Macy’s
Pre-Market:Pre-Market
Pre-Market active stocks
Gainers
- Spirit Airlines (NYSE:SAVE) shares jumped 24% after Reuters reported that the carrier is attempting to persuade JetBlue Airways (NASDAQ:JBLU), which is up 1%, to appeal a federal judge’s decision to ban the merger of the sixth and seventh largest US airlines.
- Super Micro Computer (NASDAQ:SMCI) stock increased 11% after the hardware company raised its second-quarter earnings prediction, providing the latest positive signal for the chip industry.
- JB Hunt’s (NASDAQ:JBHT) stock increased 3.6% after the trucking business announced higher-than-expected fourth-quarter sales, despite sluggish freight demand.
- Comerica (NYSE:CMA) stock dipped 1.5% after the regional lender forecasted an 11% reduction in net interest income in 2024, as it pays more interest on deposits to dissuade clients from switching to other options, while loan demand is slowing.
- Schlumberger’s (NYSE:SLB) stock jumped 1.5% after the oilfield services company posted a fourth-quarter profit that above forecasts and increased its dividend.
Losers
- iRobot (NASDAQ:IRBT) stock fell 35% after the Wall Street Journal reported that EU regulators are likely to prohibit Amazon’s (NASDAQ:AMZN) proposed acquisition of the technology company.
- Chegg (NYSE:CHGG) shares slumped 8.3% after Goldman Sachs downgraded the online learning business to’sell’ from ‘hold’.
- Ford’s (NYSE:F) stock dipped 0.5% after the automaker announced plans to limit manufacturing of the F-150 Lightning pickup.
- Macy’s (NYSE:M) stock declined 0.2% after the Wall Street Journal reported that the department store giant plans to decrease employment and close stores in an effort to save expenses and streamline its operations.
Deals in focus
iRobot Tesla plummets on reports that the EU is ready to ban the Amazon transaction.
iRobot (NASDAQ:IRBT) shares fell over 36% pre-market today after the Wall Street Journal reported that EU regulators are likely to prohibit Amazon’s (NASDAQ:AMZN) proposed acquisition of the company.
iRobot shares have fallen more than 60% since the beginning of the month.
Last week, it was revealed that Amazon had not provided any solutions to the EU antitrust regulators’ concerns about its proposed $1.4 billion acquisition of iRobot. The corporations had until January 10 to submit an offer to address European Union complaints.
In November, the European Commission’s competition officials issued a preliminary warning to Amazon. They stated that the acquisition could hinder competition in the robot vacuum cleaner business, indicating that they expect Amazon to provide remedies to address these concerns.
Spirit Airlines shares plummet as a court blocks the JetBlue purchase.
Spirit Airlines (NYSE:SAVE) shares fell more than 47% on Tuesday. This substantial dip came when a federal judge blocked JetBlue Airways’ (NASDAQ:JBLU) proposed $3.8 billion takeover of its low-cost rival. The judge determined that the combination would considerably diminish competition in the industry.
“JetBlue plans to convert Spirit’s planes to the JetBlue layout and charge JetBlue’s higher average fares to its customers,” said U.S. District Court Judge William Young in his judgment. “The elimination of Spirit would harm cost-conscious travelers who rely on Spirit’s low fares.”
Synopsys to acquire Ansys in $35 billion deal.
Shares of ANSYS (NASDAQ:ANSS) fell more than 5% on Tuesday after it was announced that Synopsys (NASDAQ:SNPS) would acquire the company for around $35 billion in cash and stock.
According to the acquisition agreements, stockholders of Ansys would get $197 in cash and 0.3450 shares of Synopsys for each Ansys share they own. This figure is based on Synopsys’ closing price as of December 21, 2023, bringing the enterprise value to around $35 billion.
The acquisition is expected to finalize in the first half of 2025.
Japan’s homebuilder Sekisui House will acquire MDC Holdings for $4.9 billion.
Sekisui House (OTC:SKHSY) and MDC Holdings (NYSE:MDC) have reached an agreement for the former to buy the latter in an all-cash deal. MDC shares rose more than 18% in response to the announcement.
According to the press statement, the transaction, valued at around $4.9 billion, will boost Sekisui House’s footprint in the US housing market.
WEEKLY EARNINGS CALENDAR
Friday, JAN 19
Travelers TRV, Ally Financial ALLY, Comerica CMA, Fifth Third FITB, Huntington Banc HBAN Regions Financial RF, SLB SLB, State Street STT
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Airbnb suffers as a result of KeyBanc’s downgrade
Airbnb (NASDAQ:ABNB) shares were down nearly 3% in premarket trading Tuesday after KeyBanc downgraded the business from Overweight to Sector Weight.
Following the split, WK Kellogg began at Sell.
Following the conclusion of Kellogg Company’s (NYSE:K) spinoff of its North American cereal division into the WK Kellogg standalone entity, Goldman Sachs commenced coverage on WK Kellogg (NYSE:KLG) with a Sell rating and a price target of $11.00.
WK Kellogg’s stock dropped significantly on the first day after the spinoff, closing more than 9% down on Monday.
Nortfolk Southern and Bread Financial have been downgraded.
Norfolk Southern (NYSE:NSC) shares fell more than 2% on Monday after BofA Securities downgraded the firm to Neutral from Buy and reduced its price objective to $215.00 from $266.00, citing operational difficulties and excessive costs.
Bread Financial (NYSE:BFH) has been downgraded to Sell from Neutral by Goldman Sachs, with a $32 price target. As a result, shares dropped about 2% on Monday.
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ell suffers as a result of a downgrade by Barclays.
Dell Technologies (NYSE:DELL) shares tumbled 3% before the bell on Thursday after Barclays downgraded the firm to Underweight from Equalweight, with a $53.00 price target.
Cloudflare began at Underperform.
Cloudflare (NYSE:NET) has been added to BofA Securities’ coverage with an Underperform rating and a $52.00 price objective.
Crocs (NASDAQ:CROX) shares were down more than 2% in pre-market trading today after B.Riley downgraded the firm to Neutral from Buy and reduced its price objective to $101.00 from $125.00.
Verint Systems (NASDAQ:VRNT) was downgraded from Outperform to Perform by Oppenheimer.
Following the company’s announced Q2 EPS and sales misses, as well as dismal full-year forecasts, shares fell more than 17% pre-market today.