1. Google’s Loss in Impersonation Case Regarding Play Store App Market
A jury in San Francisco ruled in favor of Epic Games in its case against Google for impersonation, accusing the tech giant of exploiting its dominant position in the Play Store app market to extract excessive profits from developers. Epic Games did not seek financial compensation in its lawsuit but requested a change in how Google operates the store, which the judge will consider in January. This ruling comes as the Department of Justice is pursuing an impersonation case against Google due to its practices in the search engine. Google’s shares fell by more than 1% in pre-market trading.
2. Choice Hotels Launches Hostile Takeover Attempt on Rival Wyndham
After its efforts to acquire Wyndham Hotels and Resorts were rejected, Choice Hotels launches a hostile takeover attempt by publicly offering $7.8 billion to purchase Wyndham shares from its shareholders. This is the same deal that Choice Hotels, which includes brands such as Radisson, Quality Inn, and Econo Lodge, had previously offered to Wyndham in October and was declined. Wyndham shares rose by nearly 4% in pre-market trading, while Choice Hotels shares remained steady.
3. Icosavax Vaccine Maker’s Share Prices Rise Following AstraZeneca’s Acquisition Offer
Shares of the respiratory syncytial virus (RSV) vaccine maker Icosavax rose by 45% in pre-market trading to trade above $15 after AstraZeneca agreed to buy it for $1.1 billion. The deal values the company at $15 per share, with the potential for up to an additional $5 per share if certain milestones are met. AstraZeneca’s U.S. deposits rose by 1.5% in pre-market trading.
4. Boeing Cuts Its Strategy Division
Boeing is cutting staff in its strategic divisions by up to 50% as it focuses on industrial operations amid supply chain issues and $40 billion in debt stemming from the COVID-19 shutdowns and production problems with the 737 MAX aircraft. This decision comes after the promotion of Stephanie Pope to the position of Chief Operating Officer this week, placing her in the succession line for CEO David Calhoun. Boeing shares rose by 0.4% in pre-market trading.
5. Inflation Slowdown Expected in November
The Consumer Price Index (CPI) is expected to show a slowdown in year-over-year inflation in November to a 3.1% rate from 3.2% in the previous month, while the core CPI, excluding food and energy prices, is expected to rise by 4% from a year earlier when this data is announced at 8:30 AM. The CPI is expected to remain unchanged month-over-month in November, while the core CPI is projected to rise by 0.3% after a 0.2% increase in October.
Source: https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-december-12-2023-8414613
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