CNBC
U.S. stocks futures pointed to a steady open ahead of the Federal Reserve's widely expected Wednesday afternoon announcement of a faster tapering of its bond purchases. Tech stocks once again led Wall Street lower Tuesday, with the Nasdaq dropping another 1.1% after a nearly 1.4% decline Monday. The S&P 500 and the Dow fell for the second straight session Tuesday after another hot inflation report. (CNBC)
The government said before-the-bell Wednesday that November retail sales rose just 0.3% from the prior month, only about a third of the expected advance. The slowing sales growth came against the backdrop of higher prices and reports of earlier holiday shopping. The October increase was revised slightly higher to a 1.8% increase. (Commerce Department)
IN THE NEWS TODAY
Lowe's (LOW) shares fell Wednesday after the company's sales outlook disappointed investors and raised concerns that the pandemic-fueled boom in do-it-yourself and decorating projects is cooling. Shares were down about 2% in premarket trading. (CNBC)
Eli Lilly (LLY) raised its 2022 profit and revenue forecast ahead of today's meeting with the investment community, noting it's on track to meet its goal of delivering 20 new treatments in the 10-year period through 2023. Lilly rose 4.7% in the premarket. (Reuters)
Vir Biotechnology (VIR) rallied 4.3% in the premarket, putting it in position to rise for a fifth straight day. The drugmaker announced further data showing that its Covid antibody therapy, developed in partnership with GlaxoSmithKline (GSK), was effective against the omicron variant. (Reuters)
STOCKS TO WATCH
Toyota (TM) gained 2.2% in premarket trading, after announcing it would produce a record 800,000 vehicles in January. Toyota is ramping up output to make up for prior production lost to parts shortages.
RR Donnelley (RRD) agreed to be acquired by Chatham Asset Management, the printing company's top shareholder, for about $897 million. Donnelley terminated an earlier buyout deal it reached with private equity firm Atlas Holdings after determining that Chatham's bid was a "superior proposal." The stock fell 2.8% in the premarket.
CMC Materials (CCMP) agreed to be acquired by rival Entegris (ENTG) in a cash-and-stock deal. Based on Tuesday's closing prices, the transaction is worth $197.53 per CMC share, compared with CMC's Tuesday close of $145.97. CMC rose more than 25% and Entegris fell 3% in the premarket.
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
