SPNT - Hot Stocks: CRUS drops on Apple worries; TRTN jumps on takeover deal; CUTR plunges; SPNT surges

2023-04-12 18:35:17 ET

As investors reacted to the latest consumer price data, stocks stumbled through a choppy session on Wednesday, giving up midday gains to finish the day in negative territory. The Nasdaq led the retreat, falling by 0.9%.

Among individual stocks, Cirrus Logic ( NASDAQ: CRUS ) was a standout decliner, posting a double-digit percentage slide following an analyst prediction that Apple would make changes to the iPhone design. Meanwhile, a major leadership change prompted a nearly 30% drop in Cutera ( CUTR ).

Looking at some of the day's standout gainers, Triton ( TRTN ) expanded its value by nearly a third following a deal to be acquired. Elsewhere, SiriusPoint ( SPNT ) jumped on takeover speculation.

Standout Gainer

Triton ( TRTN ) surged 32% on news that the intermodal container leasing company has reached a deal to be acquired by Brookfield Infrastructure Partners ( BIP ).

The cash-and-stock deal is valued at $13.3B . Under the transaction, each TRTN share will be exchanged for $68.50 in cash and $16.50 of BIP class A shares. This values TRTN at $85 per share, a 35% premium over its closing price the previous day.

Following news of the buyout deal, TRTN surged $20.33 to finish at $83.34. The stock also touched an intraday 52-week high of $83.52.

Standout Decliner

Worries about the company's relationship with Apple sparked selling in Cirrus Logic ( CRUS ). Shares of the semiconductor company dropped 12% after an analyst speculated that the iPhone maker could redesign its most high-profile product.

TF International Securities analyst Ming-Chi Kuo predicted that AAPL could "abandon" its solid-state button designs on both the iPhone 15 Pro and iPhone 15 Pro Max. The expert attributed this to "unresolved technical issues," which could push the tech giant back toward a traditional physical button design.

CRUS finished Wednesday's trading at $89.28, a decline of $12.54 on the day. This reversed some of the gains posted earlier in the year, with the stock reaching its lowest level since late January.

Notable New High

Signs of takeover interest from a high-profile investor sent SiriusPoint ( SPNT ) sharply higher. The stock jumped 10% after hedge fund manager Dan Loeb revealed that he is looking into taking the company private . The advance took the stock to a new 52-week high.

In a regulatory filing, Loeb disclosed that he expects the formation of a special committee of independent members of the reinsurer's board to consider a potential acquisition. The investor currently owns about 9% of the company's stock.

SPNT rose 84 cents to close at $9.20. During the session, the stock reached an intraday 52-week high of $9.68.

Wednesday's upswing added to recent gains, with the stock rising 31% over the past month. Shares have climbed about 57% since the end of 2022.

Notable New Low

Cutera ( CUTR ) suffered a major setback after announcing that it had terminated its CEO and withdrew its 2023 guidance. Shares plummeted 28% on the news.

The decision to terminate CEO David Mowry, as well as executive chairman Daniel Plants, followed a power struggle between the two, which included the disclosure of "highly confidential internal deliberations" of the board, the company said.

"The Board’s decision to terminate Mr. Mowry and Mr. Plants is consistent with our commitment to taking actions that we believe are in the best interests of the Company and Cutera stockholders," Janet Widmann, the company's new chair, said. Meanwhile, Sheila Hopkins was named interim CEO.

The news of the management shakeup pushed the stock to an intraday 52-week low of $18.47. Shares trimmed their losses but still ended at $19.44, a decline of $7.63 on the day.

Overall, CUTR has fallen 55% in 2023 and almost 72% over the past 12 months.

To see more of Wall Street's best- and worst-performing stocks, head over to Seeking Alpha's On The Move section .

For further details see: