Shares of industrial and transportation companies surged after SpaceX priced its initial-public offering.
The rocketry and artificial-intelligence concern will sell shares at $135 apiece, as planned, making it the largest IPO on record. "We're long-term believers of the company's potential as it combines unmatched launch scale, a proven monetization engine in Starlink, growing national security relevance, and long-duration optionality in AI compute and orbital infrastructure," said Tejas Dessai, director of thematic research at money manager Global X, in a note to clients. "That said, valuation is likely to be viewed as rich and may already discount a meaningful share of future success."
Auto-parts maker Dana agreed to combine with Eaton's Mobility business in a $5.1 billion deal, aiming to create a more comprehensive supplier serving commercial- and light-vehicle markets.
U.K. Defense Secretary John Healey resigned Thursday in the face of what he called a shortfall in cash for his department.
Write to Rob Curran at rob.curran@dowjones.com
