FHN - Merger Monday Makes a Comeback Even as Markets Move Lower
The stock market moved into the new week on an uncertain note, with investors reacting with concern over escalations in the financial battle between Western nations and Russia. In addition to sanctions, the U.S. and other countries have looked at more extreme measures like withdrawing access to payment transfer infrastructure. That has Wall Street worried about the next shoe to drop. As of 8 a.m. ET, futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) were down 367 points to 33,627. S&P 500 (SNPINDEX: ^GSPC) futures had dropped 60 points to 4,320, while Nasdaq Composite (NASDAQINDEX: ^IXIC) futures had sunk 185 points to 13,996.
One might think that the threat of war might make some companies think twice about making strategic combinations. But that wasn't the case on Monday, as shares of First Horizon (NYSE: FHN) and Renewable Energy Group (NASDAQ: REGI) became the latest companies to find themselves as acquisition targets. Both stocks moved sharply higher, and it appears that acquirers are anxious to find ways to grow through strategic combinations.
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Merger Monday Makes a Comeback Even as Markets Move Lower