Good morning. Happy Friday.
The Asian/Pacific markets closed mostly up. China was weak, but Japan, Hong Kong, South Korea, India, Australia, Thailand and the Philippines did well. Europe, Africa and the Middle East are currently split. Poland, France, Turkey and Sweden are up; the UK, Greece and Spain are down. Futures in the States point towards a mixed open for the cash market – S&P down, Nasdaq up.
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The dollar is up. Oil is up; copper is down. Gold and silver are up. Bonds are split.
Stories/News from Seeking Alpha…
Deficit target
As China’s economy continues to falter, Beijing is expected to run a budget deficit of 3% of its gross domestic product next year, lower than the revised 3.8% target for 2023, with the aim of maintaining fiscal discipline. Its economic growth target is around 5% in 2024. The targets were drafted by President Xi Jinping and other officials during the Central Economic Work Conference, and will be announced publicly during China’s annual parliament meeting in March.
Off-budget debt: Other fiscal support and expenditures may be covered by off-budget sovereign debt, including a potential special sovereign bond issuance amounting to 1T yuan ($140.72B). Special bonds, which are not included in China’s annual budget, are used to raise funds for projects or policy goals when needed. The bond quota for local governments could be around 4T yuan ($562.88B) next year, compared to this year’s 3.8T yuan.
The leaders agreed to implement a proactive fiscal policy, and step up efforts to maintain sufficient liquidity in line with economic growth targets. They agreed that financial institutions should be guided to scale up support for scientific and technological innovation. In addition, overall financing costs must steadily drop while the RMB exchange rate is maintained at a reasonable level.
Bigger picture: China’s Politburo recently said “fiscal policy must be moderately strengthened” in the wake of the post-pandemic economic slowdown. The country’s fiscal position has been under threat, with Moody’s downgrading its government credit ratings as its government will likely have to bail out financially stressed local governments and state-owned enterprises, as well as tame its property crisis. Even so, FTSE Russell sees opportunity in investing in China, as it is “undergoing a transformational period to maintain sustainable growth after years of rapid expansion.”
Too soon?
While traders around the world cheered the Federal Reserve’s dovish pivot and bet on interest rate cuts starting earlier than expected, European central banks and the International Monetary Fund’s chief have cautioned against jumping the gun in the battle against high inflation. “Sometimes countries prematurely declare victory and then inflation gets more entrenched and the fight becomes harder,” warned IMF Managing Director Kristalina Georgieva. A day after the Fed left its key policy rate unchanged, the European Central Bank and Bank of England did the same, although both central banks pushed back against rate cut talk. But many believe the Fed has now set the tone, making it harder for other major central banks to remain hawkish. (2 comments)
Medicare crackdown
The Biden administration named 48 Medicare Part B drugs that could be subject to inflation penalties for Q1 2024, including products from the likes of AbbVie (ABBV), Amgen (AMGN), and Pfizer (PFE). The initiative, introduced as part of President Joe Biden’s Inflation Reduction Act, aims to cut out-of-pocket expenses for Medicare members and discourage drugmakers from raising prices faster than inflation. To note, prices of 64 drugs have risen faster than inflation over the past four quarters. Meanwhile, Senator Elizabeth Warren (D-MA) and Representative Pramila Jayapal (D-WA) accused drugmakers such as AstraZeneca (AZN) of driving up drug prices by making “sham” claims to patents. (21 comments)
Activist fight
Activist investor Trian Fund has nominated two members to Disney’s (DIS) board, including the hedge fund’s founder Nelson Peltz, amid the media giant’s ongoing struggles. The other nominee is former Disney CFO James Rasulo. “The root cause of Disney’s underperformance is a board that is too closely connected to a long-tenured CEO and too disconnected from shareholders’ interests,” said Trian, which owns $3B worth of Disney stock. Disney defended its current board, but said it would review Trian’s nominees. Peltz previously tried to run for a seat on Disney’s board, but withdrew his nomination after Disney announced major cost cuts. However, its shares dropped nearly 20% since Peltz ended his proxy fight, and SA analyst Ironside Research has since moved to the sidelines. (6 comments)
Today’s Economic Calendar
8:30 Empire State Mfg Survey
9:15 Industrial Production
9:45 PMI Composite Flash
1:00 PM Baker Hughes Rig Count
What else is happening…
IEA: Global oil demand will slow next year amid macro weakness.
