The semiconductor sector experienced a significant boost with Intel (INTC, Financial) at the forefront, securing a substantial $3.2 billion grant from the Israeli government for a new $25 billion chip facility. This news propelled Intel's shares upward by approximately 5%, with other semiconductor companies like AMD (AMD, Financial), Nvidia (NVDA, Financial), and Qualcomm (QCOM, Financial) also enjoying an uptick of around 1%. The positive sentiment spread across the sector, with Applied Materials (AMAT, Financial) and Lam Research (LRCX, Financial) observing a rise of about 2%. Micron Technology (MU, Financial) shared in the gains following a settlement of an intellectual property lawsuit with Fujian Jinhua Integrated Circuit, a state-backed Chinese competitor.
In other industry news, Apple (AAPL, Financial) faced a ban on the import and sale of certain Apple Watch models in the U.S. due to a patent infringement issue with Masimo (MASI, Financial). Despite this setback, Apple's shares saw a marginal premarket increase. The company is seeking an emergency motion to pause the ban while awaiting a U.S. customs decision on a redesigned version of the devices.
Financial and industrial sectors are also in the spotlight, with CFRA Research highlighting potential opportunities. The financial sector (XLF, Financial) and regional bank subsector (KRE, Financial) are showing signs of improvement in fundamentals and technicals. Notable banks such as J.P. Morgan Chase (JPM, Financial), Bank of America (BAC, Financial), Citi Group (C, Financial), and Wells Fargo (WFC, Financial) are expected to benefit from this positive trend.
FedEx (FDX, Financial) announced a share repurchase plan worth $1 billion, reinforcing its commitment to enhancing shareholder value. The logistics giant has entered into an accelerated share repurchase agreement and is set to receive an initial delivery of approximately 3.2 million shares.
Alphabet (GOOGL, Financial) (GOOG, Financial) is wavering on continuing its recent winning streak, with its Class A shares having gained 6.7% over the last six trading sessions. The company's strong performance is reflected in its Quant Rating and analyst recommendations.
Vroom (VRM, Financial) disclosed a non-compliance notice from Nasdaq due to its stock price falling below the minimum bid price requirement. The company plans to address this issue by effecting a reverse stock split.
McDonald’s (MCD, Financial) is drawing attention as a top pick in the fast-food restaurant sector by Jefferies, with the company's stock considered attractive in both defensive and offensive market conditions.
Electric vehicle maker NIO (NIO, Financial) saw its shares climb by 9% after unveiling the ET9, its new executive flagship model, which boasts innovative features and fast charging capabilities.
Scilex Holding (SCLX, Financial), a subsidiary of Sorrento (SRNEQ, Financial), is seeking approval for its migraine therapy Elyxyb in Canada, following its U.S. approval for the same indication.
Pfizer’s (PFE, Financial) unit Hospira has initiated a voluntary recall for one lot of its antibiotic Bleomycin due to the potential presence of glass particles in the vials.
Grayscale Investments announced the resignation of Barry Silbert as chairman, with Mark Shifke set to succeed him. This comes amidst regulatory challenges faced by Grayscale's parent company, Digital Currency Group.
Stratasys (SSYS, Financial) shares surged following a renewed takeover offer from Nano Dimension (NNDM, Financial), despite expectations of rejection by Stratasys' board.
Absci Corporation (ABSI, Financial) reached a new 52-week high, with AI-led drug development companies gaining traction in the market due to recent partnerships and investments.
