U.S. index futures maintain stability in Tuesday’s pre-market, on a
day with few scheduled economic events.
As of 05:28 AM, the futures of the Dow Jones
(DOWI:DJI) rose 17 points, or 0.05%. The futures of the
S&P 500 rose 0.06% and the futures of the
Nasdaq-100 rose 0.03%. The yield rate of 10-year
Treasury bonds was at 3.907%.
In the commodities market, West Texas Intermediate crude oil for
January fell 0.37%, to $72.20 per barrel. Brent crude oil for
February fell 0.31%, near $77.71 per barrel. Iron ore with a
concentration grade of 62%, traded on the Dalian exchange, fell
0.11%, to $130.25 per ton.
On Tuesday’s economic agenda, investors await speeches from the
president of the Federal Reserve of Atlanta, Raphael Bostic, and
data on the start of construction in November.
European markets are recording gains, reversing the negative
trend observed in the previous session’s negotiations. Investors
are attentive to inflation in the Eurozone, with the LSEG consensus
indicating a monthly reduction of 0.5%, although there remains an
annual increase of 2.4%. Additionally, today there will be an
important meeting of the finance ministers and central bank
governors of the Group of Seven countries, on the day’s agenda.
Most Asian markets closed higher, with the highlight being
Japan’s Nikkei index, which rose 1.41% after the Bank of Japan kept
its base rate unchanged at its last meeting of the year. The
central bank also maintained its policy of negative interest rates
and signaled “extremely high uncertainties” in the Japanese
economy, forecasting inflation above 2% during the fiscal year
2024. Other indices showed modest variations: Shanghai SE (China)
+0.05%, Kospi (South Korea) +0.07% and ASX 200 (Australia) +0.84%,
while the Hang Seng (Hong Kong) fell -0.75%.
At Monday’s close, the Nasdaq and the
S&P 500 advanced, while the Dow
Jones ended stable. The Dow Jones gained
0.86 points, standing at 37,306.02. The S&P
500 rose 0.45% to 14,904.81 points, and the
Nasdaq increased 0.61% to 4,740.56 points. The
indices have benefited from optimism about interest rates, but
there have been divergences over future cuts. U.S.
Steel (NYSE:X) led the steel sector with a 26.1% increase
following an acquisition agreement. The Dow Jones
retail index rose 1.6%, while housing and banking stocks
retreated.
On Tuesday’s corporate earnings front, investors will be
watching reports from Accenture (NYSE:ACN),
FuelCellEnergy (NASDAQ:FCEL),
FactSet (NYSE:FDS), and others, before the market
opens. After the close, reports from FedEx
(NYSE:FDX), Steelcase (NYSE:SCS),
Worthington (NYSE:WOR), Shimmick
(NASDAQ:SHIM), Know Labs (AMEX:KNW), among others,
will be awaited.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – Apple is suspending sales
in the U.S. of its Series 9 and Ultra 2 smartwatches due to a
patent dispute with Masimo (NASDAQ:MASI). The U.S.
International Trade Commission (ITC) threatened to ban the import
of Apple Watches. The decision is pending presidential approval and
could come into effect on December 26. Apple is working on software
fixes to resolve the issue but may need to make hardware changes.
In other news, Wedbush analyst Dan Ives predicts that Apple will
reach a market capitalization of $4 trillion by the end of 2024,
driven by solid performance in China. Ives stated that concerns
about Chinese government bans on the iPhone are manageable and have
not harmed demand in the region.
Alphabet (NASDAQ:GOOGL) – The parent company of
search giant Google agreed to pay out $700 million and implement
some changes in its app store in a settlement with a group of
states alleging that Google was operating its app store, Google
Play, in a monopolistic and illegal manner.
Microsoft (NASDAQ:MSFT) – TomTom has partnered
with Microsoft to create an AI-based conversational assistant for
vehicles, allowing users to interact naturally with their cars,
including location search and vehicle control. TomTom utilized
Microsoft’s Azure OpenAI service to develop the assistant, which
can be integrated into automotive infotainment systems and TomTom’s
Digital Cockpit.
