Johnson & Johnson, Coca-Cola Stock Losses Lead to Decline in Dow Jones Industrial Average, Gold Fields to Buy Yamana.
Posted On May 31, 2022
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Stocks of Coca-Cola (NYSE:KO) and Johnson & Johnson (NYSE:JNJ) are down on Tuesday morning, contributing to a decline in the Dow Jones Industrial Average. When it comes to the Dow DJIA, shares of Johnson & Johnson JNJ, and Coca-Cola KO, are adding to the blue-chip index’s intraday drop.
Johnson & Johnson and Coca-Cola, listed by many experts as the best stocks to buy now, have fallen by $5.05 and $1.47, respectively, resulting in a 43-point drop in the Dow Jones Industrial Average. Boeing BA, Honeywell International Inc. HON, and 3M all contributed heavily to the decrease in the S&P 500 index. A 6.59-point swing arises from a $1 change in any one of the benchmark’s 30 components.
Gold Fields Ltd. (Gold Fields) agreed to buy Yamana Gold Inc. (Yamana Gold) for around $6.7 billion in premarket trade on Tuesday. Yamana Gold’s shares jumped 15.3%. For $6.7 billion, Gold Fields has agreed to acquire Yamana.
A 41.6 percent premium on Friday’s closing price, Yamana’s stock will be swapped for 0.6 Gold Field shares in line with the terms of the deal. In premarket trading, Gold Field’s shares fell by 12.6%. Synergies of roughly $40 million per year are expected to result from the transaction, to be completed in the second half of 2022.
CEO Chris Griffith of Gold Fields has stated that Yamana’s high-quality American asset base and excellent development and exploration pipeline will diversify our portfolio and position us as a top-four global gold company well-positioned to provide long-term value creation. Chris Griffith of Gold Fields said this. As of Friday, Yamana shares were up 22.5% year-to-date, while Gold Fields stock had climbed 11.0%, while gold futures GC00, -0.26% were up 1.3%, and the S&P 500 SPX, +2.47 percent were down 12.8%.
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