Stock Market Roundup & Ratings for December 4th

UBS

Top Stock News:

  1. 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.
  2. 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.
  3. Absci Corp & AstraZeneca PLC:
    • AstraZeneca signs a deal worth up to $247 million with Absci Corp for AI-driven antibody development targeting cancer treatment.
  4. 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.
  5. Apple Inc & TDK:
    • TDK will manufacture lithium-ion battery cells for Apple’s iPhones in India as part of Apple’s production diversification strategy.
  6. 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.
  7. 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.
  8. 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.
  9. Becton Dickinson Co & Cardinal Health Inc:
    • Becton Dickinson recalls Alaris infusion pumps due to compatibility issues with Cardinal Health’s Monoject syringes.
  10. 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.
  11. Boeing Co:
    • Boeing is eliminated from the U.S. Air Force competition to develop a successor to the E-4B Nightwatch.
  12. 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.
  13. Brookfield Asset Management Ltd:
    • Brookfield walks away from Origin Energy after shareholders reject a $10.6 billion takeover bid.
  14. 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.
  15. Eli Lilly and Co:
    • The FDA grants a second approval for Eli Lilly’s drug Jaypirca, used to treat chronic lymphocytic leukemia (CLL).
  16. Enbridge Inc:
    • Michigan regulators approve Enbridge’s application to build a tunnel under the Great Lakes for its Line 5 oil pipeline.
  17. Equitrans Midstream Corp:
    • Equitrans Midstream explores a potential sale in the early stages, considering offers for its ownership interest in the Mountain Valley pipeline.
  18. 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.
  19. HF Sinclair Corp:
    • HF Sinclair forecasts lower capital expenditure for 2024, expecting maintenance costs to decrease.
  20. Meta Platforms Inc:
    • Spanish media outlets file a €550 million lawsuit against Meta Platforms, alleging unfair competition in the advertising market.
  21. 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.
  22. Nvidia Corp:
    • Nvidia CEO Jensen Huang commits to supplying AI processors to Japan amid high market demand.
  23. Spotify Technologies SA:
    • Spotify announces layoffs of around 1,500 employees, constituting 17% of its workforce, to reduce costs.
  24. Tesla Inc:
    • Tesla’s China-made electric vehicle sales drop 17.8% in November, marking the largest fall since December 2022.
  25. Toyota Motor Corp:
    • Toyota plans to increase its lineup of battery electric vehicles in Europe to six models by 2026.
  26. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Immunogen Inc:
    • Piper Sandler downgrades Immunogen Inc to neutral from overweight, reflecting the terms of the company’s deal to be acquired by Abbvie.

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