Several companies, including SoFi (SOFI), Albemarle (ALB), and MicroStrategy (MSTR), have announced plans to issue convertible bonds, a move that has put downward pressure on their respective stock prices during Tuesday's trading session. Albemarle, a leading producer of lithium, unveiled the largest deal among the three, aiming to raise $1.75 billion through a convertible bond offering. Yahoo Finance's Josh Lipton and Julie Hyman break down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Several companies, including SoFi (SOFI), Albemarle (ALB), and MicroStrategy (MSTR), have announced plans to issue convertible bonds, a move that has put downward pressure on their respective stock prices during Tuesday's trading session.
Albemarle, a leading producer of lithium, unveiled the largest deal among the three, aiming to raise $1.75 billion through a convertible bond offering.
Yahoo Finance's Josh Lipton and Julie Hyman break down the details.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Angel Smith
The Wall Street Journal
Shares of SoFi Technologies fell Tuesday after the financial services company said it plans to raise $750 million by issuing convertible senior notes due 2029. The stock was recently down about 14%.
Barrons.com
The U.S. February services PMI narrowly misses expectations, further weakening Treasury yields and the dollar. The prices index falls to 58.6 from 64 and the employment index declines to 48 from 50.5, while the new orders index grows to 56.1 from 55. Treasury yields were already declining as markets wait for Chair Powell's testimony in Congress tomorrow and Thursday.
Reuters
Shares of dialysis services providers jumped between 3% and 12% on Tuesday as latest data from Novo Nordisk's hugely popular diabetes drug Ozempic indicated a less-than-expected effect in chronic kidney disease patients. Investors, concerned after the interim data in October, are betting that most of the benefits of GLP-1 drugs such as Ozempic are related to cardiac events "rather than a game-changing extension in kidney disease progression, which the market has been worried about", said Morningstar analyst Julie Utterback. The potential for GLP-1 drugs such as Ozempic and Wegovy to treat health problems beyond diabetes and obesity has also hit shares in bariatric surgery providers, food firms and glucose-monitoring device makers.
Reuters
Republican U.S. Senator Marco Rubio on Tuesday proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 to stop the country "from flooding U.S. auto markets," Washington's latest effort to protect American automakers and auto workers. Rubio, top Republican on the Senate Intelligence Committee, said he is also proposing legislation to extend tariffs to vehicles produced by Chinese automakers in other countries like Mexico and limit subsidies for electric vehicles to those that meet stringent North American free trade rules.
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