Costco (COST) tops profit estimates, will dole out special dividends.
WHO calls for ban on flavored e-cigarettes to reduce their appeal.
Retail sales unexpectedly rise in November amid holiday season.
Tesla (TSLA) bags incentives worth $153M for Mexico gigafactory.
Intel (INTC) unveils AI offerings as semiconductor index hits record.
Watch Hess as Venezuela, Guyana won’t use force in border feud.
Global Payments (GPN) denies acquisition talks with Shift4 (FOUR).
GM’s (GM) Cruise autonomous vehicle unit slashes 900 jobs.
Deadpool, Ghostbusters among 2024’s most anticipated movies.
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Good morning. Happy Thursday.
The Asian/Pacific markets closed mostly up. Japan and China were weak, but Hong Kong, South Korea, India, Taiwan, Australia, New Zealand, Malaysia, Indonesia, Singapore, Thailand and the Philippines did great. Europe, Africa and the Middle East are currently up big. The UK, Denmark, Poland, France, Turkey, Germany, the UAE, South Africa, Finland, Switzerland, Norway, Hungary, Spain, the Netherlands, Portugal, Israel, Austria, Sweden and Saudi Arabia are all participating. Futures in the States point towards a positive open for the cash market.
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The dollar is down. Oil and copper are up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Dovish pivot
It finally looks like the Federal Reserve’s rate-hiking cycle has come to an end, as the central bank’s policymakers signaled that more rate cuts could be in store next year than they had foreseen in September. The Federal Open Market Committee maintained its key policy rate at 5.25%-5.50%, as widely expected, but it still kept the door open for additional firming. Traders cheered the Fed’s revised expectations, with all three benchmark indices ending around 1.4% higher each, while yields plummeted.
Dot plot: Fed officials now expect three rate cuts next year and four more in 2025, according to the Summary of Economic Projections. While the new projection implies fewer cuts than what the markets priced in, it means that the Fed is moving closer to easing. In the September median projections, policymakers had forecast one last rate hike for 2023, followed by two cuts in 2024. Most FOMC members expect the key rate to fall within the 4.25%-5.0% range next year.
Powell’s speech: Fed Chair Jerome Powell remained cautious in the post-decision press conference, saying the Fed is “just at the beginning” of discussing policy easing. He noted that inflation is still elevated, although it has eased from its highs without a spike in unemployment. Powell reiterated that incoming data will determine the Fed’s decision on how long it keeps rates restrictive. “He acknowledges that it is premature to declare victory, but this FOMC meeting gives off a strong sense of achievement,” said Yimin Xu on behalf of Investing Group Leader Cestrian Capital Research.
SA commentary: “Despite the message of caution from the press conference, the Fed has clearly taken a dovish tone here,” said SA analyst Jeremy LaKosh, adding that the economy needs to achieve significant disinflationary milestones over the next 12 months. Wolf Richter noted that the FOMC’s statement toned down the chance of additional rate hikes, but left the door cracked open, “just in case.” Meanwhile, ING Economic and Financial Analysis thinks the Fed will end up being more aggressive on rate cuts than both they and the market are currently expecting. (119 comments)
Autopilot recall
Tesla (TSLA) is recalling more than 2M vehicles after the National Highway Traffic Safety Administration determined that its Autopilot driver-assistance system does not go far enough to keep drivers engaged. The recall follows an NHTSA investigation into a series of crashes involving Autopilot. The agency will keep the investigation open while it monitors the efficiency of Tesla’s over-the-air software fixes. Wedbush believes Tesla’s decision to make the requested software update could clear a path for broader acceptance. However, Investing Group Leader Jonathan Weber warned that the indirect costs of the recall, such as brand damage, could be significant. (155 comments)
FTC probe
Adobe (ADBE) shares fell around 7% in extended-hours trading on Wednesday after the Photoshop maker issued weaker-than-expected outlook for the coming year, despite its Q4 results topping estimates on account of strong performance in its Digital Media segment, particularly Creative Cloud. Adobe also disclosed that it was being probed by the Federal Trade Commission over its subscription practices. The company said its practices comply with the law and it is working with the government agency about a possible settlement or resolution on the matter. This could “involve significant monetary costs and could have a material impact on financial results,” Adobe warned. (35 comments)
Dim outlook
Pfizer (PFE) shares reached a new 52-week low on Wednesday after the COVID-19 vaccine maker set its 2024 outlook below expectations, dragging its peers including Moderna (MRNA) and Novavax (NVAX), as well as its partner BioNTech (BNTX). Pfizer expects its revenue to reach $58.5B-$61.5B in 2024, which includes about $8B from its COVID treatments and a $3.1B contribution from newly-acquired Seagen (SGEN). While J.P. Morgan said the COVID sales forecast likely represents “a floor for 2024 sales,” Investing Group Leader Stone Fox Capital said Pfizer “will no longer have a strong COVID profit machine to help repay debt from the Seagen deal.” (184 comments)
Today’s Economic Calendar
8:30 Initial Jobless Claims
8:30 Retail Sales
8:30 Import/Export Prices
10:00 Business Inventories
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
What else is happening…
Apple (AAPL) notches new record closing high amid market rally.
