21 minutes ago
Stocks make the biggest moves before the bell
These are some of the stocks that made notable moves in premarket trading on Friday:
- Nike – Shares fell 12.1% after the sports retailer cut its sales forecast and announced plans to cut costs by about $2 billion. FootLocker, a seller of Nike products, expressed sympathy.
- Rocket Lab – Shares rose 12.6% in premarket trading Friday, a day after the space company announced an agreement with a U.S. government customer. The contract is worth a total of $515 million and includes the development, manufacture and management of 18 spacecraft.
- Coinbase – The crypto exchange's shares rose 1.3% on an optimistic assessment from investment bank JMP.
The full list can be found here.
—Alex Harring
31 minutes ago
Berkshire bought more Occidental shares this week, increasing its stake to nearly 28%
56 minutes ago
Bristol Myers Squibb agrees to purchase Karuna Therapeutics
Pharmaceutical giant Bristol Myers Squibb announced Friday that it has reached an agreement to acquire Karuna Therapeutics for $14 billion. The deal would add the experimental schizophrenia drug KarXT, which has been accepted for review by the Food and Drug Administration, to Bristol's portfolio.
“There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in this area,” Christopher Boerner, CEO of Bristol Myers Squibb, said in a statement. “We expect KarXT to accelerate our growth in the late 2020s and into the next decade.”
Bristol will pay $330 per share in cash as part of the deal, a premium of about 53% to Thursday's close. Shares in Bristol fell almost 1.8% in pre-market trading, while Karuna rose almost 50%.
–Michelle Fox
3 hours ago
Bilibili fell 11% due to new online gambling restrictions in China
U.S.-listed shares of Chinese video-sharing site BiliBili fell 11.1% in premarket trading on Friday, according to Portal data, after China released draft guidelines aimed at curbing incentives that lead to excessive gambling and excessive expenses could result.
This follows similar declines from Tencent and NetEase in response to the same development.
—Karen Gilchrist
4 hours ago
The yield on 10-year government bonds falls slightly on shorter trading days
8 hours ago
Shares of Tencent and NetEase plunge due to China's new draft online gambling guidelines
Shares of Tencent and NetEase plunged on Friday after China released draft guidelines aimed at curbing incentives that could lead to excessive gaming and spending.
Tencent shares plunged more than 13% to their lowest level since November 2022.
NetEase slumped over 25% to around HK$120, its lowest level since January – breaking below key technical support provided by a February low.
Read this development story to find out more.
– Clement Tan
12 hours ago
The Bank of Japan struggled to communicate a change in its YCC stance in October, minutes show
In October, Bank of Japan board members discussed how to communicate a change to the central bank's yield curve control policy, meeting minutes show.
The BOJ adjusted its yield curve control policy in October, saying that the target level of the 10-year Japanese government bond yield will be kept at 0%, but that the 1% cap will be used “as a reference” instead, a strict cap.
Some members felt that despite this move, it was necessary to emphasize that the BOJ still intends to continue monetary easing with YCC.
A member also said that the bank should clarify that the measure is not intended as a preparation for the abolition of YCC and the negative interest rate policy.
Another BOJ board member noted that to avoid unnecessary market speculation, the bank should clearly state that its policy decisions are based on the outlook for economic activity and prices.
“This is to avoid encouraging speculative transactions by creating the impression that the BOJ was forced to make policy decisions to follow fluctuations in market interest rates,” the member said, according to the minutes.
—Lim Hui Jie
13 hours ago
Inflation in Japan falls to its lowest level since July 2022
Japan's headline inflation rate slowed to 2.8% in November from 3.3% in October – the lowest since July 2022.
Core inflation in November, which excludes fresh food prices, slowed to 2.5% from 2.9%, in line with expectations of economists polled by Portal.
So-called “core-core” inflation, which excludes fresh food and energy prices, was 3.8%, compared with 4% in October. This is a key metric that the Bank of Japan takes into account when making monetary policy decisions.
13 hours ago
The most important inflation report comes out on Friday
Friday morning's economic reports will serve as one of the final checks on U.S. consumer and inflation trends before the end of the year.
At 8:30 a.m. ET, November data for personal income, consumer spending and the personal consumption expenditure report will be released.
Core PCE, which excludes volatile food and energy prices and is the Fed's preferred inflation gauge, is expected to be at 3.5% over the past 12 months, according to economists surveyed by Dow Jones.
–Jesse Pound
14 hours ago
Nike slips after sales warning
Shares of Nike fell more than 10% in after-hours trading on Thursday after the sportswear company reported weaker-than-expected sales for its fiscal second quarter.
According to LSEG, Nike reported revenue of $13.39 billion, below the $13.43 billion expected by analysts. The company also warned that its revenue outlook for the second half of the year could be “weaker.”
As part of its quarterly report, the sneaker giant announced that it plans to increase costs by around $2 billion over the next three years.
–Jesse Pound
14 hours ago
Futures open lower
Stock futures opened lower, with Dow futures losing about 95 points.
–Jesse Pound
14 hours ago
Where the most important average values are
Here are the key averages for the week leading up to trading on Friday:
- The S&P 500 is up 0.58%
- The Nasdaq rose 1.01%
- The Dow is up 0.27%
- The Russell 2000 is up 1.61%
–Jesse Pound