HomeNewsTuesday’s market recap: Here are the top highlights from yesterday

Tuesday’s market recap: Here are the top highlights from yesterday

  • Vista Outdoor to acquire Stone Glacier while Starboard to acquire 6.5% stake in GoDaddy worth $800 million.
  • Digital Turbine’s stock tanks following partnership with Google.
  • Telefonica to cut thousands of jobs in Spain

Vista Outdoor to acquire Stone Glacier

Vista Outdoor (NYSE:VSTO) announced on Tuesday that it will be acquiring premium hunting gear brand Stone Glacier. The move will allow the American sports designer to expand its portfolio to camping equipment and technical apparel categories. The acquisition should further reinforce their reputation as acquirer of choice in the outdoor industry. This is the 7th acquisition by Vista Outdoor in the past 16 months and they are using cash in hand and available liquid assets to fund this deal.

StarBoard to have a 6.5% stake in GoDaddy

Starboard controls 6.5% stake in GoDaddy Inc. (NYSE:GDDY) worth $800 million. While the activist investor’s plans couldn’t be learned, Starboard usually pushes companies to improve performance in other ways or boost profit margins and very often seeks seats on their boards. GoDaddy was founded in 1997 by Rob Parsons and its stock received a boost recently when the company reported its third quarter result. The domain registrar currently has a market value of $12.7 billion.

Digital Turbine partners with Google

Digital Turbine (NASDAQ:APPS) saw its shares fall following announcement that it will be partnering with Google to promote its products and growth strategy supporting the Android ecosystem. This will happen by enabling billions of apps with intelligent app discovery. While Digital Turbine will also be working with Google’s cloud premier partner SADA to enhance and expand Google’s enterprise and cloud solutions.

Telefonica to cut thousands of jobs in Spain

Telefonica SA (BME:TEF) has announced that it will be cutting 2,700 jobs in Spain. The departure is expected to cost the telecommunication company around $1.7 billion. Most of the departures are workers ageing 55 or older in 2022 with a seniority of more than 15 years. Telefonica has seen two previous cases of such mass job cuts under chairman Jose Maria Alvarez-Pallete. This strategy has helped the company handle its debt with its debt currently at $25 billion, less than half of what it had in 2016.