1. Apple Resumes Sales of Watches After Temporary Halt from Import Ban by Appeals Court
Apple (AAPL) announced it has resumed selling Apple Watch Series 9 and Ultra 2 in Apple stores after a temporary halt due to a ban imposed by the International Trade Commission (ITC). The ITC found that the smartwatches violated the intellectual property of healthcare technology company Masimo Corp. The appeals court has given the ITC until January 10 to respond, as Apple stated it submitted Apple Watch models with modified designs for approval from the organization. Apple’s shares rose by about 0.4% before the market opened.
2. Lithium Producer SQM Reaches Mining Agreement with State-Owned Codelco
U.S. shares of Chilean lithium producer Sociedad Quimica y Minera de Chile S.A., or SQM (SQM), rose by more than 5% after reaching an agreement with state-owned Codelco that will allow SQM to continue mining rich lithium deposits in Salar de Atacama for three decades. The public-private partnership is a key step for the Chilean government to open new areas for lithium mining, a key component in electric vehicle batteries.
3. Two Senators Urge Musk to Recall Steering and Suspension Parts After Investigation
Reports say that two U.S. senators wrote to Tesla (TSLA) CEO Elon Musk urging the company to recall any steering and suspension parts that pose a safety risk. The letter from Democratic Senators Richard Blumenthal of Connecticut and Edward Markey of Massachusetts cites an investigation by Reuters that showed Tesla attempted to blame drivers for repeated failures in parts that were defective. Tesla’s shares rose by approximately 2.5% before the market opened.
4. Increased Unemployment Claims and Pending Home Sales Expected
Initial unemployment claims for the week ending December 23 are expected to rise to 215,000, up from 205,000 the previous week, when the data is released at 8:30 a.m. EST. At 10 a.m., pending home sales for November are expected to increase by 1.0%, moving higher from a 1.5% drop in the previous month. Retail and wholesale inventories will also be released at 8:30 a.m.
5. EchoStar Rises After Addition to S&P SmallCap 600
Shares of satellite communications provider EchoStar (SATS) rose by approximately 2.5% in pre-market trading after the announcement of the company’s addition to the S&P SmallCap 600, replacing Dish Network (DISH) on January 2. This decision comes as EchoStar is in the process of merging with Dish Network, which is controlled by billionaire Charlie Ergen, in a deal expected to be completed on the date EchoStar is listed in the index. Dish Network shares rose by 1.5% in pre-market trading.
Source: https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-december-28-2023-8420552
Leave a Reply