Berkshire boosts Occidental (OXY) stake again after CrownRock deal.
Bitcoin erases week’s losses as FASB rules may beef up adoption.
U.S. Steel (X) gains after getting multiple bids above $40 a share.
GM’s (GM) Cruise shakes up management in effort to rebuild trust.
SEC now requires more Treasury trades to be centrally cleared.
Farfetch (FTCH) in talks with Apollo (APO) for emergency funding.
Can Alibaba (BABA) regain its crown as China’s e-commerce king?
Etsy (ETSY) falls after announcing restructuring moves, job cuts.
Mattel’s (MAT) American Girl is heading to the big screen.
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Good morning. Happy Wednesday. Happy Fed Day.
The Asian/Pacific markets closed mostly down. New Zealand did well, but China, Hong Kong, South Korea, Indonesia and Thailand were dropped more than 1%. Europe, Africa and the Middle East are currently mostly up. Denmark, Poland, Russia, Greece, South Africa, Switzerland and Portugal are up; Turkey and Finland are down. Futures in the States point towards a positive open for the cash market.
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The dollar is down slightly. Oil is up; copper is flat. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Fed watch
Some day, the Federal Reserve’s monetary policy decisions may once again be like watching paint dry. We’re not there yet. To be sure, very few see any chance that the Federal Open Market Committee will change the federal funds rate target range from its current 5.25%-5.50% level at the end of its meeting on Wednesday. Market participants will focus on when the Fed will start cutting rates, and will look for clues in the policymakers’ dot plot and in Chair Jerome Powell’s language during his press conference.
Market expectations: In September’s Summary of Economic Projections, the median projection for the fed funds rate was 5.1% at the end of 2024, implying one rate cut. Wells Fargo Investment Institute’s Brian Rehling pointed out in a recent note that markets are expecting four or five 25-bp rate cuts in 2024, a significant disconnect from the Fed’s last SEP. “Therefore, in our view, either market expectations or Fed policy messaging will have to adjust in the future,” he wrote.
David Russell, global head of market strategy at TradeStation, will be listening for a change in language to see how confident the FOMC is regarding its control of inflation. “We’ll know we have a soft landing when the Fed believes inflation is done and gives a sense that they are no longer wanting to be restrictive,” he said in an interview. He had expected a Q1 rate cut, but after Tuesday’s CPI print showing an increase in used vehicle and housing prices, he said: “A March rate cut may now require more substantial slowing in the real economy and labor market.”
