Prysmian SpA

Several major acquisition agreements were announced this week. DoubleVerify agreed to be acquired by Nielsen in an all-cash transaction valued at approximately $2.15 billion, with shareholders receiving $13.60 per share. Advanced Micro Devices signed a definitive agreement to acquire Taalas, a developer of specialized AI inference silicon. Visa agreed to acquire BioCatch, a provider of behavioral-first fraud intelligence, for $2.4 billion from funds advised by Permira. Prologis reached an agreement to buy SEGRO plc for about $18.8 billion after securing a board recommendation. Bending Spoons is acquiring Airtable in an all-cash transaction valuing the workflow software company at an enterprise value of $1.285 billion, implying an equity value of about $2.25 billion. Curium announced a deal to acquire all outstanding shares of Lantheus Holdings for up to $114.50 per share in cash, including contingent value rights. Atkore entered into a definitive agreement to be acquired by Prysmian in an all-cash transaction representing an enterprise value of approximately $3.8 billion. Supernus Pharmaceuticals and Indivior Pharmaceuticals agreed to merge in an all-stock merger of equals. Digital Brands Group shares surged after receiving a proposal from an existing shareholder to acquire all outstanding shares for $77.58 per share in cash. Gloo entered into a definitive agreement to acquire Cedarstone, a business services firm serving nonprofit organizations.

Atkore Inc has entered into a definitive agreement to be acquired by Prysmian in an all-cash deal valued at $95 per share, representing an enterprise value of approximately $3.8 billion. The announcement came as the company reported third-quarter fiscal 2026 net sales of $795 million, an 8.1% increase year-over-year, with adjusted EBITDA rising 4.7% to $105 million and adjusted EPS of $1.92. Organic volume grew 9%, driven by both the electrical and safety and infrastructure segments, though GAAP net income fell sharply to $0.7 million due to a $50 million litigation settlement expense. The company also completed divestitures of non-core businesses, which reduced net sales by $39 million, and declared a quarterly dividend of $0.33 per share.

US stocks rallied with the S&P 500 up 1.18% to a 2.5-week high, the Dow Jones Industrial Average up 1.08% to a 3.5-week high, and the Nasdaq 100 up 1.40% to a 1-week high. Gains were driven by easing Middle East tensions that sent crude oil prices down 5%, lowering inflation fears and bond yields, with the 10-year Treasury yield falling 5 basis points to 4.68%. The July ISM manufacturing index rose to 55.6, the fastest expansion in four years, while dovish comments from New York Fed President John Williams supported sentiment. Strong second-quarter earnings expectations also boosted stocks, with Bloomberg Intelligence forecasting a 23% increase and AI infrastructure stocks contributing nearly 60% of S&P 500 earnings-per-share growth. Among individual movers, Meta Platforms rose more than 5%, Amazon more than 4%, and Atkore surged over 28% after Prysmian agreed to acquire it for $3.8 billion.

Equity investors are learning that not all artificial intelligence trades are created equal this earnings season. While S&P 500 firms are on track for a 29% surge in second-quarter earnings per share, the index has been flat since mid-July as traders penalized heavy AI spenders like Meta Platforms Inc. and Alphabet Inc., while rewarding Microsoft Corp. for preserving cash reserves. European stocks have fared better, with the Stoxx 600 advancing 1.3% as its members posted a 19% profit surge, benefiting from lower tech concentration. The semiconductor supply chain also saw gains, with Lam Research Corp., Schneider Electric SE and Prysmian SpA among outperformers on robust AI-enabling demand. Profit expectations continue to rise on both sides of the Atlantic, with US earnings revisions seeing net upgrades for 15 straight weeks, the longest streak since 2022.