Snowflake (SNOW, Financial) has announced its acquisition of data clean room company Samooha, a move that underscores the cloud data platform's commitment to expanding its data suite. Data clean rooms are critical for companies to share first-party data while adhering to stringent security and privacy governance requirements. This acquisition, which is set to close later this month, positions Snowflake alongside other cloud service providers like Amazon's (AMZN, Financial) AWS, Microsoft's (MSFT, Financial) Azure, and Google's (GOOG, Financial) (GOOGL) Cloud Platform in offering sophisticated data clean room solutions. Snowflake's shares saw a slight uptick following the announcement.
Qualcomm (QCOM, Financial) shares dipped by 0.9%, potentially ending a seven-session streak of gains. Despite this, the semiconductor firm has seen a significant year-to-date increase, outpacing the S&P 500 with a 34% rise compared to the index's 23%. Qualcomm holds a Hold rating from Seeking Alpha's Quant ratings, with high marks for profitability and momentum but a lower score for growth. The Wall Street community remains optimistic, with a majority of analysts maintaining a Buy or higher rating.
In the mergers and acquisitions arena, activity has been robust, contributing to the overall positive sentiment in the stock market. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all experienced gains, with the S&P 500 leading the charge. This upward trend comes on the heels of the Federal Reserve's dovish pivot, and as the year draws to a close, investors are hopeful that the rally will continue into the new year.
Oppenheimer analysts have released buy and sell ideas across various sectors, reflecting a bullish outlook as the S&P 500 surpasses previous highs. The report highlights key buy recommendations such as Mayville Engineering Co. (MEC) in the energy sector and Steel Dynamics Inc. (STLD) in materials, while suggesting sells like Chevron Corporation (CVX) and Air Products and Chemicals Inc. (APD). The analysts are encouraged by the broadening internal breadth of the market, which they believe signals a continuation of the bull cycle that began in October 2022.
Wedbush Securities predicts that Apple (AAPL, Financial) will reach a $4 trillion market cap by the end of 2024, driven by strong growth and monetization prospects. Despite a 1% drop in Apple's shares, Wedbush maintains an Outperform rating and a $250 price target. The firm is optimistic about Apple's performance in the upcoming holiday season and expects iPhone 15 growth to surpass estimates, buoyed by robust upgrade activity in the US and China.
Coupang (CPNG, Financial) has entered into an agreement to acquire the business and assets of Farfetch (FTCH, Financial), with Farfetch shares being halted and Coupang's shares falling by 3%. The deal will provide Farfetch with access to $500 million of capital and is expected to result in the delisting and liquidation of Farfetch Limited from the NYSE. The acquisition is supported by Coupang's investment partner, Greenoaks.
Netflix (NFLX, Financial) is exploring the possibility of expanding its Addams Family universe with a show centered around Uncle Fester, played by Fred Armisen. While still in the discussion phase, Netflix's interest in developing a series of Addams Family programs follows the success of "Wednesday." The rights to The Addams Family are owned by Amazon (AMZN, Financial), and the show is produced by MGM, which Amazon also owns.
Morgan Stanley has highlighted a selection of stocks with high free cash flow and earnings per share growth, including Comcast Corp. (CMCSA, Financial), Match Group Inc. (MTCH, Financial), and Live Nation Entertainment (LYV, Financial). This curated list from the top 1,000 U.S. stocks by market cap reflects the firm's confidence in these companies' financial health and growth potential.
Apple (AAPL, Financial) is set to halt sales of certain Apple Watch models in the U.S. due to a patent dispute with Masimo (MASI, Financial). The discontinuation of the Apple Watch Series 9 and Apple Watch Ultra 2 comes in response to an International Trade Commission ruling, though Apple is exploring legal and technical options to ensure the availability of these products to customers.
Amazon (AMZN, Financial) is reportedly considering an investment in Diamond Sports Group, a bankrupt media company with local television rights for several Major League Baseball teams. This potential investment aligns with Amazon's strategy to expand its sports media rights portfolio and could lead to a strategic partnership with Diamond.
Lantheus Holdings (LNTH, Financial) and Point Biopharma (PNT, Financial) saw their shares drop after the Phase 3 results for PNT2002, a prostate cancer treatment candidate, failed to impress investors. Despite meeting its primary endpoint, the results led to a decline in share prices and raised questions about the potential impact on a previously agreed acquisition of Point Biopharma by Eli Lilly (LLY).
Nikola (NKLA, Financial) founder Trevor Milton received a four-year prison sentence for securities and wire fraud. The sentencing follows a jury conviction for misrepresenting details about Nikola's products and technology. Nikola has been awarded a significant sum in arbitration against Milton, further impacting the company's narrative.
Carl Icahn (Trades, Portfolio) is pushing for the removal of certain Illumina directors following the company's decision to proceed with the divestiture of Grail. Icahn, a shareholder in Illumina, is seeking to replace legacy directors whom he accuses of reckless decision-making and value destruction in relation to the Grail acquisition.
Digital asset investments experienced a minor outflow, breaking an 11-week streak of inflows. Bitcoin and Ethereum saw the largest outflows, while some altcoins continued to attract investment. The outflows were primarily from the U.S. and Germany, suggesting profit-taking rather than a shift in sentiment towards digital assets.
The United Steelworkers Union has expressed strong opposition to US Steel's (X, Financial) planned sale to Nippon Steel, criticizing the company's decision and advocating for a deal with Cleveland-Cliffs instead. The union's stance reflects concerns about the future of the company and its workforce.
Checkpoint Therapeutics (CKPT, Financial) shares plummeted after the FDA declined to approve its skin cancer drug, cosibelimab. The FDA's decision was based on issues with an inspection of the contract manufacturer, not the drug's data or safety. Checkpoint is aiming for a resubmission and approval in 2024.
Alteryx (AYX, Financial) has agreed to a $4.4 billion acquisition by a consortium led by Insight Partners and Clearlake Capital. Shareholders will receive $48.25 per share in cash, and the deal is expected to close in the first half of the next year.
Defense contractors Lockheed Martin (LMT, Financial), Northrop Grumman (NOC, Financial), and RTX Corp. (RTX, Financial) have experienced declines in 2023 but found a catalyst in the renewed Middle East tensions, leading to a surge in their stock prices.
Morgan Stanley has identified nine stocks with earnings stability and quality, including Meta Platforms (META, Financial) and BorgWarner Inc. (BWA, Financial). These selections reflect the firm's confidence in the consistent financial performance of these companies.
