Stocks extend their win streak 📈

Closing Bell Roundup

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

I hope you had a great trading session. Here’s what moved the market today.

Markets 📈

Stocks narrowly extended their winning streak on Monday. America’s headline indexes all gained less than a half-point on the trading day.

  • S&P 500 [+0.3%]

  • Dow [+0.4%]

  • Nasdaq [+0.2%]

  • Russell 2K [+0.1%]

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Market-Moving News 🔎 

🎭 The Investors Behind the Macy’s Buyout Bid

Macy's [M +19.4%] is no stranger to holiday hype, but it’s getting more attention than usual this year.

An investor group is reportedly eyeing the department store giant for a private takeover, sparking interest in its stock.

💼 The Big Bid:

Arkhouse Management, a real-estate investment firm, and Brigade Capital Management, a global asset manager, have stepped forward with an acquisition proposal.

They're aiming to buy out the Macy's stock they don't own at $21 per share.

🏢 Arkhouse and Brigade: Who Are They?

  • Arkhouse: Known for its real-estate focus, Arkhouse made waves in 2021 with a bid for Columbia Property Trust. Although another group eventually snagged Columbia, Arkhouse's move was a notable market play.

  • Brigade: With $25 billion in assets under management and a keen eye on consumer and retail sectors, Brigade's portfolio includes big names like JCPenney, Sears, and Neiman Marcus.

👥 Leadership at the Helm:

  • Arkhouse: Gavriel Kahane and Jonathon Blackwell, the Managing Partners, steer the ship.

  • Brigade: Matt Perkal heads the special situations division, guiding the firm's strategic moves.

🔄 Macy's History with Activist Investors:

Macy's has felt the heat from shareholders before. Starboard Value in 2015 urged a spinoff of its real-estate assets, including the iconic Herald Square store. Jana Partners also held stakes in 2021.

📈 Market Reaction: 

Investors seem to be on board with the proposal, at least for now. Macy's stock enjoyed a near 20% surge following the news of the takeover offer.

In summary, Macy's finds itself at a potential turning point, with this latest takeover bid reflecting ongoing interest in the venerable retailer's future.

Top Winners and Losers 🔥

MorphoSys [MOR] $8.83 (+25.2%)
said elabresib in combination with ruxolitinib significantly reduced spleen size in myelofibrosis patients in a Phase 3 trial.

Marker Therapeutics [MRKR] $4.71 (+46.8%)
said MT-601 produced a complete response in the first lymphoma patient treated with the drug following a CAT T relapse.

IN8bio [INAB] $1.28 (+29.2%) 
said a Phase 1 trail of INB-100 in leukemia patients produced continued durable remissions in 100% of evaluable patients.

African Agriculture [AAGR] $1.10 (+53.0%) 
extended its losing streak. Shares have been tumbling since it closed on its merger with 10X Capital Venture SPAC last week.

Cogent Bioscience [COGT] $4.06 (53.0%) 
said a Phase 2 trial of bezuclastinib produced related serious adverse events in four patients who were treated with the drug.

Pineapple Financial [BLUE] $2.0101 (37.1%) 
pulled back after rallying last week, despite a lack of any new company-specific headlines.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
Adam G.
Elite Trade Club

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