In the pre-market on Thursday, U.S. index futures show mixed
performance ahead of the last two trading sessions of the year,
with a focus on the possibility of the S&P 500 reaching a
record high.
At 05:20 AM, Dow Jones futures (DOWI:DJI) fell 38 points, or
0.10%. S&P 500 futures rose 0.04%, and Nasdaq-100 futures
advanced 0.23%. The yield on 10-year Treasury bonds was at
3.818%.
In the commodities market, West Texas Intermediate crude oil for
February fell 1.30% to $73.15 per barrel. Brent crude oil for
February fell 1.13%, nearing $78.75 per barrel. Iron ore with a 62%
concentration level, traded on the Dalian exchange, dropped 1.33%
to $136.63 per ton.
On the economic calendar for Thursday, investors are awaiting
wholesale inventories for November at 08:30 AM, as well as jobless
claims for the week ending last Saturday. Pending home sales for
November by the NAR will be released at 10:00 AM. At 10:30 AM, the
inventory position of oil as of last Friday will be published by
the Department of Energy (DoE).
European markets are operating with mixed results. The European
Stoxx 600 is stable, with healthcare stocks rising by 0.4% and oil
and gas stocks falling by 0.6%. The blue-chip index was close to
the November 2021 record of 483.44, on track for a gain of about
13% this year.
Chinese stocks led gains in Asia, heading for their best day in
four months, benefiting from the recovery of weaker sectors in
2023, particularly in tourism and semiconductors. Markets in Hong
Kong, India, and Australia also saw gains, while Japan’s Nikkei
recorded a slight decline.
The U.S. markets experienced an indecisive trading session on
Wednesday, with major indexes fluctuating, but the Dow Jones
reached a new closing record at 37,656.52, and both Nasdaq and
S&P 500 hit their highest closing levels in nearly two years.
Treasury yields fell, boosting optimism about interest rates.
However, traders showed reluctance to buy more stocks due to the
recent market strength. Various sectors had modest movements, with
tobacco and gold stocks standing out, while energy stocks fell with
oil prices.
Wall Street Corporate Highlights for Today
Apple (NASDAQ:AAPL) – After winning a legal
dispute, Apple resumed sales of the Apple Watches, including Series
9 and Ultra 2. The decision followed a temporary block of an import
ban due to a patent dispute with Masimo Corp (NASDAQ:MASI). The
watches are available in stores and online. The company awaits a
decision on a longer suspension of the ban, while U.S. Customs
evaluates the redesign of the models. Apple’s shares are up 0.3% in
Thursday’s pre-market.
Microsoft (NASDAQ:MSFT) – In pre-market
trading, Microsoft shares saw a slight increase of 0.2%, reaching
$374.87. Wedbush Securities raised its price target for Microsoft
from $425 to $450, maintaining an “Outperform” rating. Analysts
believe artificial intelligence has the potential to significantly
alter Microsoft’s growth curve in the cloud sector in the coming
years.
Amazon.com (NASDAQ:AMZN) – Starting January 29,
Amazon’s Prime Video will introduce “limited ads” in movies and TV
shows, as communicated to subscribers. Amazon justifies this will
aid in continuous content investment, promising fewer ads than
linear TV or streaming competitors. Amazon spent $16.6 billion on
streaming content in 2022 and recorded significant profits and
revenues in the third quarter. Prime Video subscribers wishing to
continue watching ad-free will have to pay an additional $2.99 per
month, a reverse approach to rivals like Netflix and Disney+, which
offer cheaper plans with ads.
EchoStar (NASDAQ:SATS) – EchoStar was chosen to
replace Dish Network in the S&P SmallCap 600 index from January
2, as informed by S&P Dow Jones Indices. In August, it was
announced that EchoStar, a satellite communications company, would
merge with Dish, a subscription television service provider.
Plug Power (NASDAQ:PLUG),
Amazon.com (NASDAQ:AMZN) – Plug Power installed a
system at Amazon in Aurora, Colorado, to produce low-carbon
hydrogen for over 225 forklifts. CEO Andy Marsh highlighted Plug’s
ability to provide complete hydrogen solutions. With over 17,000
fuel cells already deployed at Amazon centers, Plug sees the
project as a model for future installations in the U.S. and Europe.
Plug’s shares fell 61% in the year. RBC Capital Markets sees
potential in Plug’s decentralized hydrogen production model,
setting a price target of $5 for the shares.
JD.com (NASDAQ:JD) – In 2024, JD.com plans to
significantly increase employee salaries to face stiff competition
and the uncertainty of the Chinese market. The company, competing
with giants like Alibaba (NYSE:BABA) and ByteDance, will double the
salaries of certain teams and raise an average of 20% for the
retail team.
