Shares of technology companies rose amid earnings and deal news.
Broadcom agreed to buy VMware in a cash-and-stock deal valued at $61 billion. Under the terms of the deal, Broadcom will assume VMware's $8 billion debt load, and the Broadcom Software Group will rebrand and operate under the VMware banner. Separately, VMWare posted earnings for the first quarter, showing weaker-than-expected profit and revenue.
Alibaba Group reported the slowest revenue growth for the second straight quarter since it went public in 2014, and the Chinese e-commerce giant said challenges from Covid-19 outbreaks are severely cutting into its business across China.
Baidu swung to a loss in the first quarter, as fair-value losses on investments offset a rise in revenue. Meanwhile, Apple is boosting pay for workers amid rising inflation, a tight labor market, and unionization pushes among hourly store employees.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
05-26-22 1747ET