Stocks On The Move: TSM, BTRS, SAVA
1:57 pm Wednesday, September 28th, 2022
Taiwan Semiconductor (NYSE:TSM) stock isn’t doing so hot Wednesday on reports that Apple (NASDAQ:AAPL) is decreasing production levels of the iPhone 14. Recent reports claim that Apple has reduced its iPhone production orders from 96 million units to 90 million units. With these reports comes damage to shares of suppliers of Apple’s iPhone 14 components, such as TSM stock. Apple was hoping to see an increase in demand for its iPhone 14, which is why it was ordering more units. However, that demand didn’t come as expected. Now, the tech company is returning to its original estimates of 90 million units for 2022.
Big news just came off the presses for anyone who happens to be invested in BTRS (NASDAQ:BTRS). The company, which is more commonly known as Billtrust, just agreed to be acquired by EQT Private Equity, which is part of the EQT X fund. Qualifying BTRS shareholders will receive a cash payment as a result of this transaction. Consequently, BTRS stock propelled 60% higher today. It’s not hard to see why a private equity firm would want to buy out Billtrust. As the press release points out, “Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based.” Billtrust solves this problem with its efficiently automated, cloud-based software.
Casava Sciences (NASDAQ:SAVA) stock rose 5% overnight in sympathy with Biogen’s (NASDAQ:BIIB) successful clinical trial of an Alzheimer’s drug called lecanemab. Lecanemab, developed with Eisai (OTCMKTS:ESALY) of Japan, showed a decline in symptoms among 1,795 patients with early Alzheimer’s, a brain disease impacting nearly one-third of Americans ages 85 and older. The news sent Biogen stock up as much as 51% in overnight trading, increasing its market capitalization by about $14 billion.