Alibaba (NYSE:BABA) – U.S. District Judge Jesse
Furman denied Alibaba’s attempt to dismiss a lawsuit over
allegations of selling counterfeit Squishmallows on its platforms.
Kelly Toys, owned by Jazwares of Berkshire
Hathaway (NYSE:BRK.A), accused Alibaba of allowing
copyright and trademark violations. Alibaba, which faced six
previous lawsuits, is criticized for not enforcing its “three
strikes” policy and for rewarding infringing merchants. Kelly Toys
sued about 90 sellers in November 2022 and added Alibaba as a
defendant in March. Alibaba argued that Kelly Toys was improperly
transferring the burden of policing its intellectual property.
New York Times (NYSE:NYT),
Microsoft (NASDAQ:MSFT) – The New York Times filed
a lawsuit against Microsoft and OpenAI, accusing them of using the
newspaper’s content without authorization to develop AI products.
The newspaper claims that the companies’ AI tools, including
Microsoft’s Copilot and OpenAI’s ChatGPT, were built using
copyrighted articles. The Times, which unsuccessfully attempted to
negotiate with the companies, seeks damages and an end to the
allegedly unauthorized use of its content.
Goldman Sachs (NYSE:GS), Morgan
Stanley (NYSE:MS) – Housing construction in China is
expected to fall in 2024, impacting economic growth. Ten banks,
including Goldman Sachs and Morgan Stanley, predict three years of
decline, with an 8% drop by November 2023. The real estate sector,
vital to the economy, faces recession despite government measures.
Economists predict different rates of contraction, while some
indicate signs of stabilization.
Wells Fargo (NYSE:WFC), Bank of
America (NYSE:BAC), General Electric
(NYSE:GE) – Wells Fargo, Bank of America, and GE Vernova of General
Electric participated in financing $11 billion for Pattern Energy’s
SunZia Transmission and SunZia Wind projects in New Mexico.
Considered the largest in U.S. clean energy infrastructure, Wells
Fargo led $8.8 billion in financings with global banks, while Bank
of America and GE Vernova, along with others, provided $2.25
billion in loans. The project includes a 550-mile transmission line
and a 3,515-megawatt wind facility.
MicroStrategy (NASDAQ:MSTR) – MicroStrategy,
led by Bitcoin enthusiast Michael Saylor, disclosed the purchase of
14,620 Bitcoins for $615.7 million. With this, MicroStrategy holds
189,150 Bitcoins, averaging $31,168 each.
Tesla (NASDAQ:TSLA) – U.S. Senators Richard
Blumenthal and Edward J. Markey requested Tesla’s Elon Musk to
immediately recall faulty steering and suspension parts. They
expressed concerns about Tesla’s safety and communication
practices. The action follows a Reuters investigation, accusing
Tesla of blaming drivers for known defects.
General Motors (NYSE:GM) – GM sued San
Francisco, demanding over $100 million. GM alleges that excessive
taxes were improperly based on its autonomous car subsidiary,
Cruise. GM argues that Cruise operates separately, with minimal
sales, and should not influence GM’s tax calculations in the city.
In the lawsuit, GM seeks to recover $108 million in taxes and $13
million in fines and interest. The action arises as San Francisco
faces a budget deficit but represents a small fraction of GM’s
total sales.
Grand Canyon Education (NASDAQ:LOPE) – The FTC
sued Grand Canyon Education, accusing it of misleading potential
students about costs and falsely marketing Grand Canyon University
as a non-profit entity. The FTC alleges that GCU and its CEO Brian
Mueller inaccurately informed about doctoral program costs,
requiring additional, costly “continuation courses”. The FTC also
denounced GCU for aggressive telemarketing, aiming to boost
enrollments. The agency seeks preventive measures and
compensations.
Iovance Biotherapeutics (NASDAQ:IOVA) – Iovance
Biotherapeutics received a halt from the FDA on its clinical trial
IOV-LUN-202 for lung cancer treatment, due to a fatal event. Shares
dropped 24.3% on Wednesday with a volume of 22.4 million shares,
351% above the average. The company seeks to safely resume the
trial. Iovance emphasizes its commitment to patients with advanced
non-small cell lung cancer, a type with poor prognosis and few
treatment options. Iovance’s shares increased 5.3% in 2023, against
a 44.3% gain of the Nasdaq.
Sociedad Quimica y Minera de Chile (NYSE:SQM) –
Chile’s SQM and Codelco, the National Copper Corporation of Chile,
joined forces in a public-private sector collaboration to explore
lithium in the Salar de Atacama, a vast reserve of this mineral,
from 2025 to 2060.
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