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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 Tom Keen with Paul Sweeney and Bloomberg's Alexis Christophers.
All right, let's do it and start with a big winner here in the pre market, Taylor Morrison home The stock is up twenty two percent in the pre market. Berkshire Hathaway is going to buy Taylor Morrison. It's an all cash deal worth six point eight billion dollars. It's about seventy two to fifty a share, a twenty four percent premium to the homebuilder's last closing price Friday, So
pretty nice. And it is also the first major purchase under Berkshire's new CEO, Greg Abel, of course, after legendary investor Warren Buffett retired last year. And it is seen as a vote of confidence in the housing market, which, let's face it, has been going through it lately. Right. They say it's a way for the company to unify Berkshire's home building operations. Berkshire has been sitting on a cash pile. Are you ready for it? Three hundred and ninety seven billion dollars at the end of less.
Third of a trillion dollars.
So they're like, yeah, let's make a purpose.
Put it at a Christmas club account. That's a hell of a toaster.
I'll tell you. But you know what, Berkshire Hathaway took a look at that stock. It's actually down five and a half percent year to date, right underperforming the rest of the market. That's interesting, But I was put in some of that cash pile to good use with Taylor Morrison MGM Resorts. This is a story that is unfolding here this morning. The stock is up thirteen percent right now.
So The New York Times is reporting that Barry Diller, who owns People, Inc. Is preparing to make a bid for the remaining portion of MGM he doesn't already own. That's actually seventy four percent of MGM that he doesn't already own. It would be a bid that would value the company at eighteen billion dollars. They're looking at forty eight thirty a share in cash, and that would be a ten and a half percent premium over MGM's closing price on Friday and thirty percent higher. Then it's volume
weighted average price over the last ninety days. That's what the Bloomberg terminal will give you a little data like that.
How are they doing Paul versus like all the sports betting in that? Is it taken the thunder away?
No? No, but this Jim is really a bet on Vegas. They do have exposure, some exposure to Asia, but it's really bet on Vegas. I got such just iconic brands from including my Belagio, which is my home. You were from home in Belagi. Yeah, I got this high roller suite there. They do you sure you was a high roller? Oh yeah, all right, you're high roll.
It's a risky guy.
I used to bring a conference there every year and I'd spend you know, fifty grand, one hundred grand risk free to them with dinners and conferences like you gotta commy for that, I mean if people like you. Yeah, so I finally worked out a deal there.
So when you're a high roller, what's the view look like at the window.
Well, you're not looking at the parking lot.
Look at the pool.
Off the U and the whole Thanks a little loud though, because it goes off.
I had dinner once there with a wonderful law from Leon Jeworski's law firm from Houston and ages ago you.
Got one more see Yeah, And I'm still waiting for my invite to the Blaggio Tom from Paul, so we'll see how that works. At IBM, continuing its recent hot streak up eleven percent this morning, Barkley is issuing its first rating on the stock, initiating coverage overweight, price target three hundred and fifty dollars. And guess what it's not about?
Quantum computing. Remember I think it was last week the government said it was going to put this federal infusion of a billion dollars into IBM and companies like it to build these standalone quantum foundriies. But this analyst over at Barkley's is actually calling out IBM software, which is sort of what it's known for right, a different aspect of the business. It says software is behind nearly half
of IBM's revenue and most of its profits. He says IBM's infrastructure software will create a highly loyal customer base.
This stock mover's 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.