Virgin Galactic, Tower Semiconductor, CrowdStrike, Bitcoin: What to

On Feb 15, 2022

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Wall Street stock indexes rallied, led by technology shares, while energy prices slumped and bonds sold off, after reports that Russia was pulling back some troops from the Ukrainian border. Here’s what we’re watching in markets Tuesday:

Intel said it would buy the Israeli chip company Tower Semiconductor for $53 per share in cash, as the U.S. semiconductor giant continues spending to expand its manufacturing operations.

Computer networking company Arista Networks reported results above analysts’ expectations.
Shares of cybersecurity firms including CrowdStrike Holdings , Palo Alto Networks SentinelOne ticked higher at the market open. Businesses including utilities, manufacturers and financial-services companies have been bracing for potential spillover from cyberattacks against Ukraine.
ImmunoGen announced a license agreement with Eli Lilly of its Novel Camptothecin ADC Platform for up to $1.7 billion in potential payments.
Larimar Therapeutics , a clinical-stage biotechnology company, said the U.S. Food and Drug Administration extended a clinical hold on CTI-1601, its lead compound.
Resonant , the provider of radio frequency filter solutions, agreed to be acquired by a unit of Japan’s Murata Manufacturing.
Bitcoin’s dollar value rose 5% from its 5 p.m. ET level Monday to $44,384.09. Shares of cryptocurrency companies such as Coinbase Global and Marathon Digital gained alongside it at the market open.
Technology companies led gains at the start of trading, with shares of Amazon.com , Netflix , Microsoft , Apple and Tesla rising.
Hotel operator Marriott International reported fourth-quarter adjusted profit and revenue that more than doubled to beat expectations.
Shares of space-tourism pioneer Virgin Galactic said Tuesday that ticket sales for its space flight will open to the general public on Wednesday.
Airbnb , Wynn Resorts and IAC/InterActiveCorp are slated to report after the close of trading.

Chart of the Day

Retirement funds are clamoring to invest in private-market loans, hungry for an asset that can beat public markets while at the same time throwing off cash to help pay benefits.

Write to Caitlin Ostroff at [email protected]