LEG News & Events

BofA lowered the firm's price target on Somnigroup (SGI) to $96 from $106 and keeps a Buy rating on the shares after the company announced an agreement to acquire Leggett & Platt (LEG) in an all-stock merger for $2.5B. The firm, which thinks Leggett would be a good strategic fit and Somnigroup paid an attractive price, estimates 12% EPS accretion in 2027 pre-synergies. However, the firm lowers its 2026 EPS by 4%, in-line with the mid-point of Somnigroup's guidance, to reflect input inflation and a tougher macro environment.

The major averages started the week with an advance as investors shook off the weekend collapse in peace negotiations.Crude oil briefly surged past $100 per barrel once again after President Trump announced a blockade of the Strait of Hormuz after peace talks between the U.S. and Iran ended without an agreement in place, but oil pulled back as the session went on.In addition to navigating the renewed Iran worries, stocks advanced in spite of Goldman Sachs- the first of this week's big bank earnings reporters - slipping about 2%.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Goldman Sachsreported, though the company noted that the macro environment started to weigh on sentiment as Q1 progressedFastenalreportedand provided its outlook for 2026Baker Hughesits Waygate Technologies business to Hexagonfor $1.45BSomnigroupLeggett & Plattin a $2.5B all-stock transactionOver 1,000 writers, actors, and directors haveopposing Paramount Skydance'sproposed takeover of Warner Bros. Discovery2. WALL STREET CALLS:Best Buyto Sell from Buy at Goldman SachsKeyBancT-Mobileon valuation, Q1 results catalystStarbucksto Hold at JefferiesConstellation Brandsto Buy at TD CowenNiketo Hold from Buy at HSBC3. AROUND THE WEB:Take-Two'sRockstar Games was hacked for the second time in three years, BBC reportsBooking.comexperienced a data breach with "unauthorized parties" gaining access to customer data, The Guardian saysPolyPeptideis attracting private equity takeover interest, with EQT, KKR, and Advent among suitors looking into a potential acquisition of the company, Bloomberg reportsMetais developing an AI version of Mark Zuckerberg that can interact with employees in his stead as part of a bigger effort to remake the company around AI, FT saysInventurus Knowledge Solutions, or IKS, is in advanced talks to acquire TruBridgefor about $600M, Economic Times says4. MOVERS:Allogene Therapeuticswas higher afterfrom its ALPHA3 trialRevolution Medicinesincreased afterfrom its RASolute 302 clinical trialSpyre Therapeuticsgained after reporting its trial of SPY001Dutch Brosand Black Rock Coffee Barwere lower after the Wall Street Journalthat McDonald'sis planning to offer energy drinksCoStarfell after ReutersThird Point disposed of its position in the company and won't seek a proxy fight5. EARNINGS/GUIDANCE:Children's Place, with EPS and revenue lower year-over-yearMarti Technologiesbacked itsJPMorgan & Chasewillon April 14ALT5 Sigma CorporationreportedTSMCwillon April 16INDEXES:The Dow rose 301.68, or 0.63%, to 48,218.25, the Nasdaq gained 280.84, or 1.23%, to 23,183.74, and the S&P 500 advanced 69.35, or 1.02%, to 6,886.24.

