Morning Buzz: Goldman Sachs (GS), Starwood Hotels (HOT), Arrowhead Research (ARWR), Clovis Oncology (CLVS)

Shares of Goldman Sachs Group (GS) are up slightly this morning on news Warren Buffett’s Berkshire Hathaway Inc. (BRK.A), (BRK.B) reduced its holdings in the investment bank by 13% during the third quarter.

Berkshire had about 11 million GS shares as of Sept. 30, compared with 12.6 million three months earlier, according to a SEC filing Monday.

Shares of Starwood Hotels & Resorts (HOT) lost over 5 percent Monday. The downside came after news of the company being acquired by Marriott International (MAR) in a deal valued at $12.2 billion.

Under the terms of the agreement, Marriott will forward 0.92 share along with $2 in cash for a each Starwood share, for a total of $11.9 billion in stock and $340 million in cash. The deal is valued at $79.88/shr, compared to Starwood’s Friday closing price of $74.99.

The transaction is expected to be completed by the middle of 2016.

Arrowhead Research Corp. (ARWR) shares surged 7.22% to $6.09 in pre-market trading following the company’s presentation of data showing robust sustained anti-viral effects with ARC-520 in Hepatitis B infected chimpanzees.

Shares of Clovis Oncology, Inc. (CLVS) are down $69.43, or 70%, at $30, after the biopharmaceutical company this morning announced that the FDA requested additional clinical data for rociletinib, its targeted lung cancer drug.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

Be the first to comment

Leave a Reply

Your email address will not be published.


*

This site uses Akismet to reduce spam. Learn how your comment data is processed.