Flex Completes Nextracker Spinoff

Flex (FLEX) announced the completion of the spinoff of its remaining stakes in Nextracker (NXT), resulting in a drop in its share price. The distribution of Nextracker shares to Flex shareholders marks the end of Flex's ownership in the solar tracking solutions company. 

FDA Approvals Surge in 2023, Signaling Biotech Sector Revival

The biotech sector received a significant boost as the U.S. Food and Drug Administration (FDA) approved nearly 50% more novel drugs in 2023 compared to the previous year. This rebound to 55 approvals, closer to historical averages, has sparked optimism for increased investment in biotech firms. High-profile approvals, including Eli Lilly's obesity drug Zepbound signal a promising future for innovative treatments. With their obesity drugs dominating the market, Novo Nordisk and Eli Lilly will generate the highest global new drug sales in 2024, says market intelligence company Evaluate. Eli Lilly shares are up 3.2%;

Pure Storage Set to Join S&P MidCap 400

Pure Storage (PSTG) is set to join the S&P MidCap 400 index, replacing Patterson Companies (PDCO), which will move to the S&P SmallCap 600 index. This index inclusion led to a 5.5% increase in its share price.


Aptiv PLC: Baird Downgrades to Neutral

Aptiv (APTV) shares dropped by 5% following a downgrade by Baird from outperform to neutral, with a price target cut from $105 to $96.

Bruker Acquires Electron Microscopy Firm Nion

Bruker (BRKR) shares fell 4% after the company announced the acquisition of Nion, a developer and manufacturer of scanning transmission electron microscopes. This acquisition, which brought in a company with $8 million in revenue last year, is expected to expand Bruker's materials science research portfolio. The market's reaction suggests doubts about the strategic fit and potential growth opportunities from this acquisition.