The major averages were mixed near noon - with the Nasdaq trading slightly higher, the Dow lower, and the S&P 500 little changed - as investors adjust to a renewed U.S.-Iran escalation scenario and weigh an early slate of corporate earnings, including from Goldman Sachs. Markets are starting the week on the back foot after the weekend collapse in peace negotiations.Crude oil has surged past $100 per barrel once again as President Trump announced a blockade of the Strait of Hormuz after peace talks between the U.S. and Iran ended without an agreement in place. The breakdown of talks has reignited concerns that the war in Iran will last longer than feared.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Goldman Sachsreported, though the company noted that the macro environment started to weigh on sentiment as Q1 progressedFastenalreportedand provided its outlook for 2026Baker Hughesits Waygate Technologies business to Hexagonfor $1.45BSomnigroupLeggett & Plattin a $2.5B all-stock transactionOver 1,000 writers, actors, and directors haveParamount Skydance'sproposed takeover of Warner Bros. Discovery2. WALL STREET CALLS:Best Buyto Sell from Buy at Goldman SachsKeyBancT-Mobileon valuation, Q1 results catalystStarbucksto Hold at JefferiesConstellation Brandsto Buy at TD CowenNiketo Hold from Buy at HSBC3. AROUND THE WEB:Booking.comexperienced a data breach with "unauthorized parties" gaining access to customer data, The Guardian saysPolyPeptideis attracting private equity takeover interest, with EQT, KKR, and Advent among suitors looking into a potential acquisition of the company, Bloomberg reportsMetais developing an AI version of Mark Zuckerberg that can interact with employees in his stead as part of a bigger effort to remake the company around AI, FT saysSoftbankhas formed a company to build a foundation model for "physical AI", which autonomously controls robots and machines, in Japan through a public-private partnership, Nikkei Asia reportsInventurus Knowledge Solutions, or IKS, is in advanced talks to acquire TruBridgefor about $600M, Economic Times says4. MOVERS:Allogene Therapeuticshigher after reporting data from itsRevolution Medicinesincreases after announcing topline results from itsSpyre Therapeuticsgains after reporting its trial of SPY001Conagra Brandslower afterCoStarfalls afterThird Point disposed of its position in the company and won't seek a proxy fight5. EARNINGS/GUIDANCE:Children's Place, with EPS and revenue lower year-over-yearMarti Technologiesfor FY26JPMorgan & Chaseon April 14ALT5 Sigma CorporationTSMCon April 16INDEXES:Near midday, the Dow was down 0.49%, or 233.91, to 47,682.66, the Nasdaq was up 0.21%, or 47.37, to 22,950.26, and the S&P 500 was up 0.01%, or 0.67, to 6,817.56.

Stock futures are lower across the board this morning as investors adjust to a renewed U.S.-Iran escalation scenario. Markets are starting the week on the back foot after the weekend collapse in peace negotiations.Crude has surged back above $100 following the announcement of a potential U.S. naval blockade around Iranian shipping routes. Volatility is ticking higher and safe-haven flows are creeping back into the dollar. Energy stocks are bid on higher crude, while airlines and travel names are under pressure as fuel costs spike. At the same time, markets are showing a degree of resilience. Earnings season is kicking off with major banks leading this week, which introduces another layer. Up to this point, macro and geopolitics have been the main drivers.In pre-market trading, S&P 500 futures fell 0.50%, Nasdaq futures fell 0.44% and Dow futures fell 1.00%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Allogene Therapeuticsup 61% after reporting data from the planned interim futility analysis of its randomized Phase 2 ALPHA3 trialRevolution Medicinesup 33% after announcing topline results from its controlled Phase 3 RASolute 302 clinical trialLeggett & Plattup 8% after Somnigroupand the company announced that the companies have signed a definitive agreement pursuant to which Somnigroup will acquire Leggett & Platt in an all-stock transaction valued at approximately $2.5BWilliams-Sonomaup 2% after Goldman Sachs upgraded the stock to Buy from Neutral with a price target of $218, up from $185Baker Hughesup 1% after announcing that it has entered into an agreement to sell its Waygate Technologies business to HexagonToll Brothersup 1% after Evercore ISI upgraded shares to Outperform from In Line with a price target of $176, up from $174DOWN AFTER EARNINGS -Goldman Sachsdown 4%Fastenaldown 2%LOWER -Best Buydown 4% after Goldman Sachs double downgraded the stock to Sell from Buy with a price target of $59, down from $76Somnigroupdown 1% after the company and Leggett & Platt announced that the companies have signed a definitive agreement pursuant to which Somnigroup will acquire Leggett & Platt in an all-stock transaction valued at approximately $2.5B