Home / Business and Economy / Johnson Matthey Stock Plummets on Honeywell Deal
Johnson Matthey Stock Plummets on Honeywell Deal
23 Feb
Summary
- Johnson Matthey shares dropped 17% after a business sale price reduction.
- Enel plans significant renewable energy investments in US and Europe.
- SAP and European tech stocks fell due to AI security developments.
Johnson Matthey's stock experienced a sharp decline of up to 17%, the most significant fall since 2021. This downturn was triggered by Honeywell's decision to lower the purchase price for the UK company's Catalyst Technologies business. The transaction's valuation adjustments led to considerable investor concern.
In other market movements, Enel announced plans to significantly increase its investments in renewable energy projects across the United States and Europe over the coming three years. This strategic expansion includes a focus on wind power and battery storage solutions.
Simultaneously, SAP and other European software and cybersecurity stocks experienced a dip. This decline followed similar trends observed in US tech stocks on Friday, influenced by Anthropic's introduction of a new security feature for its Claude AI model. The move signals evolving considerations in AI security within the tech sector.
