MYOV - Hot Stocks: Oil stocks surge; VSAT MYOV climb on M&A headlines; APRN drops almost 50%

Following a string of losses over the last couple of weeks, stocks bounced back on Monday. The Dow surged more than 700 points, while the S&P 500 rose about 2.6% -- just its second higher finish in the last 10 sessions.

Among the leaders of the rally, energy stocks surged. A jump in oil prices sparked gains in names like Marathon Oil ( MRO ), Devon Energy ( DVN ), APA Corp. ( APA ), ConocoPhillips ( COP ), Halliburton ( HAL ), Schlumberger ( SLB ), Chevron ( CVX ) and Exxon Mobil ( XOM ).

Viasat ( VSAT ) also put in a standout performance. The stock soared on news it has agreed to sell its military-communications business for almost $2B. Myovant Sciences ( NYSE: MYOV ) posted substantial gains as well, expanding its value by more than a third following a rejected takeover offer.

On the downside, Blue Apron ( APRN ) lost almost half its value after the firm released weak guidance and announced a stock sale.

Sector In Focus

A rebound in oil prices carried stocks in the energy sector higher. The rally came amid speculation that OPEC+ will cut production at the group's meeting later this week.

Marathon Oil ( MRO ) represented one of the best performers among the sector's major names, rising by nearly 11%. Meanwhile, Devon Energy ( DVN ) and APA Corp. ( APA ) rose 9%.

Elsewhere in the segment, ConocoPhillips ( COP ), Halliburton ( HAL ) and Schlumberger ( SLB ) all advanced around 7%. At the same time, Chevron ( CVX ) climbed 6%, while Exxon Mobil ( XOM ) rose more than 5%.

Standout Gainer

Viasat ( VSAT ) received significant buying interest after agreeing to sell its military-communications business to L3Harris Technologies ( LHX ). Shares jumped 27% on the news.

Under the deal, LHX will pay $1.96B for the military-communications business. The transaction is projected to close in the first half of 2023.

VSAT soared to a close of $38.37 on Monday, a gain of $8.14 on the session. Shares have seen choppy trading lately. Even with Monday's spike, the stock only reached its highest close since mid-September.

Standout Decliner

A weak forecast and news of a stock sale triggered a mass exodus out of Blue Apron ( APRN ). Shares of the meal delivery service cratered 45%.

APRN predicated Q3 revenue of $109M to $112M, about $16M to $19M below its prior forecast. The firm blamed the shortfall mostly on a shift in the timing of an anticipated bulk sale to an enterprise customer.

Meanwhile, the company revealed that it has made a $15M at-the-market offering of its class A stock.

Dragged down by the news, APRN plunged $2.59 to close at $3.16. The stock has had a volatile few months, rising sharply in August and early September, reaching a multi-month closing high of $7.83 on Sept. 8.

Even with their recent drop, shares remained off a 52-week low of $2.27 set earlier in the year.

Notable New High

Myovant Sciences ( MYOV ) jumped 36% after the company rejected a takeover bid . Investors bet that the move suggested a higher offer might eventually materialize.

MYOV revealed that a special committee of its board of directors rejected an offer from Sumitovant Biopharma, which already holds 52% of outstanding shares. The company had bid $22.75 per share, or $2.4B.

In response to the offer, MYOV said the special committee decided that the bid "significantly undervalues" the firm. Meanwhile, analysts argued that the rejection could point to a possible higher offer.

MYOV finished at $24.44, an advance of $6.48 on the day. Shares also touched an intraday 52-week high of $25.04, adding to gains seen since May. The stock is now up 49% since the end of 2021.

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