Stocks In News: CRNT, TOUR, WEJO
1:36 pm Tuesday, June 28th, 2022
Ceragon Networks (NASDAQ:CRNT) stock is rising higher on Tuesday following news of an acquisition deal with Aviat Networks (NASDAQ:AVNW). Aviat Networks seeks to acquire Ceragon Networks for $2.80 per share. That’s a roughly 34% premium compared to the stock’s closing price on Monday. It’s also worth mentioning that Aviat Networks is the third-largest shareholder of CRNT stock with a 5% stake in the company.
Shares of online travel agency Tuniu (NASDAQ:TOUR) are jumping 42% in morning trading. TOUR stock is rallying after China eased its anti-coronavirus restrictions that affect travel. China announced it has reduced the amount of time those traveling to the country must quarantine themselves. Going forward, such travelers must be isolated for ten days, down from three weeks previously. Additionally, the government will no longer require inbound travelers to undergo coronavirus tests in labs. Instead, they will be able to be tested with throat swabs.
Wejo (NASDAQ:WEJO), which provides cloud and software solutions for electric and autonomous vehicle data, just disclosed a partnership with Ford (NYSE:F). Although F stock didn’t move much on this news, WEJO stock quickly gained 10%. Founded in 2014, Wejo seeks to revolutionize “the way we live, work and travel by transforming and interpreting historic and real-time vehicle data.” The company focuses on providing historic and real-time data and analytics for connected, electric and autonomous vehicles. Meanwhile, the European market for these vehicles is robust. Having access to vehicle data in that region would certainly benefit Wejo.