SA commentary: SA analyst Logan Kane warned that the Fed may throw traders a curveball. “Given where inflation is now, the Fed may be willing to hold rates steady for all of 2024, or even consider hiking if inflation doesn’t cooperate. Traders likely would not like to hear this.” Investing Group Leader Lawrence Fuller also cautioned traders, saying: “The consensus of investors sees short-term rates closer to 4.1%, and this is where the Fed may intentionally disappoint to cap the rally that is rapidly loosening financial conditions. (40 comments)
COP28 deal
Nearly 200 countries at the COP28 climate summit in Dubai have agreed to transition away from fossil fuels in a first of its kind deal that will likely usher in the end of the fossil fuel era. The deal had to be revised after the initial draft faced opposition from some countries as it didn’t include strong enough wording on phasing out fossil fuels. The new pact also calls for tripling renewable energy capacity globally by 2030 and substantially reducing methane emissions. “We’re standing here in an oil country, surrounded by oil countries, and we made the decision to move away from oil and gas,” said Danish Minister for Climate and Energy Dan Jorgensen on the historic agreement. (8 comments)
Inflation gauge
The Consumer Price Index edged up 0.1% in November, exceeding the 0.0% rate expected, according to the Department of Labor. Sliding gasoline prices helped keep the headline number in check, offsetting gains in shelter, food, and medical care. CPI increased 3.1% Y/Y, just under the 3.2% expected. Core CPI, which excludes food and energy, rose 0.3% M/M and 4.0% Y/Y, as expected. “Markets embraced the 3.1% CPI increase, which matched expectations,” said Investing Group Leader Chris Lau, as all three major indices ended in the green. Rate expectations were largely unchanged, with most economists still expecting the first rate cut to happen in May. SA analyst Lawrence Fuller believes the CPI data signals that the war against inflation is over. (227 comments)
Powering AI
Microsoft (MSFT) is training generative artificial intelligence to help speed up regulatory approvals for nuclear power, which can take years and cost hundreds of millions of dollars. The software giant foresees a massive need for electricity as it pushes deeper into supercomputing and AI, and nuclear power is seen as a way to provide electricity more consistently than renewables. In other news, Microsoft’s AI model Phi-2 is now capable of outperforming rival models from Meta Platforms (META) and others. “With only 2.7B parameters, Phi-2 surpasses the performance of Mistral and Llama-2 models at 7B and 13B parameters on various aggregated benchmarks,” said Microsoft. (31 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
8:30 Producer Price Index
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
What else is happening…
Elon Musk’s SpaceX valuation is likely closer to $180B.
U.S. federal budget shortfall balloons to $314B in November.
Walgreens (WBA) gains as it restarts talks on potential Boots sale.
Apple offers rivals access to tap-and-go tech in EU antitrust case.
Disney (DIS), Reliance near deal to merge Indian media operations.
Diabetes patients facing insurance hurdles getting GLP-1 drugs.
L3Harris (LHX) to halt M&A activity for now to bolster balance sheet.
McDonald’s (MCD) struck gold with Chipotle – will CosMc’s blow up?
New dataset: Netflix (NFLX) reveals what we watched, for how long.
Target (TGT) is Goldman’s retail top pick for 2024 + other buy ideas.
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Good morning. Happy Tuesday.
The Asian/Pacific markets leaned up. China, Hong Kong, South Korea, Australia, Indonesia and the Philippines did well; India, New Zealand and the Philippines were weak. Europe, Africa and the Middle East currently lean down. The UK, Turkey, Russia and Hungary are up; Denmark, Poland, Saudi Arabia, Finland, Norway, Spain and Portugal are down. Futures in the States point towards a positive open for the cash market.
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The dollar is down. Oil is down; copper is up. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Epic win
The app store duopoly of Google (GOOG, GOOGL) and Apple (AAPL) may be in trouble as a recent legal ruling could force them to open up their app stores’ closed ecosystems. Epic Games, which makes the popular video game Fortnite, has won its high-profile antitrust case against Google after a jury found that the search giant’s Play app store is operating as an illegal monopoly.
The verdict: The jury found that Google had monopolized the Android app distribution and payments market by charging app developers high fees of up to 30% and striking side deals with rivals to fend off competition. The court will now decide if Google should allow payment for and distribution of apps outside the Play Store. “The verdict is a win for all app developers and consumers,” said Epic, reiterating that regulations are needed to “address Apple and Google strangleholds over smartphones.” Google intends to appeal the verdict, saying it would “continue to defend the Android business model.”
Bigger picture: Epic’s legal victory threatens the billions of dollars of revenue that Google earns through its app store. If the jury’s verdict is upheld, developers could have more power over the distribution of and profits from their apps. The win is also important in light of Epic’s loss last year against Apple in a similar antitrust case, in which a judge ruled that there was not enough evidence of the iPhone maker having unlawful monopoly power. However, it was determined that Apple should allow apps to provide other payment option links.
