SK Hynix Set to List in US Friday, Broadcom's Apple Chip Deal | What's Moving Markets

On this episode of Stock Movers:

- Korean-listed shares of SK Hynix (000660 KS) declined after the chipmaker kicked off the formal marketing process for its US listing on Friday. The company is seeking to sell American depositary receipts representing about 17.79 million common shares, which would be valued at about $28 billion based on Friday’s closing price in Seoul. The offering of ADRs comes after the firm’s Seoul-traded stock rallied about 260% this year, propelling the company’s market capitalization above $1 trillion.

- Shares of Broadcom (AVGO) moved lower ahead of the US market open after the company said that it will provide custom chips for Apple Inc. (AAPL) in an expanded deal that runs through 2031. The companies have signed a new multi-year agreement, through which Broadcom will develop custom ASIC chips, short for application-specific integrated circuit. That means they were designed for a particular purpose. The chips will be used in “multiple generations of Apple products,” Broadcom said in a filing.

- Shares of Honeywell spinoff Solstice Advanced Materials (SOL) and Element Solutions (ESI) rose in premarket trading after the Financial Times reported that the firms are in talks to merge, citing people familiar with the matter. Discussions between the two companies over a merger are ongoing; a deal could come together as soon as this week.

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