Thursday, 10 Oct 2024

Coherent Determines Revised Acquisition Proposal From II-VI As Superior Proposal

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Gold Prices Tumble On Firmer US Yields

Gold prices fell over 1 percent on Friday as firmer U.S. bond yields and a strong dollar dented appeal for the non-yielding metal.

Spot gold fell 1.2 percent to $1,701.57 per ounce while U.S. gold futures were down 1.3 percent at $1,699.25.

The U.S. dollar spiked up against its key counterparts as U.S. Treasury yields rose after the release of better-than-expected jobless claims data.

U.S. bond yields firmed up, with the benchmark 10-year Treasury yields hitting 1.6 percent once again after President Joe Biden’s signing of a Coivd-19 relief package into law.

Biden signed the $1.9 trillion stimulus package on Thursday afternoon, marking a major legislative victory since assuming office in January.

The plan provides direct payments of up to $1,400, extends $300 per week jobless benefits and grant funds for vaccine distribution.

In his signing ceremony, Biden pledged aggressive action to speed vaccinations and move the country closer to normality by July 4.

The U.S. producer price index and University of Michigan’s preliminary consumer sentiment index are due later in the day.

Investors also await the U.S. Federal Reserve meeting next week for direction on its monetary policy.

Rupee climbs for 3rd day, up 12 paise against dollar

In the last three sessions, the Indian currency has gained 46 paise against the American currency.

Extending its gaining streak for the third day in a row, the Indian rupee advanced by another 12 paise to close at 72.79 against the U.S. dollar on Friday amid some easing of crude oil prices.

At the interbank foreign exchange, the Indian unit opened at 72.66 but surrendered some gains as the trade progressed and closed the session at 72.79 – showing a rise of 12 paise to the dollar.

In the last three sessions, the Indian currency has gained 46 paise against the American currency.

Forex market was closed on Thursday on account of ‘Mahashivratri’.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.57 % to 91.94.

Global oil benchmark Brent crude futures fell 0.13 % to $ 69.53 per barrel.

On the domestic equity market front, the BSE Sensex slumped 487.43 points or 0.95 % to close at 50,792.08, while the broader NSE Nifty ended lower by 143.85 points or 0.95 % at 15,030.95.

Foreign institutional investors were net sellers in the capital market as they offloaded shares worth ₹ 15.69 crore on Wednesday, according to exchange data.

Cities Where Housing Values Are Rising the Fastest

In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

According to estimates from Zillow, a Seattle-based real estate data company, between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond to local forces, and in some parts of the country, home values have appreciated at more than double the national rate.

In 50 cities and towns with populations of 35,000 or more, home values have appreciated by at least 16% over the past year. In some of them, the value of a typical family home has surged by more than 24%. Though these communities span the country, they tend to be concentrated in the Western United States.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, 33 of the 50 cities and towns on this list reported population growth over the last one-year period.

Home prices are also largely dictated by what local residents can afford, and rising home values can often be the result of rising incomes. Of the 50 places on this list for which income data is available, 48 reported year-over-year growth in median household income, based on the most recent available data Census data.

Coherent Determines Revised Acquisition Proposal From II-VI As Superior Proposal

Coherent, Inc. (COHR) said the company’s board has determined that a revised acquisition proposal the company received from II-VI (IIVI) on March 11, 2021 constitutes a Superior proposal under the terms of pending revised merger agreement with Lumentum Holdings Inc. (LITE). As per the revised proposal, each share of Coherent common stock would be exchanged for $195.00 in cash and 1.0 share of II-VI common stock.

Coherent has notified Lumentum that it plans to terminate the amended merger agreement unless the company receives a revised proposal from Lumentum by March 17, 2021.

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