Sony (NYSE:SONY) – Sony Group Corp is willing
to listen to proposals from Zee Entertainment Enterprises Ltd. to
salvage the merger plan between the two companies, after
difficulties in meeting the closing deadline of December 21. The
negotiations have faced stumbling blocks, including disagreements
over the leadership of the new entity resulting from the merger.
Zee wants its CEO, Punit Goenka, to lead the new company, while
Sony is concerned due to a regulatory investigation against
Goenka.
Adobe (NASDAQ:ADBE) – Adobe has abandoned its
$20 billion deal to acquire design platform Figma due to antitrust
concerns in Europe and the United Kingdom. Adobe will pay a
termination fee of $1 billion. The termination reflects stricter
scrutiny of mergers and acquisitions. The merger’s failure leaves
Adobe with about $6 billion in cash, likely to be used to boost AI
development and buy back shares. The company may also focus on AI
capabilities and its online Express platform to attract new users.
However, competition from companies like Canva and Figma continues
to be a concern for Adobe, despite recent success. The future of
Adobe’s XD product design app is unclear.
Coupang (NYSE:CPNG), Farfetch
(NYSE:FTCH) – Coupang, an e-commerce giant, plans to acquire
struggling luxury fashion company Farfetch in a deal that will
provide Farfetch with $500 million in capital. Farfetch has
struggled with a slowdown in the luxury sector, while Coupang seeks
to expand its presence in South Korea. Investment firm Greenoaks is
also involved in the deal.
Amazon (NASDAQ:AMZN) – Amazon is in talks to
invest in regional sports programmer Diamond Sports Group, seeking
a multi-year streaming partnership. If the deal goes through,
Amazon’s Prime Video platform could broadcast Diamond’s games.
Disney (NYSE:DIS) – The Shanghai Disney Resort
will open a Zootopia-themed attraction, capitalizing on
post-pandemic travel and experience desires in China. Zootopia is a
highly successful animated film in China, and this is the first
Disney-themed attraction based on it at the Shanghai resort.
Comcast (NASDAQ:CMCSA) – Comcast’s Xfinity
reported unauthorized access to its internal system between October
16 and 19. Customer information, including usernames, hashed
passwords, and contact details, was potentially compromised due to
a vulnerability in Citrix software (NASDAQ:CTXS), which has been
resolved.
Taiwan Semiconductor Manufacturing (NYSE:TSM) –
Mark Liu, chairman of TSMC, will retire after the annual
shareholders’ meeting in June. The current CEO, C.C. Wei, is
expected to take over as chairman, subject to election by the new
board in June. Liu joined TSMC in 1993 and became chairman in 2018,
following the retirement of founder Morris Chang.
U.S. Steel (NYSE:X) – Nippon Steel
(USOTC:NPSCY) announced on Monday that it is acquiring U.S. Steel
for $14.9 billion, outbidding rivals. The transaction aims to
expand production in the U.S. and take advantage of tax incentives.
U.S. Steel will be a significant addition to Nippon, increasing its
global steel capacity and presence in the U.S. The acquisition
faces growing opposition in Washington, citing national security
concerns and jobs. Regulatory and political review may impact the
deal.
Livent (NYSE:LTHM) – Investors of Australian
lithium producer Allkem (ASX:AKE) approved a $10.6 billion merger
offer from American giant Livent, creating one of the world’s
largest lithium companies. The new company, named Arcadium Lithium,
will have a global presence in major producing regions and operate
across the lithium supply chain.
Alcoa (NYSE:AA) – Alcoa expects to benefit from
production costs related to two smelting facilities in the U.S. due
to a manufacturing-related tax credit, resulting in a post-tax cost
of goods sold benefit of $35 to $40 million in the fourth quarter.
The company also anticipates a provision for valuation of some
deferred tax assets in Brazil, resulting in a tax expense of $140
to $150 million in the fourth quarter.
Archer-Daniels-Midland (NYSE:ADM) –
Archer-Daniels-Midland plans to acquire Revela Foods, a
Wisconsin-based manufacturer of dairy flavor ingredients and
solutions, to strengthen its flavor portfolio. Revela Foods
projects sales of about $240 million in 2023, contributing to ADM’s
global dairy flavors segment worth $1.8 billion.
