Diamonds and Dogs

5/12/20

GrubHub (GRUB) higher on takeover talks. The food-delivery company is up 34% to a seven-month high on rumors Uber Technologies has approached Grubhub with an acquisition offer that could be announced as soon as this month. No specifics for the proposed transaction. The ride-hailing company has seen growth in its Uber Eats food delivery arm even as the COVID-19 crisis has pressured its rides business.

Profit-taking in Blackrock (BLK). The ETF giant is down a percent to a one month low after PNC Financial said they would sell their 22% stake in BlackRock in a secondary offering and sale of shares back to the asset-management giant. The bulk of the share sale will come in the form of a secondary offering of common stock underwritten by Morgan Stanley, Citigroup and Evercore ISI. PNC's stake is worth around $17.3 billion. The whole bank is worth $42 billion. Interesting,