Stocks In News: ILMN, ARQQ, MSI
2:56 pm Friday, September 02nd, 2022
Genetic-sequence product specialist Illumina (NASDAQ:ILMN) lit up business headlines on Thursday evening after the company secured a legal victory in an antitrust suit. Although ILMN stock bounced higher this morning, shares are now slipping about 2% in the Friday afternoon session. Last year, Illumina completed its planned $7.1 billion acquisition of Grail, according to the Wall Street Journal. However, the issue at the time was that the Federal Trade Commission (FTC) had a pending legal challenge against Illumina. In March, the FTC sued the company to block the transaction, arguing that the “deal would diminish innovation in the U.S. market for multi-cancer early detection tests.”
Today has been highly volatile for Arqit Quantum (NASDAQ:ARQQ). The quantum computing company is preparing for the expiration of its voluntary lockup, the period that allows for deals by investors holding at least 105.9 million shares. As a result, ARQQ stock plunged after markets opened, falling more than 10%. Since then, however, it has been slowly trending upward and is now down only 4%. Its current trajectory hints that it could easily pull back into the green before the end of the day.
Motorola (NYSE:MSI) made headlines on Thursday when CEO Greg Brown appeared on an interview with CNBC, expressing robust demand. In response, MSI stock moved up in the late Friday morning session, gaining almost 2%. The current iteration of Motorola essentially succeeded the telecommunications giant of the same name. In 2011, the company split off into two divisions, one focused on video and telecom equipment, along with related systems and services, while the other centered on mobility. Lenovo Group (OTCMKTS:LNVGY) later acquired the mobility arm, which included its smartphone line.
