S&P 500 futures are down 50 points, Nasdaq 100 futures are down 200 points, and Dow Jones Industrial Average futures are down 349 points. This follows recent tech-driven declines, with continued selling in large-cap stocks impacting the market.
Treasury yields are slightly lower, with the 2-year yield at 4.29% and the 10-year yield at 4.58%.
Today's economic reports include the December Chicago PMI at 9:45 a.m. ET and November Pending Home Sales at 10:00 a.m. ET.
Today's News
In a significant move, South Korea will inspect all Boeing (BA, Financial) 737-800 aircraft operated by its airlines following a tragic crash that claimed 179 lives. This incident has raised concerns about the country's aviation safety systems, prompting a national response led by acting President Choi Sang-mok. Boeing's shares fell 5% in premarket trading as the investigation unfolds amid political instability in the country.
MicroStrategy (MSTR, Financial) has taken a bold step by acquiring 2,138 bitcoins for $209 million, bringing its total holdings to 446,400 bitcoins. Despite the company's aggressive investment in Bitcoin, its stock fell 2.9% in premarket trading, while Bitcoin itself slipped 1.8% to approximately $93.2K. The firm continues to leverage proceeds from share sales to fund its cryptocurrency purchases.
Huawei Technologies has slashed prices on several high-end devices, including smartphones, by up to 3,000 yuan during a promotion on JD.com (JD, Financial). The company is pushing its latest Mate 70 smartphone models, which feature the new HarmonyOS NEXT operating system, in a bid to compete with global giants like Apple and Samsung.
Compass Diversified (CODI, Financial) announced the sale of its majority-owned unit, The Ergo Baby Carrier, to Highlander Partners. The transaction proceeds will be used to pay down debt and for general corporate purposes. CODI shares were slightly down in pre-market trading following the announcement.
Hesai Technology (HSAI, Financial) has achieved a milestone by delivering over 100,000 LiDAR units in December, becoming the industry leader in this segment. The company also reported record deliveries for the robotics market, with plans to expand its annual capacity to over 2 million units by 2025. Hesai shares rose 5.03% in premarket action.
Marinus Pharmaceuticals (MRNS, Financial) saw its stock price surge 42.7% in premarket hours following the announcement of its acquisition by Immedica Pharma AB. The $151 million deal will give Immedica global rights to Marinus's ZTALMY, an FDA-approved treatment for seizures associated with CDKL5 deficiency disorder.
Madison Square Garden Entertainment (MSGE, Financial) is gaining attention as Guggenheim Securities named it a top pick for 2025. The firm expects the company to achieve near double-digit growth in adjusted operating income, with potential benefits from infrastructure projects in New York. MSGE shares ticked up 0.6% in premarket trading.
GuruFocus Stock Analysis
- MicroStrategy Keeps Building Its $41.6B Bitcoin Fortune, While Surging 422% by Muslim Farooque
- Google Braces for 2025 Showdown: AI Disruption, Legal Battles, and Pichai's Urgent Vision by Muslim Farooque
- GameStop is Still Not a Value Stock by Mark Hake, CFA
- Outlook Therapeutics Stock Surges on Positive Outlook Despite Loss by ShantiPutri
- T-Mobile to Release Q4 and Full Year 2024 Earnings Report Schedule by ShantiPutri
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