ManUnited Up Sharply on Wall Street on Takeover Speculation

ManUnited Up Sharply on Wall Street on Takeover Speculation

Manchester United was put more than 14 percent higher on the stock exchanges in New York on Wednesday. Investors welcomed a message from the British newspaper Daily Mail that investors from Qatar want to make a bid for the English football club of Dutch coach Erik ten Hag in the coming days.

ManUnited shares also shot up last November after the American owners, the Glazer family, confirmed they were looking at a possible sale of the club.

Uber also showed a solid price gain of 4.6 percent. The taxi and delivery service booked more turnover and profit last quarter than experts had expected. CEO Dara Khosrowshahi spoke of the company’s strongest quarter ever. He also expects the results to improve further this year.

The overall mood on Wall Street was subdued after the rally a day earlier following statements by central bank governor Jerome Powell. The Fed chief said, among other things, that inflation is starting to cool. He did, however, warn that more interest rate hikes may be needed to get them under control.

Shortly after the start of trading, the Dow Jones index was 0.1 percent lower at 34,118 points. The broad S&P 500 fell 0.3 percent to 4153 points, and the tech gauge Nasdaq lost 0.3 percent to 12,073 points.

CVS Health gained 2.5 percent after the quarterly earnings release. The healthcare company also announced that it would acquire industry peer Oak Street Health (plus 4.3 percent) for $ 10.6 billion.

Chipotle Mexican Grill fell more than 4 percent after disappointing results from the restaurant chain. Yum Brands, the owner of fast food chains such as KFC, Taco Bell and Pizza Hut, fell slightly despite better-than-expected numbers. However, the company struggled with lower sales in China last quarter.

eBay was down 1 percent. The internet company is laying off about 4 percent of all staff, meaning about five hundred jobs will be lost. In addition, the online shopping and auction platform is suffering from declining customer spending and is no longer benefiting from corona lockdowns.

Activision Blizzard fell 2.3 percent. The British competition watchdog CMA does not want to approve the acquisition of the games company by Xbox maker Microsoft. According to the CMA, the acquisition limits UK video game competition. In the United States, the FTC also turned against the takeover.

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