Up:

Endeavor Group Holdings to Go Private in $13 Billion Deal with Silver Lake

Endeavor Group Holdings (EDR) has agreed to a buyout by private equity firm Silver Lake, valued at $13 billion. This transaction is expected to accelerate Endeavor's growth in the sports and entertainment industry. Silver Lake, along with Endeavor's management and other investors, will acquire all outstanding shares. The offer price of $27.50 per share is a 55% premium over Endeavor's stock price before the strategic review announcement. Endeavor, which owns a majority stake in TKO Holdings, the parent company of WWE and UFC, has seen its revenue increase significantly since Silver Lake's initial investment in 2012. The deal is set to be the largest private equity public-to-private transaction in the media and entertainment sector. Endeavor's shares rose 2.25% following the news. 

Spotify to Increase Subscription Prices, Shares Rise

Spotify Technology (SPOT) announced plans to raise subscription prices in five countries, including the UK, Australia, and Pakistan, by $1 to $2 per month. The company is also introducing a new subscription tier that excludes audiobooks at the current premium plan price. The price hike is expected to extend to US customers later in the year. Following the announcement, Spotify's shares increased by 6.5%, as investors anticipate higher revenue from the price adjustments.

Blue Owl Capital Shares Up After Acquisition Announcement

Blue Owl Capital's (OWL) shares climbed 6.2% after the company agreed to acquire Kuvare Asset Management for $750 million. The acquisition is part of Blue Owl Capital's strategy to expand its asset management business. 

Down:

Ulta Beauty Shares Decline on Q1 Comparable Sales Forecast

Shares of Ulta Beauty (ULTA) fell by 13.1% to $451.18 after the company forecasted that its Q1 comparable sales would be at the lower end of its first-half guidance. The company's CFO, Paula Oyibo, indicated that Q1 comparable sales are expected to be in the low single digits, which is less optimistic than the 4% to 5% growth guidance for the full fiscal year 2024. 

Intel Shares Drop on Foundry Business Losses

Intel Corporation's (INTC) shares decreased 7.1% after the company reported increasing losses in its chip-making unit. The foundry business posted operating losses of $7 billion in 2023, up from $5.2 billion the previous year. Intel's efforts to catch up with Taiwan Semiconductor Manufacturing Co. (TSMC) in profitability and market share are proving costly and time-consuming.