Posted inNews Markets News, Dec. 22, 2023: Stocks Eke Out Eighth Consecutive Week of Gains Posted by By Jhon December 23, 2023No Comments Stock Index Roundup: Nike Drags Dow Jones, Apparel Stocks Down; Pharmaceutical companies gain from Bristol Myers Squibb's acquisition of Karuna 13 hours 50 minutes ago the dow Intel (INTC) led the index, rising 2% to close at a new one-year high. amgen (AMGN) gained 1.7%, closely followed by its pharmaceutical colleague Merck & Co. (MRK)an increase of 1.2%. Walmart (WMT) rose 1.2%, making it one of several discount and low-cost retailers that are outperforming today. Nike (OF) fell 11.8% after announcing a $2 billion cost-cutting plan and cutting its full-year sales outlook due to weaker-than-expected demand. Disney (DIS) Shares fell 1.1%, followed by Apple (AAPL)0.6% less. The S&P 500 Engineering software company. ansys (ANSS) rose 18.1% to lead the index higher following reports that it was considering several takeover bids. Albermarle (SUNRISE) Shares rose 3.2% as the lithium miner extended its rebound after hitting a three-year low in November. Bristol-Myers Squibb (BMY) rose 2% after it said it would acquire Karuna Therapeutics (KRTX) for about 14,000 million dollars. Karuna shares rose 47.4%. General dollar (Managing Director) and competitor dollar treeDLTR) both rose 1.7%, following the rise in Walmart shares. Goldminer Newmont (NO) gained 1.5% as the price of gold rose. VF Corporation (HRV), owner of Vans and Timberland, fell 3.2%, weighed down by Nike's bleak outlook for the apparel sector. clothing companies ralph laurenrl) and Tapestry (TPR) they fell 1.7% and 1.4%, respectively. beauty brands Ultimate beauty (ULTA) and Estee Lauder (HE) also lagging behind. Cummins (CMI) fell 2.9% after the engine maker agreed to pay nearly $1.7 billion in fines for altering hundreds of thousands of pickup truck engines to circumvent air pollution regulations. The Nasdaq 100 Modern (mRNA) gained 4.1% as global health authorities warned of a new fast-spreading Covid variant, JN.1. Micron technology (IN) continued to rise after yesterday's gains. The stock rose 1.2% on Friday to end the week up more than 6%. Synopsis (SNP) Shares fell 6.3% after Reuters reported that it had submitted one of the aforementioned bids to acquire Ansys. The commercial table (TTD) fell 3.9%, part of a sluggish tech sector that ended the day flat. Bristol Myers Squibb Increases Neuroscience Reach with $14 Billion Karuna Deal 15 hours 18 minutes ago Karuna Therapeutics (KRTX) shares soared more than 46% after Bristol Myers Squibb (BMY) said it would buy the biopharmaceutical company for $14 billion to expand its neuroscience portfolio. Bristol Myers Squibb said it would pay Karuna investors $330 in cash for each share they own. That equates to a 53% premium over Karuna's closing price yesterday. The drugmaker said Karuna is developing drugs for those suffering from psychological or neurological conditions and that its lead asset, the antipsychotic KarXT, "represents a significant revenue contribution opportunity." Karuna Therapeutics shares rose 47% to $316.50 per share on Friday afternoon. Shares of Bristol-Myers Squibb also advanced, rising 1.8% to $52.16 per share. -Bill McColl Midday removals 16 hours 9 minutes ago Bristol Myers Squibb Co. (BMY): Shares of the pharmaceutical company rose about 3% after it said it pay 14 billion dollars to acquire biopharmaceutical company Karuna Therapeutics (KRTX) as it looks to strengthen its neurology portfolio. Karuna shares rose 47%. Moderna Inc. (mRNA): Shares of the vaccine maker rose more than 5% as health authorities warned of a fast-spreading Covid variant, JN.1. Moderna shares are up more than 10% this week. Nike Inc. (OF): Shares fell 11% after the company cut its full-year sales outlook and announced a $2 billion cost-cutting plan as it grapples with weakening sales. Cummins Inc. (CMI): Shares sank more than 2% when the engine maker agreed to pay $1.675 billion in fines related to accusations that it altered truck engines to circumvent air pollution rules. Nike sinks after cutting its outlook and announcing cost cuts as demand softens 17 hours 3 minutes ago Nike (OF) was the worst performing stock in the Dow and S&P 500 as shares fell after the sportswear retailer cut its full-year outlook due to โweakerโ sales in the second half. He also announced plans to cut costs, which could include layoffs. The company now expects fiscal 2024 revenue to rise about 1%, down from its previous forecast of a mid-single percentage increase. Chief Financial Officer Matt Friend explained that the new guide reflected โincreased macroeconomic headwinds,โ particularly in Greater China and Europe, the Middle East and Africa. Friend added that the company plans to cut $2 billion in costs over the next three years, noting that the savings would come from across the company, not just from sales, general and administrative (SG&A) bills. Nike shares fell 11% on Friday afternoon and were in