Shares of Tempur Sealy surged 5.4% following a significant court victory that cleared the path for its acquisition of Mattress Firm. This legal triumph represents a strategic expansion for the mattress manufacturer, boosting its market position. Meanwhile, Tyson Foods exceeded expectations with earnings of $1.14 per share, surpassing analyst predictions of 90 cents. The company's sales increased by 2.3% year-over-year, driven by growth in the beef category.
In contrast, the iShares MSCI Canada ETF (EWC) fell 1.6% as investors assessed the implications of newly announced tariffs over the weekend. These tariffs, imposing a 25% tax on goods from Canada and Mexico and a 10% levy on imports from China, initially caused several stocks, including General Motors, Ford, and Tesla, to decline. General Motors experienced a 2.8% drop in value, highlighting the market's sensitivity to trade policy shifts.
Triumph Group's stock soared 34% on news of its acquisition by affiliates of Warburg Pincus and Berkshire Partners. The deal, valued at approximately $3 billion, offers Triumph shareholders $26 per share in cash. In other developments, PVH saw its shares decline by 6.6% after Wells Fargo downgraded the stock to equal weight from overweight, citing inventory risk and foreign currency pressures.
Owens & Minor faced a challenging day with its stock plummeting 28% after releasing preliminary quarterly results that included a non-cash goodwill impairment charge of around $310 million. The company's fourth-quarter revenue of $2.67 billion to $2.70 billion fell short of the FactSet consensus estimate of $2.73 billion. This financial shortcoming contributed to the sharp decline in stock value.
IDEXX Laboratories experienced an upswing as shares surged 11% following the announcement of fourth-quarter revenue totaling $954.3 million, exceeding FactSet's estimate of $935.1 million. This strong financial performance underscores IDEXX's growth trajectory and resilience in the market.
Prologis encountered a setback with shares dipping 1.7% after Raymond James downgraded the real estate investment trust to market perform from outperform, reflecting a more cautious outlook on its future performance.