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ServiceNow (NOW) nears largest acquisition yet with $3B Moveworks deal – report. (00:27) DoorDash (DASH), TKO, Williams-Sonoma (WSM), Expand Energy joining S&P 500. (01:37) Mark Carney to replace Justin Trudeau as Canada’s prime minister. (02:16)
This is an abridged transcript.
ServiceNow (NYSE:NOW) is nearing a deal to acquire artificial intelligence firm Moveworks, which, if finalized, would be its biggest deal to date.
According to Bloomberg which cites people familiar with the matter, the deal could be announced as soon as the coming days and it could value Moveworks at close to $3B.
Although discussions are at an advanced stage, they could still face delays or fall through, the people added, who requested anonymity due to the sensitivity of the information.
Created in 2016, Moveworks offers an agentic AI Assistant. Its solution is used by 350+ large enterprises, including Palo Alto Networks, Siemens, Toyota, and Unilever.
The business surpassed $100M annual recurring revenue in September last year and has raised $315M in funding at a $2.1B valuation from investors such as Alkeon, Bain, Iconiq, Kleiner Perkins, Lightspeed, Sapphire, and Tiger Global.
Shares of ServiceNow (NYSE:NOW) have fallen nearly 20% year-to-date.
Premarket NOW is down 1%.
DoorDash (NASDAQ:DASH), WWE’s parent TKO (NYSE:TKO), and two other companies will be added to the S&P 500 (SP500) this month, and four names will drop in exchange.
High-end housewares retailer Williams-Sonoma (NYSE:WSM) and natural gas producer Expand Energy (NASDAQ:EXE) will also enter the benchmark index (SP500), S&P Dow Jones Indices said late Friday. The changes are effective before trading opens March 24.
At the same time, Borgwarner (NYSE:BWA), Teleflex (NYSE:TFX) and Celanese (NYSE:CE) will exit along with agricultural chemicals company FMC (NYSE:FMC).
Mark Carney will become Canada’s next prime minister after he was elected leader of Canada’s Labor Party on the first round of voting at the party’s convention on Sunday.
Carney will succeed Justin Trudeau, who has led the country since November 2015.
Carney, who has never held elected office, has served as governor of the Bank of Canada and the Bank of England.
In winning the party vote, Carney beat out former Deputy Prime Minister and Finance Minister Chrystia Freeland, former Cabinet member Karina Gould, and former MP Frank Baylis.
Canada’s next federal election is required to be held by late October.
What’s Trending on Seeking Alpha:
Taiwan Semiconductor’s February revenue surges 43% year-on-year, falls on a monthly basis
India’s Sun Pharma buys onco-derma firm Checkpoint Therapeutics for $355M
XPeng eyes mass production of flying cars, humanoid robots by 2026
Catalyst watch:
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Amplitude (AMPL) will hold an Investor Day at the Nasdaq MarketSite in New York City. Presentations by Amplitude executives will include updates on the company’s strategy, product roadmap, financials, and business momentum.
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The South by Southwest media and entertainment festival will include participation from companies such as Microsoft (MSFT), Auddia (AUUD), Eli Lilly (LLY), IBM (IBM), and Rivian Automotive (RIVN).
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President Trump is scheduled to meet with the CEOs of HP (HPQ), Intel (INTC), IBM (IBM), and Qualcomm (QCOM).
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The HumanX Conference in Las Vegas will delve into AI topics. OpenAI, Snowflake (SNOW), Meta Platforms (META), and Anthropic will have speakers at the conference.
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Charter (CHTR), American Tower (AMT), Verizon (VZ), Etsy (ETSY), and Fox (FOXA) are some of the notable companies presenting at the two-day Deutsche Bank Media, Internet & Telecom Conference.
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The Emerson Electric (EMR) tender offer for Aspen Technology (AZPN) expires.
Now let’s take a look at the markets ahead of the opening bell. Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.2% at $67/barrel. Bitcoin is down 2.8% at $82,000.
In the world markets, the FTSE 100 is down 0.3% and the DAX is down 0.7%.
The biggest movers for the day premarket: DoorDash (NASDAQ:DASH) +6% – Shares climbed after S&P Dow Jones Indices announced the food delivery giant will join the S&P 500, replacing BorgWarner (NYSE:BWA) before trading begins on March 24.