3M (MMM) is nearing a settlement in which 3M will pay $5.5 billion to settle allegations that it sold defective combat earplugs to the U.S. military, The Wall Street Journal reports. rose 5.1% in pre-market trading. People close to the talks told the Wall Street Journal that negotiations are ongoing and a final amount has yet to be determined.
Jabil (JBL) reaches agreement to sell manufacturing operations in China to BYD Electronic
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Subsidiary of Chinese electric vehicle manufacturer BYD
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in a deal worth about $2.2 billion. In a statement, Jabil said the deal would be the largest in the history of the contract electronics maker. Jabiru shares rose 4% in pre-market trading.
US-listed shares of XPeng (XPEV) rose 4.9% after the Chinese electric car maker announced it would buy DiDi Global’s (DIDI) smart car development business for $744 million.
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Hawaiian Electric (HE) surged 30% after power companies hit back at claims that power lines caused deadly wildfires on Hawaii’s Maui island. The company has indicated it intends to defend itself as it faces lawsuits over devastating wildfires in Hawaii earlier this month.
Alibaba (BABA) U.S. deposit receipts rose 1.3%, JD.com (JD) rose 1.6%, as the Chinese government announced it would cut trade taxes and take other steps to boost capital. Baidu (BIDU) rose 1.4%. market.
Horizon Therapeutics (HZNP) rose 5.2% after trading. The Federal Trade Commission has suspended the challenge $27.8 billion acquisition of a biotech company by Amgen (AMGN). The Wall Street Journal reports that the moratorium is in effect until Sept. 18, allowing three FTC commissioners to decide whether the FTC should settle the lawsuit.
Nvidia
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(NVDA) was up 0.2% in pre-market trading. Barons He stressed that the AI chip leader’s latest earnings report has made the stock cheaper, even though the stock has risen 215% this year. The futures price-to-earnings ratio, which measures the current price of a stock relative to future earnings (often the next year), shows that NVIDIA stock is now better than he is, even though the stock has skyrocketed since January 5th. also shows that it is cheap.
Email Joe Weelfel (joseph.woelfel@barrons.com).