Other legal woes: Google is already facing a landmark antitrust case from the Department of Justice over its alleged monopolistic practices in the search business, which has left Barclays increasingly concerned. SA analyst Paul Franke previously warned that the antitrust lawsuits won’t necessarily end the Google/Alphabet saga for bullish investors. “My view is the stock could take a breather at the end of this year and all of next, as investors digest what I believe will be bad news on the legal front,” he warned. (8 comments)
Weight regain
Eli Lilly (LLY) shares dipped on Monday after a study indicated that patients who were taking the obesity drug tirzepatide regained weight after discontinuing the therapy. The study sponsored by Lilly showed that the drug – marketed as Zepbound – led to a 20.9% mean weight loss over 36 weeks. But those who switched to a placebo immediately afterward saw a 14% weight gain over 52 weeks. A study funded by Lilly’s rival Novo Nordisk (NVO) also showed that patients on the weight loss drug semaglutide regained two-thirds of their lost body weight a year after discontinuation. GlobalData recently forecast that Zepbound sales could reach $4.1B by 2031 in the U.S. (75 comments)
Inflation watch
The highly-anticipated Consumer Price Inflation report is due today, with economists widely expecting retail inflation in November to remain unchanged from the prior month. Core CPI, which excludes food and energy, likely rose 0.3% sequentially. “The upcoming CPI report may show zero inflation or even deflation, influenced by global energy prices and supply glut,” said Investing Group Leader Chris Lau. While inflation is steadily declining, the Fed has been wary of declaring victory in its fight to rein in inflation. As the FOMC meeting kicks off today, every bit of data counts. “Unless CPI is much worse than expected, we don’t expect financial conditions to change much,” said 22V Research’s Dennis DeBusschere. (7 comments)
New draft
The agreement drafted at the United Nations’ COP28 summit hit a roadblock after opposition from some countries as it didn’t include strong enough wording on phasing out fossil fuels. A new draft is expected on Tuesday. The draft instead suggested other steps to cut greenhouse gas emissions. Many countries sought stronger wording instead of just guidelines for reducing fossil fuels’ consumption and production, including the U.S., but Saudi Arabia and other OPEC+ members have opposed this. The draft’s “weak language on fossil fuels is completely insufficient,” said the Alliance of Small Island States, a group of countries vulnerable to climate change. (2 comments)
Today’s Economic Calendar
FOMC meeting begins
6:00 NFIB Small Business Optimism Index
8:30 Consumer Price Index
10:00 Quarterly Services Report
1:00 PM Results of $21B, 30-Year Bond Auction
2:00 PM Treasury Statement
What else is happening…
WSB survey results: The economy will likely decelerate in 2024.
Walgreens Boots (WBA) slips as Moody’s cuts rating to junk.
Warren Buffett’s Berkshire (BRK.B) halves stake in HP (HPQ).
Occidental signs $12B deal to buy Permian producer CrownRock.
Nokia (NOK) trims profit margin target after losing AT&T (T) contract.
Star Bulk (SBLK) to buy Eagle Bulk (EGLE) to create $2.1B shipowner.
BlackBerry (BB) appoints CEO, scraps IPO plans of IoT business.
Raimondo: Nvidia (NVDA) ‘can, will and should’ sell chips to China.
Oracle (ORCL) stock slides on revenue miss, outlook disappoints.
Hasbro (HAS) to lay off 900 ‘incremental’ roles as it cuts expenses.
VanEck: Bitcoin (BTC-USD) will reach an all-time high in Q4 2024.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets leaned up. Japan and China posted solid gains; Hong Kong, Indonesia and Singapore were weak. Europe, Africa and the Middle East are currently mostly down. Sweden and Saudi Arabia are up, but the UK, Turkey, Russia, Finland, Hungary, Portugal and Israel are down. Futures in the States point towards a down open for the cash market.
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The dollar is up. Oil and copper are down. Gold and silver are down. Bonds are down.
Stories/News from Seeking Alpha…
Rate cuts loom
As markets gear up for major central bank meetings this week, starting with the Federal Reserve on Dec.12-13, all eyes will closely watch for any change in the policymakers’ tone to predict when rate cuts will begin and by how much. The European Central Bank, Bank of England, Swiss National Bank and Norges Bank will meet on Thursday.