negative territory for the year. -Bill McColl Commercial view. Ansys leads S&P 500 after reports of possible acquisition 17 hours 55 minutes ago Ansys simulation software developer (ANSS) was the best-performing stock in the S&P 500 on Friday following reports that the company was considering a sale after being approached by at least one interested buyer. The company's management is in talks with advisers, according to a Bloomberg report citing unnamed people familiar with the matter. The company has not made a decision and could still decide to reject the interest. Ansys makes engineering software that customers in industries ranging from aerospace and defense to semiconductors and medical technology use to design products and test them through simulations. Ansys shares rose nearly 17% at the open to trade near a two-year high before retreating slightly. The stock was up about 9% in midday trading, putting it up nearly 40% for the year. Fed's preferred inflation measure slows in November 18 hours 39 minutes ago He Federal ReserveThe preferred gauge of inflation slowed as income and spending were strong in November, the latest indicator pointing toward a soft landing. He Personal consumption expenses (PCE) The price index fell 0.1% in its first decline since April 2020. The index is up 2.6% from the same period last year, but is closer to the Federal Reserve's 2% target and down from 2.9% a month earlier. That is the lowest rate since the beginning of 2021. The core price index, which excludes food and energy prices, rose just 0.1%, the same as the previous month. The core PCE increased 3.2% compared to the same period last year, below the 3.4% the previous month. The slowdown could bolster confidence that the Federal Reserve's anti-inflationary rate increases have achieved the desired result. It could also increase the odds that Federal Reserve officials will follow through with the plan. Interest rate cuts they predicted for next year. at its December meeting. -Naomi Buchanan Video game stocks sink on China's proposed gaming regulations 19 hours 22 minutes ago Chinese gaming stocks plunged on Friday morning after regulators proposed new rules designed to curb the amount of time and money spent on video games. The rules, proposed by China's National Press and Publication Administration, include an unspecified limit on how much players can spend on a game and prohibit developers from rewarding players for daily logins. The rules are based on China's already strict gaming regulations, which limit minors to playing video games between 8 pm and 9 pm on Fridays, Saturdays, Sundays and legal holidays. Friday's announcement came as a surprise to China's gaming industry, which serves one of the world's largest video markets. Chinese video game sales will exceed 300 billion yuan ($42.6 billion) in 2023. Shares of the Chinese gaming giants plummeted on the news. Tencent Holdings Shares (Czech Republic) over-the-counter trading fell more than 11%, while NetEase American Depository Receipts (DETENTION) fell 17%. Meituan e-commerce companies (MPGF) and Alibaba (Slime) fell 5% and 1%, respectively, amid concerns that Friday's rules could signal a resumption of a government crackdown on Big Tech that began in 2020 and appeared to taper off over the past year. Stocks Making the Biggest Premarket Moves 20 hours 42 minutes ago Profits: Karuna Therapeutics Inc. (KRTX): Shares of the biopharmaceutical company rose nearly 50% to about $318 after Bristol Myers Squibb (BMY) said it would buy the company for $330 a share, or about $14 billion. Shares of Bristol Myers Squibb fell about 0.5% in early trading. Ansys Inc. (ANSS): Shares rose 22% amid reports that the software company was considering a sale after receiving acquisition interest from several potential buyers. Rocket Lab USA Inc. (RKLB): Shares of the aerospace company gained more than 15% after it said it had won a $515 million contract from a government buyer. Losses: NetEase Inc. (DETENTION): The Chinese gaming company's U.S. depositary receipts fell more than 20% after Chinese regulators proposed new restrictions on online gaming. Chinese gaming and stocks followed NetEase lower following the news. Nike Inc. (OF): Shares of the clothing company fell about 12% after it cut its sales outlook for the fiscal year and said it would implement a cost-cutting plan to save $2 billion over the next three years. Foot Locker shoe retailer (Florida) fell 7% along with other apparel and sporting goods stocks. Stock futures rise as data shows inflation slowed again in November 21h 16m ago Futures contracts related to the Dow Jones Industrial Average fell 0.3% in early trading on Friday. S&P 500 futures rose 0.1%. Nasdaq 100 futures traded about 0.2% higher. Share via: Facebook Twitter LinkedIn More Jhon View All Posts Post navigation Previous Post Nigeria Lifts Ban On Cryptocurrency Transactions โ The Street JournalNext PostResearchers Discover Malicious Chrome Extensions Disguised as Fake VPN
