Welcome to Seeking Office Wall Street Lunch.

Our afternoon update on today's market action news and analysis.

Good afternoon. Today is Monday August 21st and I'm your host, Kim Kahn.

Our top story so far.

Johnson and Johnson says it's offered to shareholders to exchange their shares of J&J Common

stock with shares of its consumer health unit Kenview was oversubscribed.

J&J says shareholders had validly tendered 802.7 million shares of its common stock

when the exchange offer expired on August 18th.

With the offer oversubscribed, the company has decided to accept only a portion of the

tendered shares on a pro-rata basis. But that's not applicable to those

with fewer than 100 shares or J&J's common stock or an odd lot. Based on the total number of shares reported to be tendered before expiration, the company estimates that about 23.8% of the tendered shares of J&J

common stock will be exchanged. The final proration factor is expected on

August 23rd, with J&J's ownership in Kenview seen dropping to 9.5%.

Now a look at today's trading.

Gross stocks are rallying on the back of chip strength despite longer rates hitting

highs. The NASDAQ is up around 1%, with the

S&P up about a third of 1%, both are coming off three straight down weeks. The

Dow is down slightly. Infotech and consumer discretionary are the leading sectors.

Chip and Chip equipment stocks are higher with NVIDIA's earnings in view.

NVIDIA's up at several Wall Street firms hiked price targets on the Godfather of AI ahead of its results

on August 23rd. H.S.B.C. analyst Frank Lee, who has a buy rating, boosted his price target to

780 dollars from 600, arguing that despite the higher expectations,

...