---
title: "Synaptics rises 14% on a $123 cash bid as hard-drive stocks fall 10%"
url: "https://etf.net/news/synaptics-rises-14-on-a-123-cash-bid-as-hard-drive-stocks-fall-10-2026-10-02"
published_at: "2026-10-02T21:09:22.963Z"
updated_at: "2026-10-02T21:09:22.963Z"
byline: "ETF.net Research"
---

# Synaptics rises 14% on a $123 cash bid as hard-drive stocks fall 10%

Synaptics gained 14% and ON Semiconductor gained 6% on Friday, October 2, after a switch to cash at $123 a share, above the $108.11 the old stock deal was worth at Thursday's close, while Seagate and Western Digital each fell 10.2%.

By ETF.net Research. Published Oct 2, 2026.

Synaptics rose **14%** on Friday, and ON Semiconductor rose 6%, after the buyer replaced an all-stock takeover with cash at $123 a share, more than that stock deal was worth to Synaptics holders. Seagate and Western Digital each fell **10.2%** after a report that Toshiba wants a much larger share of the hard-drive market.

Chart: **Synaptics** jumped as Seagate and Western Digital fell

Employers added 29,000 jobs in September, far fewer than the 84,000 economists had expected, and a fund that holds the S&P 500, SPY, gained 0.7%.

## A $123 cash bid beat the old stock deal

The companies changed the terms Thursday after the close, following an unsolicited competing proposal from a third party. Under the June agreement, each Synaptics share was to be swapped for 1.35 shares of ON Semiconductor, worth $108.11 at Thursday's close. The new offer is $123 in cash, about $5.7 billion in all, down from about $7 billion.

ON Semiconductor rose 6% to $84.89. Bank of America said the cash terms could add more to earnings than the June agreement, and that they remove the need to issue new shares.

Synaptics had ended Thursday at $106.15. It closed Friday at $121.10, $1.90 under the cash price.

## Toshiba wants a larger share of hard drives

Nikkei reported that Toshiba, one of three main makers of hard drives with Seagate and Western Digital, plans to double output for data centers by its 2027 financial year. Toshiba holds just over 10% of industry capacity and is aiming for about 30%, and the expansion would cost about $380 million, the report said.

Seagate closed at $848.99 and Western Digital at $415.29. Seagate fell as much as 16% during the session and Western Digital as much as 14%, and both finished down 10.2%.

## Nike guides to a weaker year

Nike fell 3.6% to $33.87 after touching $31.97, its lowest price in a year. The company said full-year revenue should fall by a high single-digit amount, and adjusted earnings, leaving out restructuring costs, should be $1.15 to $1.35 a share, against the $1.68 analysts had expected.

Dave Denton, Nike's finance chief, said most of the savings from a new cost program will not arrive until the 2029 and 2030 financial years.

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