SunPower (NASDAQ:SPWR) – SunPower raised
concerns about its continuity due to a key term violation in a
credit agreement, which could lead creditors to demand immediate
repayment of $65.3 million in debts. The company is in talks with
creditors for a waiver.
Enphase Energy (NASDAQ:ENPH) – Enphase Energy
plans to lay off 10% of its workforce, facing a challenging
macroeconomic environment in the alternative energy industry. The
restructuring will result in charges of about $16 to $18
million.
FuelCell (NASDAQ:FCEL), Exxon
Mobil (NYSE:XOM) – FuelCell Energy announced on Monday a
partnership with Exxon Mobil to test carbonate fuel cell technology
aimed at reducing CO2 emissions at a pilot plant in Rotterdam.
Illumina (NASDAQ:ILMN) – Activist investor Carl
Icahn plans to oust directors of Illumina, following months of
disagreement over the company’s acquisition of genetic sequencing
firm Grail. Icahn blamed the Grail purchase for a 75% drop in
Illumina’s shares and seeks to remove legacy directors in conflict
with the company’s legacy.
Bluebird Bio (NASDAQ:BLUE) – Bluebird’s shares
were down 14.8% in Tuesday’s pre-market after the biotech company
revealed plans for a $150 million public offering of common
stock.
Wyndham Hotels & Resorts (NYSE:WH),
Choice Hotels (NYSE:CHH) – Wyndham Hotels &
Resorts urged its shareholders to reject Choice Hotels’ hostile
takeover bid, citing lower valuation concerns, regulatory risks,
and franchisee dissatisfaction. Wyndham believes its current
business plan offers more long-term shareholder value.
Bank of America (NYSE:BAC) – BofA Global
Research forecasts that the U.S. Federal Reserve will make four 25
basis-point cuts in interest rates in 2024, starting in March. BofA
also raised its U.S. economic growth forecast for next year due to
stronger consumer spending. Additionally, Bank of America is seeing
a reduction in unrealized bond losses, falling to about $100
billion, while JPMorgan Chase (NYSE:JPM) saw
losses decrease to about $30 billion to $35 billion due to bond
market recovery.
UBS (NYSE:UBS) – UBS saw a 2.5% increase in
Tuesday’s pre-market following news that activist investor Cevian
Capital acquired a 1.3% stake in the large Swiss banking
institution. Cevian spent $1.31 billion for this stake, claiming it
identifies considerable value potential in UBS, especially
following the acquisition of rival Credit Suisse.
Tesla (NASDAQ:TSLA) – Tesla plans to raise the
wages of most hourly workers at its Nevada factory, with increases
of about 10%, raising minimum wages from $20 to $22 per hour and
maximum wages from $30.65 to $34.50 per hour, starting in January.
These raises may be part of an effort to deter union support at the
facility.
Nikola (NASDAQ:NKLA) – Nikola founder Trevor
Milton was sentenced to four years in prison for fraud. He misled
investors by falsely claiming technological advancements in
electric and hydrogen trucks. Prosecutors sought 11 years in
prison, comparing him to Elizabeth Holmes of Theranos.
Heico (NYSE:HEI) – The aircraft components and
electronics supplier announced that its fiscal fourth-quarter
profit increased compared to the previous year, with revenue
growing 54% to $936.4 million, surpassing analysts’ forecasts.
Plug Power (NASDAQ:PLUG) – Plug Power had its
rating downgraded from “Neutral” to “Underweight” by Piper Sandler,
which also lowered the target price of the clean energy company’s
stock from $6.50 to $2.30, according to information from The Fly.
As a result, the value of Plug Power’s shares fell 3.8% in
Tuesday’s pre-market to $4.26.
Uber (NYSE:UBER), DoorDash
(NYSE:DASH) – Delivery drivers in New York now have a mandatory
minimum wage of $17.96 per hour, but changes in the apps of Uber,
DoorDash, and Grubhub may limit earnings and tips, leading to
concerns among workers. The change in the request for tips after
the order may result in fewer tips for drivers, and the companies
may recruit fewer drivers. The changes aim to reduce drivers’ idle
time, but still rely on tips to supplement wages.
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