U.S. index futures remained firm and stable in the pre-market on
Wednesday, as investors closely watched the progress of the S&P
500 index, which is moving towards hitting record milestones.
At 05:49 AM, the Dow Jones futures (DOWI:DJI) fell 2 points, or
0.01%. The S&P 500 futures fell 0.03% and the Nasdaq-100
futures retreated 0.01%. The yield rate of 10-year Treasury bonds
was at 3.872%.
In the commodities market, West Texas Intermediate crude oil for
February fell 0.67%, to $75.06 per barrel. Brent crude for February
fell 0.54%, near $80.63 per barrel. Iron ore with a concentration
of 62%, traded on the Dalian exchange, rose 0.5%, to $182.3 per
metric ton at its closing, heading for a second consecutive year of
gains.
European markets are up with the oil and gas sectors leading the
gains, and the European blue-chip index approaching its all-time
high.
Asian stocks advanced on Wednesday, following gains on Wall
Street. Tokyo’s Nikkei 225 rose 1.2%, while Hong Kong’s Hang Seng
and the Shanghai Composite also recorded gains. Shares of Chinese
video game companies recovered losses after government attempts to
ease market fears. Other Asian indices, such as the Kospi in Seoul
and the S&P/ASX 200 in Sydney, also showed increases, while
Bangkok’s SET had a slight decline and Mumbai’s Sensex rose.
On Tuesday, Dow Jones (+0.43%), S&P 500 (+0.42%), and Nasdaq
(+0.54%), marked a positive start to the last week of trading in
2023. The increase was led by Intel (NASDAQ:INTC),
due to a $3.2 billion grant from the Israeli government. Optimism
about moderate interest rates and the lack of significant economic
data kept some traders on the sidelines. Energy and semiconductor
sectors posted notable gains, along with stocks in networks, banks,
and telecommunications.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple has appealed the
import ban on its watches following patent infringement allegations
by Masimo (NASDAQ:MASI). The company seeks a temporary suspension
of the ban pending a decision by U.S. Customs. The legal dispute
continues as Apple halts sales of specific models. Apple will no
longer replace out-of-warranty models of the Apple Watch Series 6
and later, offering assistance through software, not hardware.
Apple’s wearables business generated $8.28 billion in the third
quarter of 2023. In other news, the Apple executive known for
leading the design of the iPhone and Apple Watch, Tang Tan, is
leaving the company to join LoveFrom, led by Jony Ive. He will work
on an early-stage artificial intelligence hardware project with
software resources provided by OpenAI. Apple’s shares are slightly
down in pre-market trading on Wednesday after falling for the past
four sessions.
Intel (NASDAQ:INTC) – Intel will invest $25
billion in Israel after securing $3.2 billion in incentives from
the Israeli government. The investment aims to expand wafer
manufacturing in Kiryat Gat and is part of Intel’s efforts to
create a more resilient global supply chain. This is the largest
investment ever made by a company in Israel. The Israeli government
has requested that Intel commence operations at the factory by 2028
and continue until at least 2035, while the company has also
committed to spending $16.6 billion with local suppliers, creating
direct and indirect jobs.
Micron Technology (NASDAQ:MU) – Micron
Technology has resolved an intellectual property theft lawsuit with
Fujian Jinhua, a state-backed Chinese company. The companies have
agreed to withdraw their legal actions against each other. This
agreement comes after the Chinese government blocked Micron’s chips
in May due to cybersecurity concerns.
Nvidia (NASDAQ:NVDA) – Nvidia and its employees
donated $15 million to Israeli charities and nonprofit
organizations assisting victims of the conflict between Israel and
Hamas. The donation included matching employee contributions and
additional humanitarian aid, such as computer donations and meals
for evacuees.
NetEase (NASDAQ:NTES), Tencent
(USOTC:TCEHY) – Shares of Chinese online gaming companies like
NetEase and Tencent rebounded in Hong Kong trading after a sharp
decline caused by stricter regulations. The Chinese regulator
proposed measures to curb excessive spending on games and ban
rewards. However, a subsequent statement mentioned the approval of
105 new online games, generating optimism in the sector and
boosting stocks. NetEase’s U.S.-listed shares are down 4% in
pre-market trading.
Toyota Motor (NYSE:TM) – Toyota’s global
production in November reached a record high with an 11% increase,
driven by strong demand in Japan and overseas following supply
chain disruptions the previous year. Global sales also rose by 14%,
indicating that Toyota is on track for record sales of over 10
million vehicles in 2023, with one-third of vehicles sold being
gasoline-electric hybrids. In related news regarding the shutdown
of its factories in Japan due to a safety scandal, Toyota
subsidiary Daihatsu Motor, specializing in small cars, will
compensate 423 domestic suppliers. The company will also help small
subcontractors access government support funds.
Tesla (NASDAQ:TSLA) – Tesla plans to launch a
refreshed version of the Model Y at its Shanghai factory, with
production scheduled to begin in 2024. The production overhaul was
previously reported in March.
Nio (NYSE:NIO) – Chinese electric car
manufacturer Nio has unveiled its executive sedan ET9, featuring
self-developed technologies, including semiconductors and
autonomous driving. The vehicle is expected to be delivered in the
first quarter of 2025, with an estimated price of $112,178, and the
company aims to expand its charging infrastructure and attract
investments. U.S. startup ClearMotion has secured a contract to
provide its active suspension technology to Nio, covering 750,000
vehicles in the ET9 model. This technology reduces vehicle motion
by approximately 75% compared to the best existing
technologies.
