Midday update
Braze ($BRZE) jumped 50.73% by 11:32 AM ET on October 20 after Salesforce agreed to acquire the company.
Braze ($BRZE) jumped 50.73% by 11:32 AM ET on October 20 after Salesforce agreed to acquire the company. General Motors fell on its full-year outlook.
- Braze traded up 50.73% with a $5.15B market cap. Salesforce agreed to buy it for $5.66B, or $47.50 per share in cash. The proposed deal is expected to close in fiscal 2028, subject to shareholder and regulatory approval.
- General Motors fell 6.09% with a $68.19B market cap. Its full-year adjusted EPS outlook of $12.75 to $13.75 puts the $13.25 midpoint below the $13.41 consensus. That outweighed a third-quarter beat of $3.70 against $3.63 expected and a board-approved multiyear $20B buyback.
- The S&P 500 rose 0.33% and the Nasdaq Composite gained 0.13% at midday.
- Among curated $10B+ baskets, health care averaged +1.91% with 11 of 12 advancing, and real estate averaged +1.59% with all 10 advancing. Energy averaged -0.51% with 2 of 10 advancing, while oil and gas fell 0.87% with all 7 declining.
- ETF proxies matched the basket direction. The health-care ETF gained 2.17% and the energy ETF slipped 0.66%.
Real estate posted the strongest basket breadth and oil and gas the weakest. Health care and real estate led while energy lagged, even as the major indices moved higher.
Not financial advice. For informational and educational purposes only.
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