Market expectations: While the Fed is widely expected to hold its federal funds target range steady at 5.25%-5.5% for the third time, most market participants are betting on rate cuts starting in May. Goldman Sachs expects the Fed to cut rates twice next year, with the first expected in Q3, earlier than its prior outlook of rate cuts starting next December. Bank of America projected that the Fed will start cutting rates in June, and Morgan Stanley sees rate cuts in mid-2024. But Deutsche Bank expects the central bank’s dot plot to avoid suggesting cuts in the first half of 2024.
Policy risks: Economists are worried about two major policy risks. One is that the Fed waits too long to ease policy to ensure inflation remains low, meaning higher interest rates would weigh on economic growth, risking a recession. The other risk is that the Fed could cut rates prematurely, while inflation remains above its 2% target. While a stronger-than-expected labor market tempered bets of rate cuts starting in March, the recent disinflationary trend has been encouraging. Retail inflation was unchanged in October, while core PCE – the Fed’s preferred inflation gauge – reached this year’s lowest level. Markets now await the Consumer Price Inflation report due on Tuesday for disinflation updates.
SA commentary: “The Fed will not want to endorse the market pricing of significant rate cuts until they are confident price pressures are quashed,” said ING Economic and Financial Analysis. “The Fed will eventually shift to a more dovish stance, but this may not come until late in Q1 2024.” But Investing Group Leader Fear & Greed Trader cautioned, “The good news on interest rates; the short-term trend is down, and the Fed will be cutting rates next year. The BAD news, the longer-term PRIMARY trend is up.” (5 comments)
$5.8B buyout
Department store chain Macy’s (M) could be taken private, as the company received a $5.8B buyout offer from a private equity group comprised of Arkhouse Management and Brigade Capital, both of whom are shareholders in Macy’s. The offer values the retail chain at $21 per share, representing an around 21% premium to its last close, pushing Macy’s stock up 19% before the bell on Monday. Arkhouse and Brigade believe Macy’s is undervalued and are prepared to raise their offer subject to due diligence. Last month, Investing Group Leader Leo Nelissen remained on the sidelines after Macy’s posted its earnings, saying a sustainable consumer recovery was crucial for long-term success. (77 comments)
New base?
Nvidia (NVDA) wants to set up a production base in Vietnam, its CEO Jensen Huang said during a visit to the country, and plans to deepen its partnerships with local tech firms to support AI advancement. Nvidia, which already invested around $250M in Vietnam, will expand its existing AI partnerships with Vietnamese companies FPT, Viettel, and VinGroup. The partnerships were part of the Biden administration deepening ties with Vietnam in September, as the country looks to expand its tech industry. Vietnamese investment minister Nguyen Chi Dung also called on Nvidia to consider establishing a research and development center in the country. (1 comment)
Merger scrapped
Health insurers Cigna (CI) and Humana (HUM) have scrapped plans to merge after being unable to agree on financial terms. Cigna will instead seek out bolt-on acquisitions and conduct a $10B stock buyback. Investors failed to embrace the proposed merger, with Cigna dropping nearly 10% since news on the deal began making rounds. The proposed $60B cash-and-stock deal would’ve created an entity worth over $140B to better compete against heavyweights CVS Health (CVS) and UnitedHealth (UNH). Experts believed Cigna and Humana would be able to pull off the merger, but Investing Group Leader Daniel Jones said the odds of a deal were quite low, given antitrust concerns. (25 comments)
Today’s Economic Calendar
11:30 Results of $50B, 3-Year Note Auction
1:00 PM Results of $37B, 10-Year Note Auction
What else is happening…
Record-breaking U.S. supply is weighing on the global oil market.
Boeing (BA) eyes Stephanie Pope as potential CEO successor.
DoorDash gets call-up to Nasdaq 100 (NDX), Zoom (ZM) to exit.
EV sector outlook: Why Tesla, Rivian (RIVN) may lap the field.
Shari Redstone mulls options for Paramount (PARA) amid interest.
Amazon (AMZN) files motion to dismiss FTC antitrust case.
Southwest (LUV) flight attendants vote against tentative deal.
Bosch plans to cut 1,500 jobs at two factories in Germany.
New polls differ on holiday consumer spending forecast.
Oppenheimer analysts detail predictions for generative AI.
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