Cummins (NYSE:CMI) – Cummins, a truck engine
manufacturer, has agreed to pay a record fine of $1.675 billion for
installing devices that allowed excessive pollution emissions from
its engines, in violation of the U.S. Clean Air Act. The tampering
devices were used in RAM 2500 and 3500 pickups from 2013 to 2019,
resulting in excess nitrogen oxide production. This is the largest
civil penalty ever imposed for an environmental violation in the
United States.
Mullen Automotive (NASDAQ:MULN) – Mullen
Automotive’s shares are down over 2% in pre-market trading on
Wednesday, after rising 12% on Tuesday and falling 31% on Friday.
The electric vehicle manufacturer’s shares have faced significant
volatility, surging 78.1% on December 21st after a stock split, and
accumulating a 99.8% decline in 2023.
Plug Power (NASDAQ:PLUG) – Plug Power considers
the new U.S. rules for qualifying hydrogen projects for tax credits
to be “disappointing” but expects the regulations to become more
flexible after public comments. The rules require strict clean
energy usage and hourly matching to qualify for tax credits of up
to $3 per kilogram.
Chevron (NYSE:CVX) – Chevron faces profit
estimate reductions by Wall Street analysts and potential job cuts
due to operational setbacks in 2023. The company’s shares have
fallen 15% this year, while profit estimates for 2024 have
decreased by an average of 10.3%. Investors are questioning the
company’s operational targets, and 2024 is seen as a growth hiatus
year. Chevron also faces delays in the acquisition of
Hess (NYSE:HES) and challenges in its operations
in the Permian Basin and Kazakhstan.
ConocoPhillips (NYSE:COP) – ConocoPhillips has
financially approved its $8 billion Willow oil and gas project in
Alaska. The project aims to produce up to 180,000 barrels of oil
per day and is seen as a move to offset declining oil production in
the region, although it has faced opposition from environmental and
indigenous groups.
Goldman Sachs (NYSE:GS) – According to
Bloomberg, Goldman Sachs has learned two lessons when betting on
the post-pandemic reopening boom in China in 2023. First, that
emerging markets and ex-China emerging markets should be treated
differently due to the lack of correlation of Chinese assets with
other emerging assets. Second, that the resilience of emerging
markets, excluding China, is remarkable, thanks to proactive
policies by central banks in these countries.
Mastercard (NYSE:MA) – Retail sales in the
United States increased by 3.1% between November 1st and December
24th, below Mastercard’s expectations of 3.7%.
Amazon (NASDAQ:AMZN) and Walmart
(NYSE:WMT) increased promotions but not as deeply as in the
previous year when there was excess inventory due to the pandemic.
Online sales grew by 6.3%, slower than last year. Clothing and
restaurant sales increased, while electronics sales decreased by
0.4%.
Volcon (NASDAQ:VLCN) – Volcon’s shares are down
over 6% in pre-market trading on Wednesday, after rising 88.9% and
achieving a record daily gain on Tuesday, with a record turnover of
93.3 million shares. The electric off-road vehicle company had
previous supply chain issues but has now announced that remaining
components are in order, and shipments will commence in the first
quarter of 2024. The shares are still down 96.3% for the year.
Bristol Myers Squibb (NYSE:BMY), RayzeBio
(RYZB), Karuna Therapeutics (KRTX) – Bristol Myers Squibb will
acquire RayzeBio for approximately $4.1 billion to strengthen its
cancer drug portfolio. This is BMS’s second major deal in a week,
following the purchase of Karuna Therapeutics for $14 billion. The
deal aims to enhance BMS’s presence in the cancer treatment market,
especially with RayzeBio’s radiotherapeutic therapy RYZ101.
RayzeBio’s shares have increased by 27% since its market debut in
September.
AstraZeneca (NASDAQ:AZN), Gracell
Biotechnologies – AstraZeneca has announced the acquisition of
Gracell Biotechnologies, a Chinese biotechnology company focused on
cancer treatments, in a deal worth up to $1.2 billion. The
acquisition aims to boost AstraZeneca’s ambitions in cell therapy.
Gracell’s shareholders will receive $2 in common stock and an
additional contingent value right of 30 cents per share. The
transaction is expected to be completed in the first quarter of
2024, subject to regulatory approvals and Gracell’s shareholders.
American depositary receipts of Gracell surged 59% on Tuesday in
response to the news.
Emergent BioSolutions (NYSE:EBS) – Emergent
BioSolutions’ shares fell on Tuesday after rising more than 11% in
the two previous sessions. The recent surge was driven by the Biden
administration’s announcement of the availability of overdose
reversal drugs at federal facilities and public locations, but the
shares have still fallen 26.3% in the last three months.
Coherus BioSciences (NASDAQ:CHRS) – Coherus
BioSciences has received FDA approval for its Udenyca on-body
injector, resulting in a 33% increase in the company’s shares in
pre-market trading on Wednesday. Udenyca Onbody is a new
presentation of Coherus’ cancer drug, and it is expected to be
commercially available in the first quarter of 2024. The company’s
shares have fallen by 72% over the year.
Manchester United (NYSE:MANU) – Manchester
United’s shares closed higher on Tuesday after British billionaire
Jim Ratcliffe acquired a minority stake of 25% in the club. The
deal values the club at $5.4 billion. Ratcliffe will provide an
additional $300 million for future investments at Old Trafford
stadium and will assume responsibility for the club’s football
operations. The team faces pressure to improve its sporting
performance, and the Glazers are exploring options to sell the
club.
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