Pinewood Technologies stock surges after takeover offer

Iridium Communications (IRDM) reported Q3 2026 earnings, beating estimates with $0.98 EPS on $245.7M revenue, driven by its Aireon acquisition. Rocket Lab (RKLB), which is acquiring Iridium, saw its stock rise 4.5% post-earnings. Analysts expect Iridium to contribute significantly to Rocket Lab's profitability in 2027.

South32 shareholders approved a $5.6B deal to sell 5 aluminium assets to Alcoa, excluding Mozal. South32 will receive $3.1B in cash, $1B in Alcoa shares, and assume $750M in debt. The deal, pending regulatory approvals, is expected to close by mid-2027.

Netflix's $500M bid for exclusive rights to adapt Xbox games like Halo and Diablo failed due to a $300M price gap with Microsoft. Talks ended after Netflix's content chief departed. Microsoft now plans smaller deals with multiple partners. Netflix remains a partner for some Xbox adaptations, like Minecraft and Diablo anime. Netflix has also scaled back its gaming efforts, closing a studio in 2024.

Johnson & Johnson (JNJ) and Smith & Nephew (SN) ended merger talks over leadership disputes. J&J's orthopaedics unit, valued at up to $22B, may instead be spun off. J&J shares fell 1.42% on the news. The spin is expected in mid-2027, with a pro forma to be released on December 8.

South32 shareholders approved the sale of its aluminium business to Alcoa for up to $5.6B, excluding the Mozal smelter in Mozambique. The deal includes cash and shares, with completion expected by June 2027, subject to regulatory approvals.

Trane Technologies (TT) will acquire Cancoil Thermal Corporation, a North American heat-transfer products manufacturer. The deal, expected to close by late 2026, will expand TT's capabilities and supply chain for commercial and industrial thermal management. Cancoil's 450 employees and facilities will join TT, with the acquisition aiming to improve production and product development. Financial terms were not disclosed.