Strategy (MicroStrategy Incorporated (NASDAQ:MSTR)) shares climbed nearly 12% on Monday after the company unveiled a new capital management framework that authorizes the potential sale of up to $1.25 billion in Bitcoin under certain conditions, while reaffirming its long-term commitment to the cryptocurrency as its primary treasury reserve asset.
The new Digital Credit Capital Framework is designed to strengthen the company's preferred securities, improve liquidity and provide greater flexibility in managing its balance sheet.
Alphabet Inc (NASDAQ:GOOG) shares climbed about 5% on Monday after the company officially joined the Dow Jones Industrial Average, replacing Verizon Communications Inc (NYSE:VZ, XETRA:BAC) in a change that reflects the index's increasing exposure to large-cap technology and artificial intelligence companies.
The change took effect before the opening bell, with Alphabet becoming the latest technology heavyweight in the 30-stock benchmark alongside Apple, Amazon, Microsoft and Nvidia.
Amazon.com Inc (NASDAQ:AMZN) shares rose nearly 4% in trading on Monday following reports indicating stronger-than-expected consumer demand during its extended Prime Day event, which took place from June 23 to June 26.
According to data from Adobe Analytics shared with Retail Dive, US online retail spending over the four-day period reached approximately $26.4 billion, marking a 9.3% increase compared with the same event last year. The figure also came in slightly ahead of Adobe’s projection of $26.3 billion.
Rocket Lab USA Inc (NASDAQ:RKLB) announced that it has agreed to acquire Iridium Communications in a cash-and-stock transaction valued at approximately $8 billion in a deal that would combine a leading launch and spacecraft manufacturer with an established global satellite communications operator.
Under the terms of the agreement, Iridium shareholders will receive $27 in cash and a portion of Rocket Lab stock for each Iridium share, subject to a collar mechanism tied to Rocket Lab’s share price. The total consideration implies a value of about $54 per Iridium share.
Comcast Corporation (NASDAQ:CMCSA, XETRA:CTP2) shares rose more than 6% on Monday after the company announced plans to separate its businesses into two independent, publicly traded companies through a tax-free spin-off of NBCUniversal and Sky.
Under the proposed transaction, Comcast shareholders would receive stock in both new entities, effectively splitting the company into a connectivity-focused Comcast and a standalone media and entertainment business comprising NBCUniversal and Sky.
Shares in DeFi Development Corporation UK jumped 83% to 21p after the company unveiled a name change, a boardroom overhaul and a sweeping reset of its financing arrangements.
The group plans to rename itself Cykel AI, a move it said better reflects a strategic repositioning towards artificial intelligence.