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Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.
Let's take a look at some stocks on the move today.
I'm Tim Keene with Paul Sweeni and Bloomberg's Alexis Christofers.
It's a podcast no One does it better?
Alexis, what do you?
I'm going to start with a hot stock today, and it is in the biopharma arena, Neuvalent, based there in Cambridge, Massachusetts. It's a cancer drug company up thirty eight percent. So it's being bought out by the UK pharma company GSK for ten point six billion dollars. This is about one hundred and twenty four dollars a share in cash, and it's a forty percent premium over Aneuvalent's closing price on Monday.
So what does this do for GSK? It secures them a US biotech firm with development treatments for that that's developing treatments for lung cancer. It's an area js key is looking to get into. And they're also trying to offset the patent expiration of a popular HIV drug, so they're you know, buying up and doing some of these smaller deals. Wall Street didn't think it was too small though, and actually they think it may be a little bit rich. At ten point six billion dollars shares of j GSK.
By the way, we're down about two percent earlier, but now they're a little change, so they've come back quite a bit. Two of the three medicines that GSK is acquiring are in their late stage trials. The FDA expected to decide on approval later this year. They said they could both be blockbuster medicines when it comes to lung cancer treatment.
Good, how quaint.
It's not semiconductor now exactly, little healthcare exactly.
All right, let's move on to JM. Smucker because you've got to get a little food here.
Orville, Ohio. Not sure where Orville is, but it sounds MIDI.
Is that where Orville Reddenboxers? Oh?
I don't know. Let me just google a chair, all right.
S JM is the ticker symbol up four point seven percent makes jelly, yes, we know, but also a whole bunch of other things, including coffee, And that's one of the reasons why sales were so strong fourth quarter profits and sales beating the street. But you know what, not because they necessarily sold more. So it's not because of volume, it's because they rose, They raised their prices, and we
paid more for these things. So sales volume actually decreased for Duncan and Folger's brands, but increased for Cafe Bustello. Cafe Bustello.
Yeah.
When I was growing up in the city and went to high school, had a best friend would go to her house or a mother's Spanish and they always from Spain, and they always had Cafe Bustello in the house and I loved it. And I said, mom, they're so cool in hip and we have to get Cafe Bustello. When she looked at me and said, you know, we're sticking with.
You, like I mean, Sarah, you're killing me out. On YouTube, she had images of incrustables.
So my first email, you know how you do like employee email? Yeah yeah, And I'm like, yeah whatever, And so like page four my evail, they go, what does Bloomberg need? And I said, incrustables in the food court? Yep. Well, and I keep asking every year and I have cheeses.
That's good that I have cheeses.
May well, they helped JM. Smucker's bottom line, but like other packaged food companies, they're contending with you know, consumers who are changing their eating habits. They're financially strapped. So the company said it's working on ways to cut costs and also stabilize the Hostess brand, which it bought just a few years ago. Stabilized, I personally stabilize the Hostess look out. All right, let's move on up the mountain to Veil Resorts ticker symbol MT and guess what you need to make money.
If you're a ski resort snow?
I think so. And they didn't have it. They didn't have it this past winner. So Veil Resort says next season's pass sales are already down. Yeah, because of a challenging year, especially out West Colorado, Utah. Really tough time.
I would say I was.
I was at at Aspen this year. The past twenty years, snow has been great out West, but last year was a bad year. And it happens, but I'm not sure it's a trend. And people complain about Veil they're so corporate, corporate, corporate, But all I know is they invest tons of money into their resorts, and it's they do a great job, I think. And so I know people say, oh, it's a big corporate ski but yeah, but you have to invest so much money in these places and they do
so I don't know. I think they do a good jobs.
The Stock Movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.