to separate its coffee and beverage units into two independent, US-listed companies once the deal is completed, with Chief Executive Officer Tim Cofer saying “We are seizing an exceptional opportunity to create a global coffee giant.”
- Intel (INTC) is higher after the US government said it will receive 433.3 million shares of common stock in Intel Corp., representing 9.9% of the fully diluted common shares, as part of an $8.9 billion investment. The investment is funded by grants from the US Chips and Science Act and Secure Enclave program, and the government will be a passive owner with no board seat or governance rights.
- Coinbase (COIN) is lower as risk off sentiment weighs on both crypto assets and chipmakers, including Advanced Micro Devices (AMD).
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