SK Hynix ADRs Plunge, Blackstone Mixed, TriCo Bancshares Rises on First Hawaiian Deal

On this episode of Stock Movers:
- SK Hynix (SKHY) ADRs plunge. An AI-fueled stock rout in South Korea spilled over into the US market Monday. The decline came after shares of SK Hynix plunged a record 15% in South Korea, sending the benchmark Kospi index down 9% and triggering a market-wide trading suspension. Traders pointed to fears of lower-than-expected earnings, with a report from Korea Investment & Securities projecting SK Hynix's operating profit for the latest quarter may trail consensus by 8%.
- Blackstone (BX) shares are little changed. Williams signed an agreement led by funds managed by Blackstone Credit & Insurance to support the development of five power projects. Apollo and accounts managed by KKR are partners to Blackstone on the deal. Blackstone and its partners will provide Williams with $5.34 billion in exchange for a 49% noncontrolling equity interest in the five projects, according to a statement Monday.
- TriCo Bancshares (TCBK) shares rise. First Hawaiian agreed to acquire TriCo in an all-stock transaction valued at $63.12 per share based on Friday’s closing price. Upon closing, First Hawaiian and TriCo shareholders are expected to own approximately 65% and 35%, respectively, of the combined company.

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