Wall Street Breakfast

Google reportedly near $23B Wiz purchase

Google's (GOOG) (GOOGL) biggest acquisition: plans to buy cybersecurity startup Wiz for $23B - report. (00:29) Trump Media (DJT) skyrockets 70% as markets reopen following assassination attempt. (01:39) Smithfield Foods (WHGLY) to be listed on U.S. exchange, Chinese parent says. (02:33)

Episode transcripts seekingalpha.com/wsb.

Show links:
Biggest stock movers today: DJT and crypto stocks
Burberry ropes in Joshua Schulman as CEO, issues profit warning
Investors weigh effects of Trump shooting on election, markets
Elon Musk says he was target of 2 assassination attempts
What can Coach v Michael Kors tell us about Lululemon's future?

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Duration:: 5m
Broadcast on:: 15 Jul 2024
Audio Format:: mp3

Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning! Today is Monday, July 15. I'm Julie Morgan. Google is reportedly close to its biggest acquisition yet. Trump media is up high double digits following an assassination attempt on Saturday, and the largest pork producer in the U.S. could be heading to the NASDAQ or NYSE. Alphabet is in advance talks to buy cybersecurity startup Wiz for $23 billion. The Wall Street Journal reported citing people familiar with the matter that a deal might be reached soon provided negotiations don't fall apart. This would mark Google's largest acquisition so far. Wiz was founded in Israel in 2020 and is now headquartered in New York, led by Chief Executive Asaf Rappapore. The cybersecurity startup provides cloud security services with real-time threat detection and responses powered by artificial intelligence. The report said Wiz raised $1 billion earlier this year at a valuation of $12 billion and was considering going public. It had $350 million in annual recurring revenue in 2023 and is backed by prominent Silicon Valley venture capitalists. The acquisition of Wiz could boost Google's cloud computing business which currently lags Amazon Web Services and Microsoft. In March of 2022, Google bought cybersecurity firm Mandiant for $5.4 billion and in all cash deals. Financial markets are reopening following an assassination attempt on Donald Trump at a campaign rally in Pennsylvania on Saturday. Trump media and technology ticker symbol DJT, which is known for its meme qualities and can follow Trump-related developments, is up 63 percent in pre-market action. A bullet that grazed the former president's ear and could have had a very different result is still making headlines amid calls for unity to bring the country together. The shooting also came before the Republican National Convention, which runs from today through Thursday. The convention kicks off in Milwaukee with many analysts weighing in on what the recent spate of events can mean for investors. If you'd like a deeper dive into this story, check out the Wall Street Breakfast newsletter is our daily one-page new summary. There's a link to the newsletter in show notes. WH Group, the Chinese parent of Smithfield Foods on Sunday, said it plans to float the business in the United States and Mexico on the New York Stock Exchange or NASDAQ. The plan for a public offering was submitted to the Hong Kong Stock Exchange where WH Group is listed. Smithfield is the largest pork producer in the U.S. slaughtering about 30 million hogs a year. WH Group in 2013 bought Smithfield for $4.7 billion, one of the biggest takeovers of an American business by a Chinese company at the time. As a result, Smithfield was delisted from the NYSE. I'd like to share a few other articles that you can find on Seeking Alpha. Burberry has a new CEO and issues a profit warning. Investors weigh the effects of the Trump shooting on the election and markets. Elon Musk says he was a target of two assassination attempts. And what can coach vs. Michael Kors tell us about Lulu Lemon's future? On our catalyst watch for the day, Broadcom will begin trading on a split-adjusted bases after the company's 10-for-1 stock split. Hashi Corp shareholders will vote on the pending merger with IBM. And the CEO of Robin Hood Markets will speak at the Fortune Live Media Conference in Park City, Utah at noon. Now for a look at the markets. Today, as of 6am, Dow S&P and Nasdaq futures are in the green. Crude Oil is up 0.3% at $82 a barrel. Bitcoin is up 4% at $62,000. In the world markets, the FTSE 100 is down 0.08% and the DAX is down 0.04%. And the market in Japan was closed today for a holiday. Crypto stocks are on our list of the biggest movers of the day pre-market. Following the attempted assassination of U.S. presidential candidate Donald Trump, which increased the odds of the former president to self-proclaimed cryptocurrency advocate winning the upcoming election, Bit Digital jumped 10% in MicroStrategy is up 9.4%. On today's economic calendar, at 10am, the Feds Jerome Powell will participate in an interview hosted by the Economic Club of Washington. And at 3.35pm, the Feds Mary Daily will participate in a session called The Bull, The Bear, and The Banker before Fortune Brainstorm Tech 2024. That's it for today's Wall Street Breakfast. Thanks for listening! To take full advantage of seeking alpha with coverage on significant stocks and ETFs, become a premium subscriber. Check out seekingalpha.com/subscriptions. I'm your host Julie Morgan. Go out and make it a great day! [BLANK_AUDIO]