Biggest stock movers Monday: HMC, RUM QCOM
Dec. 23, 2024 5:15 AM ETQUALCOMM Incorporated (QCOM) Stock, HMC Stock, RUM Stock, NSANY StockTM, MMTOF, VWAGY, STLA, ARMBy: Niloofer Shaikh, SA News Editor
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Stock futures edged lower on Monday morning, signaling a cautious start to the week. Investors are gearing up for lighter trading activity due to the holiday-shortened schedule.
Here are some of Monday's biggest stock movers:
Biggest stock gainers
Honda Motor (NYSE:HMC) shares surged 15% following news that Japanese automakers and Nissan (OTCPK:NSANY) have entered merger discussions to create the world's third-largest car manufacturer, trailing only Toyota (TM) and Volkswagen (OTCPK:VWAGY). Over the next six months, the companies will explore forming a joint holding company, aiming to finalize the merger by August 2026. Honda will appoint a majority of the holding company's board, while Mitsubishi (OTCPK:MMTOF), owned by Nissan, has been invited to join the group, with a decision expected next month. This landmark merger reflects the increasing challenges legacy automakers face in balancing EV investments with advancements in the software-defined vehicle (SDV) market. The potential integration would be the most significant auto industry consolidation since Fiat Chrysler and PSA merged to form Stellantis (STLA) in 2021, reshaping the competitive landscape.
Rumble (NASDAQ:RUM) shares jumped 50% after announ
cing a $775M strategic investment from Tether. Of the proceeds, $250M will support growth initiatives, while the remainder will fund a self-tender offer to repurchase up to 70M Class A shares at $7.50 per share, matching Tether’s investment price. CEO Chris Pavlovski will retain his controlling stake, while Tether will hold a minority position without board representation. The transaction, including the tender offer, is expected to close in 1Q25.
Qualcomm (NASDAQ:QCOM) shares rose nearly 3% after a U.S. federal jury ruled that the company’s chips, developed using technology from its 2021 Nuvia acquisition, are covered under Qualcomm’s existing license agreement with Arm Holdings (NASDAQ:ARM). The decision eases uncertainties surrounding Qualcomm’s expansion into the laptop market, although a mistrial was declared on other aspects of the case. While Qualcomm hailed the outcome as a validation of its innovation, Arm announced plans to seek a retrial, keeping the possibility of further legal battles alive. The ruling enables Qualcomm to continue advancing its AI-driven laptop chips, positioning the company to compete with Nvidia (NVDA), AMD (AMD), and MediaTek in the rapidly evolving processor market. Meanwhile, Arm shares fell over 3% following the news
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