Check out the companies making headlines in midday trading.
RPT Realtysaid it would acquire the real estate investment trust in a roughly $2 billion all-stock deal. Kimco CEO Conor Flynn said, “Approximately 70% of RPT’s portfolio aligns with our key strategic markets.” The deal is set to close in early 2024.
Mister Car Washupgrade to overweight from neutral by Piper Sandler. The firm said the company has potential for growth that investors are overlooking.
CrowdStrikeMorgan Stanley downgraded shares to equal weight from an overweight rating, citing caution and concerns of potentially slowing revenue growth ahead of the software company’s upcoming earnings report.
3MBloomberg reported that 3M had reached a tentative deal to settle lawsuits over its combat ear plugs. The deal would cost 3M more than $5.5 billion, according to the report, which cited people familiar with the arrangement.
XpengDidi’s smart electric car development business in an exchange of shares worth $744 million. The Chinese ride-hailing company will become a strategic shareholder of Xpeng. Meanwhile, Xpeng said it plans to develop an electric car for launch next year under a new mass market brand.
UGIoverweight from equal weight. The firm also lowered its price target on UGI due to structural headwinds but said the stock has fallen far enough that it offers a “sufficiently attractive” valuation.
— CNBC’s Alexander Harring, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh and Samantha Subin contributed reporting.