Yahoo Finance Trending tickers: Tesla, Hipgnosis, oil, yen
The latest investor updates on stocks that are trending on Monday
Hipgnosis (SONG.L)
The share price of music rights fund Hipgnosis gained after the opening bell on Monday in London after private equity firm Blackstone's all-cash offer for the fund was recommended by the company's board.
Blackstone outbid a revised offer by Concord Music, trumping its $1.25 per share bid with a play of $1.30. The deal currently on the table values the fund, which owns the rights to music by the likes of Shakira, Bon Jovi and Beyonce, at about $1.57bn (£1.25bn).
Hipgnosis Songs Fund's board said it has "decided to withdraw its recommendation for the Concord Revised Offer”.
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The fund's share price has seen a steady decline over the last two years, with the deal reviving flagging interest. Stock was trading about 2.3% higher on Monday.
Blackstone already has a music rights portfolio which includes Justin Bieber and Justin Timberlake. Hipgnosis's offering will add more than 65,000 songs to that roster.
Tesla (TSLA)
Tesla stock was up nearly 5% in premarket trade on Monday, having dropped 1.1% on Friday amid a mixed batch of news for the electric car company.
Following layoff announcements in the region, CEO Elon Musk has reportedly clinched key approvals in China to introduce the company's self-driving software to the market.
Reuters reported, citing two sources, that, the company had reached an agreement with Baidu (BIDU) to use the Chinese tech firm's mapping license for data collection on China's public roads.
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The collection and storage of Chinese data, and how much of it is allowed back into the US has been a key concern for years with the interaction of US companies on Chinese soil, or visa versa.
Musk is looking to obtain approval to transfer data collected in the country abroad to train algorithms for its autonomous driving technologies, a source told Reuters.
Oil (BZ=F, CL=F)
Concerns about demand weighed on oil prices on Monday, after a rally last week, with Brent crude and crude both falling close to 1% in early trade.
Last week, prices had jumped following inflation data out of the US which meant bets on expedited rate cuts were pared back further.
Meanwhile, deescalating tensions in the Middle East have improved sentiment about supply constraints.
Yen (JPY=X)
The usually steady yen has had a volatile few days of trade, wobbling 1.5% lower against the dollar overnight — to its lowest point since the 1990s — as traders watch for further potential government interventions in the economy.
Last month the Japanese central bank hiked rates for the first time in 17 years, bringing the key base rate above zero. Rates were left unchanged on Friday in the latest move by the Bank of Japan (BOJ).
"The BOJ’s dovishness in keeping rates unchanged late last week was an open invitation for yen sellers and the pace quickened as Asian markets reopened late last night; though notably Japan is shut for a holiday," said Neil Wilson, chief market analyst at Finalto.
"The authorities have been reluctant to use their dry powder against the tide of rising US bond yields but this has the look and feel of intervention."
The yen has historically been seen as a safe haven asset.
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