Stocks at the top
Autodesk (ADSK) has signed a definitive agreement to acquire Netfabb, a Germany-based developer of software solutions for industrial design and manufacturing. Autodesk is anticipated to make a strategic investment in FIT Technology Group, the parent company of Netfabb. ADSK traded at $51.57 on Friday, October 9, above its 100-day, 50-day, and 20-day moving averages, implying an upwards trend in its price movement. Its trailing five-day return was 17.2%. The trading volume of ADSK surged to 9,182,547 shares on Friday from a five-day average volume of 4,792,048 shares. The stock has earned three “hold” recommendations, 15 “buy” recommendations, and two “sell” recommendations. The stock is rated as “stable” by Moody’s and S&P.
Stocks at the bottom
Alcoa (AA) reported a fall in its profits for the third quarter, owing to falling aluminum prices. A strong dollar added to the woes of Alcoa, as aluminum is dollar-denominated.
Ferrari filed its long-awaited IPO
Ferrari has filed its initial public offering for an anticipated value of $9.8 billion with a range of $48 to $52 a share. Its parent company, Fiat Chrysler (FCAU), would sell the shares. The underwriters of the deal are UBS (UBS), Bank of America (BAC), Allen and Co., Banco Santander (SAN), BNP Paribas, JPMorgan Chase (JPM), and MedioBanca.
In the next article, we’ll take a look at the UK stock market.