5 Things to Know Before Markets Open

News of the day for May 15, 2023

Gold mining

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President Biden looks to meet Tuesday with congressional leaders on the debt ceiling and Newmont agrees to buy Newcrest in the largest gold-mining deal ever. Here’s what investors need to know today.

1. Biden Looks to Meet Tuesday with Congressional Leaders on Debt Ceiling

President Joe Biden is expected to meet with congressional leaders on Tuesday after what were described as “productive” staff meetings on the debt ceiling over the weekend. Treasury Secretary Janet Yellen said she believes the talks could result in an agreement.

2. Newcrest Agrees to $17.8 Billion Offer from U.S.-based Newmont

Australian gold mining firm Newcrest said it would support a $17.8 billion takeover offer from U.S.-based Newmont, in the largest gold-mining deal ever. Shares of Newmont (NEM) were flat in pre-market trading.

3. Oneok to Buy Magellan to Become Second-Biggest US Pipeline Firm

Oneok (OKE) will become the second-largest U.S.-based pipeline company after it announced a $14 billion deal to buy smaller rival Magellan Midstream Partners (MMP). The transaction is expected to close in the third quarter, with the new company having a market value of $40 billion. Shares of Oneok were down more than 5% in pre-market trading, while Magellan shares were up more than 15%.

4. Activist Investor Plans Proxy Fight for Shake Shack Board Seats

Activist investor Engaged Capital is planning a proxy fight for three board seats at burger chain Shake Shack (SHAK). Shares of the restaurant have fallen by half from their 2021 highs, as inflation and work-from-home trends have cut into the chain's lunchtime business. Engaged Capital has a 6.6% share in Shake Shack, which has a market capitalization of about $2.8 billion. Shares of Shake Shake were up nearly 4% in pre-market trading.

5. General Motors will Recall 1 Million SUVs over Airbag Flaw

General Motors (GM) will recall nearly 1 million SUVs made between 2014 and 2017 over a potential faulty airbag inflator. Owners will be notified by letter on June 25, but a fix is not yet available. Shares of GM were down nearly 1% in pre-market trading.

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  1. CNN. “Biden expected to meet with Hill leaders Tuesday following 'productive' debt limit meetings among staff.”

  2. Reuters. “Australian gold miner Newcrest backs Newmont's $17.8 billion offer.”

  3. Wall Street Journal. “$14 Billion Deal to Create Mega-Pipeline Company.”

  4. Wall Street Journal. “Activist Shareholder Plans Proxy Battle at Shake Shack.”

  5. USA Today. “GM recalls nearly 1 million Buick, Chevrolet and GMC SUVs over faulty air bag inflators.”

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