Stock futures are on the rise as investors return from the Christmas break, with hopes of extending the S&P 500’s impressive eight-week winning streak. This streak has been fueled by signs of slowing inflation and expectations of multiple interest rate cuts by the Federal Reserve in 2024.
Hot Stocks Today
Here are some stocks set to make significant moves today:
Gracell Biotechnologies (NASDAQ: GCLB)
Shares of Gracell Biotechnologies, a Shanghai-based biopharmaceutical company, jumped an impressive 66% to reach $10.29. The surge came after an agreement was reached for AstraZeneca to acquire Gracell in a deal valued at up to $1.2 billion. Under this agreement, Gracell shareholders will receive $2 per ordinary share (equivalent to $10 per American depositary share) in cash, along with an additional share-purchase contingent. AstraZeneca’s stock also showed a slight increase.
Synopsys (NASDAQ: SNPS) and Ansys
According to The Wall Street Journal, Synopsys is currently engaged in discussions to acquire Ansys. If this deal goes through, it would create a design-software giant in the market. Reports suggest that an agreement could be reached as early as 2024. As news about the potential acquisition started to circulate, Ansys saw a significant 18% surge in stock value on Friday. In premarket trading, the stock continued to rise by an additional 2.8%. Meanwhile, Synopsys experienced a slight increase of 0.6% in premarket trading.
Stay tuned for more updates and market movements throughout the day.
NIO Unveils ET9 Electric Sedan, U.S.-Listed Shares Rise
U.S.-listed shares of NIO saw a 3.6% increase following the announcement of their latest offering, the ET9. This four-seat executive sedan comes with a starting price of $112,780. While customers eagerly await its arrival, deliveries are not expected to begin until early 2025.
Jim Ratcliffe to Acquire Stake in Manchester United
In premarket trading, Manchester United experienced an 8.4% surge, reaching $21.50 per share. This spike comes after British billionaire Jim Ratcliffe agreed to purchase a minority stake in the renowned professional soccer club. Ratcliffe’s acquisition includes 25% of Manchester United’s Class B shares as well as up to 25% of the club’s Class A shares. Additionally, the billionaire will contribute an impressive $300 million towards future investments in the historic soccer stadium, Old Trafford.
Southwest Airlines Faces Flight Cancellations and DOT Fine
Due to dense fog at Chicago’s Midway International Airport, Southwest Airlines was forced to cancel several flights on Sunday and over 100 flights on Monday. The fog created diversions and delays that significantly impacted their operations. This incident follows a chaotic period last year when a snowstorm disrupted travel, resulting in a high number of flight cancellations.
Furthermore, Southwest Airlines recently received a $140 million fine from the Department of Transportation. The fine is a consequence of the booking breakdown that occurred during the holiday season of 2022.