Stocks ended their best quarter in almost a decade on a positive note Friday after a key measure of inflation came in below expectations. The Dow Jones Industrial Average (DJINDICES: ^ DJI) has risen 10.9% in 2019 and the S & P 500 (19459006) is up 12.9%.
As for individual stocks, Lyft (NASDAQ: LYFT) Bristol-Myers Squibb ] (NYSE: BMY) and Celgene (NASDAQ: CELG) Image courtesy of Getty Images.
Lyft gets off to a strong start
Shares of riding specialist Lyft started trading today in one of the year's most anticipated initial public offerings. The stock rose 8.7% over the $ 72 offering to end the session at $ 78.29.
Lyft offered 32,500,000 shares of common stock, plus an option to the underwriters for an additional 4,875,000 shares, and raised over $ 2.4 billion for the company.
Lyft took in $ 2.1
The market is excited about Lyft's rapid growth. The company seems to be on a path to profitability, but investors are left to wonder whether Lyft has a competitive advantage over Uber, whose own IPO could be coming soon, and whether the fundamentals support such a hefty valuation.
Celgene's merger with Bristol-Myers Squibb just got more certain
Bristol-Myers Squibb has just gotten more certain
The successful completion of the merger between Bristol-Myers Squibb and Celgene is more likely after independent proxy advisory firms. recommended that shareholders vote in favor of the deal. Shares of Celgene rose 7.9% to $ 94.34 on news and those of Bristol-Myers fell 0.3% to $ 47.71
Bristol-Myers and Celgene made headlines in the first week of 2019 when they announced the cash-and-share transaction worth $ 74 billion. The offer is $ 50 in cash and one share of Bristol-Myers for each Celgene share, as well as a contingent value right of $ 9 if three therapies in development are approved by set deadlines
The deal was opposed by activist fund Starboard Value, and doubt whether shareholders would approve the merger had resulted in Celgene's stock sale at a reasonable discount to the offering price. Starboard withdrew its opposition in a press release today
Even with the proxy service recommendations, the merger is not completely certain yet. Earlier this week, the companies disclosed that the US The Federal Trade Commission is reviewing their pipelines and marketed products for psoriasis. But given that Celgene is now trading within 4% of the offer price, the market finally seems to be convinced that the deal will go through