U.S. stock index futures were cautiously optimistic as investors digested the latest inflation figures ahead of the Federal Reserve's rate decision. The Consumer Price Index (CPI) report showed a slight uptick, with the headline number edging up 0.1% in November, surpassing expectations. Core CPI, which excludes food and energy, rose by 0.3% month-over-month, aligning with forecasts. This data is critical as it arrives just before the Fed's monetary policy committee concludes its final meeting of the year.
Johnson Controls (JCI, Financial) experienced volatility in pre-market trading following a fourth-quarter earnings miss. The company's adjusted profit guidance for the first quarter and fiscal year 2024 also fell short of consensus. Despite this, JCI reported a 9% increase in orders and a record backlog of $12.1 billion, with CEO George Oliver noting continued order momentum.
Aditxt (ADTX, Financial) saw its shares surge approximately 67% pre-market after announcing a deal to acquire Evofem Biosciences (EVFM, Financial), which will become a wholly-owned subsidiary. Evofem, the creator of the FDA-approved contraceptive gel Phexxi, reported $13.4 million in net sales for the first nine months of the year. Aditxt will assume Evofem's senior secured debt and provide additional financial support for the transition.
Alphabet's Google (GOOG, Financial) (GOOGL, Financial) was found to be operating an illegal monopoly with its Play app store, according to a jury verdict in favor of Epic Games. The verdict could lead to significant changes in how Google manages app distribution and payments. Epic Games hailed the decision as a victory for app developers and consumers, while Google plans to appeal.
Several stocks saw significant movement, with C4 Therapeutics (CCCC, Financial) rallying on a deal with Merck (MRK, Financial) to develop cancer antibodies. Other notable movers included Icosavax (ICVX, Financial), IN8bio (INAB, Financial), and Clean Earth Acquisitions (CLIN, Financial), among others. On the downside, companies like Achieve Life Sciences (ACHV, Financial), Clearmind Medicine (CMND, Financial), and Oracle Corp. (ORCL, Financial) faced declines following various announcements and earnings releases.
The airline industry received attention as U.S. airline fares dropped 12.1% year-over-year in November, with companies like JetBlue Airways (JBLU, Financial) and Delta Air Lines (DAL, Financial) reporting healthy demand trends despite the fare decreases.
Pfizer (PFE, Financial) announced the imminent closure of its acquisition of cancer drugmaker Seagen (SGEN, Financial), having received all necessary regulatory approvals. The deal is expected to be finalized on December 14, ahead of initial expectations.
Lithium Americas (LAC, Financial) and Piedmont Lithium (PLL, Financial) received neutral ratings from J.P. Morgan analysts, who highlighted the competitive landscape and pricing environment for lithium suppliers.
JD.com's (JD, Financial) founder Richard Liu called for changes within the company, describing it as "huge, bloated, and inefficient," signaling a potential shift in strategy for the e-commerce giant.
Moderna (MRNA, Financial) announced that its chief commercial officer will depart, with CEO Stephane Bancel to oversee the sales and marketing division, reflecting a strategic focus on vaccine sales and upcoming product launches.
ThemesETFs launched three new ETFs targeting the airline, cybersecurity, and AI industries, offering investors niche sector exposure.
Green Giant (GGE, Financial) entered into a securities purchase agreement to raise $5.95 million through the sale of units, each consisting of shares and warrants.
Blue Bird (BLBD, Financial) and Macy's (M, Financial) were among the stocks making significant moves in premarket trading, with Blue Bird posting strong fiscal results and Macy's facing skepticism over a reported takeover offer.
