CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC's Josh Lipton dives into the rally in semiconductor stocks and runs through the favorites of some Wall Street analysts. Plus, CNBC's Leslie Picker explains the recent action in SPACs — or special purpose acquisition companies.
Chipmaker Analog Devices to buy Maxim Integrated in an all-stock deal worth $21 billion
Semiconductor maker Analog Devices said on Monday it would buy rival Maxim Integrated Products for about $21 billion in the largest U.S. deal this year, aiming to boost its market share in automotive and 5G chipmaking.
The deal, which is also Analog's biggest, will create a chipmaking force with a combined enterprise value of about $68 billion that will compete with larger rivals including Texas Instruments.
Electric vehicle start-up Fisker is expected to go public through a merger with a company backed by private equity firm Apollo Global Management with a combined value of $2.9 billion, the companies said Monday.
The aspiring California-based automaker will merge with Spartan Energy Acquisition, a special purpose acquisition firm. The deal is expected to close in the fourth quarter, officials said.
Wells Fargo shares tumble 5% after posting $2.4 billion loss, dividend slashed to 10 cents
Wells Fargo on Tuesday posted its first quarterly loss since the Great Recession as the bank set aside $8.4 billion in loan loss reserves tied to the coronavirus pandemic.
The bank had a net loss of $2.4 billion in the second quarter, or a loss of 66 cents a share, worse than the 20 cents a share loss expected by analysts surveyed by Refinitiv. Revenue of $17.8 billion was also weaker than analysts' $18.4 billion estimate.
But on Tuesday the bank announced a new quarterly payout of 10 cents a share, a deeper-than-expected reduction to its dividend that may indicate the bank's pessimism about the coming year. Wells Fargo was the only bank among the six biggest U.S. lenders to be forced to cut its dividend after the annual Federal Reserve stress test; all the others are maintaining their quarterly payouts.
