Shares of Alphabet (GOOG, Financial) (GOOGL, Financial) saw a marginal rise ahead of the opening bell as the company's Google unit agreed to a $700M settlement over an antitrust lawsuit. The lawsuit, initiated by 36 U.S. states and Washington, D.C., accused Google of unlawfully restricting app distribution on Android devices and imposing unnecessary fees on in-app transactions. Google will pay $630M into a fund for customers without admitting any wrongdoing.
Advanced Micro Devices (AMD, Financial) shares have experienced a significant surge in 2023, following a challenging 2022 where shares plummeted nearly 65%. Despite the impressive stock performance this year, concerns linger about the semiconductor giant's valuation and growth prospects, particularly as it ventures into the competitive artificial intelligence space against Nvidia (NVDA, Financial).
The S&P 500 Index (SP500, Financial) is approaching a record close, buoyed by the Federal Reserve's dovish policy stance. The Bank of Japan has also maintained its dovish policy, while crude oil prices remain volatile amid continued attacks on Red Sea shipping by Yemen's Houthi rebels. The economic calendar is also in focus, with housing market data expected to be released.
Boeing (BA, Financial) received a significant order from Lufthansa Group (DLAKF, Financial) (DLAKY, Financial) for up to 100 of its 737-Max jets, including 40 firm orders and options for 60 more. This move is part of Lufthansa's strategy to modernize its fleet and meet carbon reduction targets.
Plug Power (PLUG, Financial) shares dipped nearly 3% in premarket trade after Piper Sandler downgraded the stock to 'underweight' and slashed its price target. The brokerage highlighted the sensitivity of renewable projects to changes in rates and credit spreads, and the potential impact of the upcoming election on the sector.
Bitcoin (BTC-USD, Financial) and other cryptocurrencies saw a rebound, with Bitcoin briefly surpassing the $43K mark. This recovery has positively impacted cryptocurrency-exposed stocks such as Marathon Digital (MARA, Financial), Bitfarms (BITF, Financial), and Hut 8 (HUT, Financial).
Amgen (AMGN, Financial) shares edged higher in pre-market trading following an upgrade by BMO Capital Markets to Outperform, with a raised price target. BMO highlighted Amgen's potential in the obesity/metabolic space and upcoming catalysts for its pipeline assets.
Housing market data revealed a robust increase in new home starts, with housing starts jumping 14.8% to 1.560M in November, well above expectations. This rise is attributed to the recent drop in mortgage rates, which has improved the affordability of new homes.
In a major industry development, Nippon Steel (NPSCY) announced its acquisition of U.S. Steel (X, Financial) for $14.9B, a move that sent U.S. Steel's stock soaring. The acquisition aims to expand Nippon Steel's global footprint and capitalize on the expected increase in U.S. steel demand following the Infrastructure Investment and Jobs Act.
Apple (AAPL, Financial) is reportedly making software changes to its Watch models to avoid a halt in sales in the U.S. due to a patent dispute with Masimo (MASI, Financial). The tech giant is adjusting algorithms related to blood oxygen measurement to address the infringement claims.
Accenture (ACN, Financial) reported Q1 Non-GAAP EPS of $3.27, beating estimates, with revenue of $16.2B in line with expectations. The company also confirmed its fiscal 2024 outlook, expecting revenue growth of 2% to 5%.
Stock futures remained relatively stable as market participants await further guidance from Federal Reserve officials on the trajectory of interest rate cuts next year. Among the notable stock movers, Innate Pharma (IPHA, Financial) and Cipher Mining (CIFR, Financial) saw significant gains, while bluebird bio (BLUE, Financial) experienced a sharp decline.
Marathon Digital (MARA, Financial) announced the acquisition of two operational Bitcoin mining sites, significantly expanding its mining capacity. The company's stock rose premarket following the news.
The U.S. and several other countries have formed a naval taskforce, Operation Prosperity Guardian, to protect commercial vessels in the Red Sea from Houthi rebel attacks, which have been disrupting key shipping routes.
Mirati Therapeutics (MRTX, Financial) saw its stock rise after the HSR waiting period for its sale to Bristol-Myers Squibb (BMY, Financial) expired, moving the acquisition process forward.
Biogen (BIIB, Financial) announced that the European Commission revoked approvals for generic versions of its multiple sclerosis drug Tecfidera, held by companies including Viatris (VTRS, Financial) and Teva Pharmaceutical Industries (TEVA, Financial).
Peraso (PRSO, Financial) disclosed plans for a 1-for-40 reverse stock split to meet Nasdaq's minimum bid price requirement, with the stock trading on a split-adjusted basis expected to begin on January 2, 2024.
