Archer Daniels Midland (ADM) has been in the news lately as their stock plummeted by 23% after the company placed its CFO, Vikram Luther, under administrative leave due to an investigation by outside counsel regarding certain accounting practices and procedures with respect to ADM’s Nutrition reporting segment. The investigation was in response to a voluntary document request from the Securities and Exchange Commission.
On the other hand, NuStar Energy, a liquids terminal and pipeline operator, experienced a significant surge of 19% to $21.43 as Sunoco agreed to buy the company for $7.3 billion. Meanwhile, Gilead Sciences saw a 10% decrease after a Phase 3 trial of Trodelvy in previously treated metastatic non-small cell lung cancer patients didn’t meet its primary endpoint of improved overall survival.
Additionally, Spirit Airlines and JetBlue Airways said they would appeal a federal judge’s decision that blocked their $3.8 billion merger, leading to a 21% rise in Spirit Airlines’ shares. SolarEdge Technologies also announced a workforce reduction, leading to a 3.2% rise in their stock. Lastly, Macy’s rejected an unsolicited bid to take the department-store retailer private from Arkhouse Management and Brigade Capital Management, causing their shares to rise by 2.6%. Other companies such as United Airlines, Logitech, Johnson & Johnson, Procter & Gamble, and Tesla are expected to release their earnings reports later this week.