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Rivian Falls, Fiserv Rises, Crinetics Pharmaceuticals Gains on Vertex Deal
Description
On this episode of Stock Movers:
- Rivian (RIVN) tumbled after the electric vehicle maker said it will sell 75 million shares to fund equity contributions related to a US Department of Energy loan. The offering would raise about $1.5 billion at the closing price of $20.14 per share, with Goldman Sachs Group Inc. leading the share sale.
- Fiserv (FISV) shares gain after the Wall Street Journal reported that big Wall Street banks have held preliminary discussions about a deal to acquire a debit network owned by the financial-technology company. JPMorgan Chase, Bank of America, Wells Fargo and PNC Financial Services Group were the banks involved in the discussions, according to the WSJ.
- Crinetics Pharmaceuticals (CRNX) shares rise. Crinetics Pharmaceuticals Inc. agreed to buy Crinetics Pharmaceuticals Inc. for $10 billion in cash to expand into endocrinology. The deal values Crinetics at $8.8 billion net of cash acquired and will boost Vertex’s adjusted operating income in 2029.
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