Uber —Shares of Uber climbed more than 1% on news that ex-CEO Travis Kalanick will resign from the board next week, effectively severing ties with the ride-hailing company he co-founded a decade ago. Kalanick has dumped practically all his stake in Uber since the company’s lockup expired in November. Uber has not yet named someone to fill Kalanick’s board seat.
Kodiak Sciences — After J.P. Morgan initiated coverage of the stock with an overweight rating, shares of Kodiak Sciences gained 9.4%. The analyst cited positive development data from a new drug that could be used to treat multiple eye diseases that can cause vision loss as a reason for confidence in the stock. J.P. Morgan also gave a target price of $82 per share, a 24% premium from where shares closed on Monday.
Anixter International — Shares of Anixter climbed 2.2% to $89.51 Tuesday after Wesco made an offer to acquire the communications and security products company for $90 per share. This comes one day after Anixter agreed to a bid of $86 per share from private equity firm Clayton, Dubilier & Rice.
Advanced Micro Devices —Shares of AMD rose after RBC increased its price target on the semiconductor stock to the highest on Wall Street. Of AMD’s chief executive, RBC said “in Lisa Su we trust.”
