Chapter 1: What is the significance of Olaplex's acquisition by Henkel?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to have you here on this Thursday, March 26th. I'm Julie Morgan. Olaplex Holdings is up 49% in pre-market action. Olaplex agreed to be acquired by German consumer giant Henkel. The all-cash transaction is valued at $1.4 billion.
The $2.06 per share cash offer represents a massive 55% premium over Olaplex's March 25th closing price and a premium of approximately 45% over the volume-weighted average price for the last 30 trading days. The deal is expected to be completed in the second half of this year.
At that time, Olaplex will be delisted from the Nasdaq, but will continue to operate as a standalone brand with Henkel's professional hair care portfolio. Notably, Advent International, which holds a majority of the voting power in Olaplex, has already provided written consent for the transaction, so no further action is needed from other stockholders.
Chapter 2: How is JetBlue's potential sale impacting its stock?
Advent will fully exit its investment upon closing. JetBlue closed the day Wednesday up 13% on a report that it's evaluating plans to sell itself to a rival airline. According to a semaphore report on Wednesday, which cited people familiar with the matter, JetBlue has tapped advisors to see how a deal with United Airlines, Alaska Airlines, or Southwest Airlines might be perceived in Washington.
According to the report, this is preliminary, and the airline may decide to keep the status quo and not try to sell itself. It was not known whether JetBlue had held any talks or received indications of interest. JetBlue declined to comment on internal talks to Semaphore. United and Southwest also declined to comment. Alaska Air did not immediately respond to a request for comment.
Shares of rival airlines rose after the Semaphore report. A jury in Los Angeles determined Wednesday that meta platforms and Google were responsible for inducing addictive behavior in a young woman.
Chapter 3: What are the implications of the LA jury's verdict against Meta and Google?
She began using social media platforms as a child. The now 20-year-old woman alleged that she became addicted to apps like Instagram and YouTube, due to the appearance of the platforms. She said household social media platforms caused her to develop anxiety, body dysmorphia, and suicidal thoughts. TikTok and Snap were also part of the suit, but they settled before the case went to court.
The jury ordered compensatory damages of $3 million to be awarded to the plaintiff, of which Mehta is expected to pay 70% and Google the remaining. Additional punitive damages are also being considered. A Meta spokesperson said that they respectfully disagree with the verdict and are evaluating legal options. Now for a look at a few other articles that are trending.
Trump's team is reportedly exploring implications of oil reaching $200 a barrel.
Chapter 4: What are the latest developments regarding oil prices and their implications?
Iran is said to draft a bill to impose fees for transit through the Strait of Hormuz. And an update to a story we brought you last week here on Wall Street Breakfast. Supermicro faces a lawsuit alleging securities fraud tied to China sales. On our Catalyst Watch for the Day, shareholders with Heritage Commerce and CVB Financial vote on their all-stock deal valued at about $811 million.
Shareholders with ON24 will vote on the buyout deal from Cvent. Merrick's Group will hold its Investor Day event. And Genius Sports Limited will host a strategic New Front event as part of the official IAB New Fronts Week.
The new front will also feature conversations with leaders from Publicis Sports, NBCUniversal, the NFL, WNBA, Lowe's, and others exploring how live sports is evolving into a real-time, data-powered, and addressable media environment. On Wall Street, Dow, S&P, and Nasdaq futures are in the red. Crude oil is up 4% at $93.
Chapter 5: What legal challenges is Supermicro currently facing?
Bitcoin is down 2% at $69,000. Gold is down 2% at $44.29. The FTSE 100 is down 1%, and the DAX is down 1.5%. And the market in India closed for a holiday. Miller Nall is on our list of the biggest movers of the day pre-market. MLKN is down 19% after the company reported Q3 results that missed expectations, with adjusted EPS of $0.43 and revenue of $926 million. both below consensus.
And I have one item of note on today's economic calendar at 8.30 a.m., jobless claims. That's it for today's Wall Street Breakfast. Thanks for listening.
Chapter 6: What should investors watch for in today's economic calendar?
For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.