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.