Top Stock News:
- Alaska Air Group Inc & Hawaiian Holdings Inc:
- Alaska Air plans to acquire Hawaiian Holdings for $1.9 billion, valuing Hawaiian at $18 per share, gaining over 50% control of the Hawaii flights market.
- Carmot Therapeutics Inc & Roche:
- Roche acquires obesity drug developer Carmot Therapeutics for $2.7 billion, including the promising drug candidate CT-388. Completion expected in Q1 2024.
- Absci Corp & AstraZeneca PLC:
- AstraZeneca signs a deal worth up to $247 million with Absci Corp for AI-driven antibody development targeting cancer treatment.
- Amazon.com Inc:
- Amazon books three Falcon 9 launches with SpaceX for Project Kuiper satellite network, aiming to deploy satellites globally to compete with SpaceX’s Starlink.
- Apple Inc & TDK:
- TDK will manufacture lithium-ion battery cells for Apple’s iPhones in India as part of Apple’s production diversification strategy.
- Aspen Insurance Holdings Ltd:
- Aspen Insurance targets a $4 billion IPO in New York in H1 2024, citing concerns about valuations and listing requirements in London.
- Baker Hughes Co:
- Abdulaziz M. Al Gudaimi elected as a director on Baker Hughes’ board from Jan 1, 2024, expanding the board to 10 members.
- Bank of America Corp, Bank of New York Mellon Corp, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Morgan Stanley, State Street Corp & Wells Fargo & Co Inc:
- CEOs of major U.S. banks expected to express concerns about capital hikes and new regulations during a Senate Banking Committee hearing.
- Becton Dickinson Co & Cardinal Health Inc:
- Becton Dickinson recalls Alaris infusion pumps due to compatibility issues with Cardinal Health’s Monoject syringes.
- Berkshire Hathaway Inc:
- A Delaware judge grants a January trial for Berkshire Hathaway’s case against Jimmy Haslam over allegations of improperly inflating his stake in a truck stop chain.
- Boeing Co:
- Boeing is eliminated from the U.S. Air Force competition to develop a successor to the E-4B Nightwatch.
- BP Plc & Shell PLC:
- Shell’s ownership in Trinidad and Tobago’s Atlantic LNG facility decreases, while BP’s and Trinidad’s National Gas increase their stakes.
- Brookfield Asset Management Ltd:
- Brookfield walks away from Origin Energy after shareholders reject a $10.6 billion takeover bid.
- Cal-Maine Foods, General Mills Co, Kellanova & Kraft Heinz Co:
- Kraft, General Mills, Kellogg, and Nestle win a $17.7 million damages verdict in a price-fixing conspiracy against Cal-Maine Foods and Rose Acre Farms.
- Eli Lilly and Co:
- The FDA grants a second approval for Eli Lilly’s drug Jaypirca, used to treat chronic lymphocytic leukemia (CLL).
- Enbridge Inc:
- Michigan regulators approve Enbridge’s application to build a tunnel under the Great Lakes for its Line 5 oil pipeline.
- Equitrans Midstream Corp:
- Equitrans Midstream explores a potential sale in the early stages, considering offers for its ownership interest in the Mountain Valley pipeline.
- Exxon Mobil Corp:
- Exxon Mobil CEO Darren Woods rejects the International Energy Agency’s claim that carbon capture is an implausible solution to fight climate change.
- HF Sinclair Corp:
- HF Sinclair forecasts lower capital expenditure for 2024, expecting maintenance costs to decrease.
- Meta Platforms Inc:
- Spanish media outlets file a €550 million lawsuit against Meta Platforms, alleging unfair competition in the advertising market.
- MGM Resorts International & Penn Entertainment Inc:
- Union members with the Detroit Casino Council ratify a new contract with MGM Grand Detroit, operated by MGM Resorts, ending a 47-day strike.
- Nvidia Corp:
- Nvidia CEO Jensen Huang commits to supplying AI processors to Japan amid high market demand.
- Spotify Technologies SA:
- Spotify announces layoffs of around 1,500 employees, constituting 17% of its workforce, to reduce costs.
- Tesla Inc:
- Tesla’s China-made electric vehicle sales drop 17.8% in November, marking the largest fall since December 2022.
- Toyota Motor Corp:
- Toyota plans to increase its lineup of battery electric vehicles in Europe to six models by 2026.
- VinFast Auto Ltd:
- The United States International Development Finance Corporation (DFC) signs a letter of interest with VinFast for a $500 million loan for expansion.
- China Evergrande Group:
- The liquidation petition against China Evergrande Group is adjourned in a Hong Kong court, providing the developer with an extension to finalize a debt restructuring proposal.
- German Economy Minister Robert Habeck:
- German Economy Minister Robert Habeck cancels a trip to the Middle East to focus on resolving a critical issue in Germany’s 2024 budget, expressing optimism about finding a solution.
- UBS:
- Swiss bank UBS reveals plans to expand its footprint in the U.S. market as part of a broader strategy targeting an annual net new money goal of $150 billion.
- AstraZeneca & Absci:
- AstraZeneca enters a significant agreement with U.S. AI biologics firm Absci, valued at up to $247 million, to develop a specialized antibody for cancer treatment.
- Octopus Energy:
- Britain’s Octopus Energy secures a substantial banking deal of half a billion pounds to support the expansion of a program offering discounted purchases of electric vehicles for corporate customers’ employees.
Today’s Top Analyst Ratings
- American Eagle Outfitters Inc:
- TD Cowen raises the target price for American Eagle Outfitters Inc to $19 from $15, acknowledging the strength in the company’s American Eagle and Aerie brands despite a challenging macroeconomic environment.
- Associated Banc-Corp:
- KBW raises the target price for Associated Banc-Corp to $21 from $20, citing an earnings pickup resulting from the company’s recent balance sheet restructuring.
- Boeing Co:
- Baird raises the target price for Boeing Co to $300 from $250, anticipating an increase in deliveries of the company’s best-selling 737-Max planes.
- Carvana Co:
- JPMorgan upgrades the rating for Carvana Co to neutral from underweight, citing significant progress made by the company in terms of productivity, costs, and culture.
- Immunogen Inc:
- Piper Sandler downgrades Immunogen Inc to neutral from overweight, reflecting the terms of the company’s deal to be acquired by Abbvie.
