1. 3M and Corteva Win Appeal on Permanent Chemicals Lawsuit
An American appellate court has overturned a lawsuit filed against 3M and Corteva for their production of per- and polyfluoroalkyl substances (PFAS), also known as “forever chemicals.” 3M had reached a $10.3 billion settlement in another lawsuit related to forever chemicals in June. The shares of 3M were not significantly affected in the market before opening, while Corteva’s shares fell by about 0.5%.
2. Zscaler Shares Drop After Cost Increase Report
Shares of cybersecurity provider Zscaler fell more than 6% before the market opened after it reported a 24% increase in operating expenses year over year, as the company expanded its research and development to deliver new security products amid rising demand related to artificial intelligence (AI). Zscaler reported that its bills for the first quarter of the current year rose by 34% year over year and projected revenues between $505 million and $507 million, surpassing analyst estimates of $496.7 million.
3. Boeing Shares Rise After RBC Upgrades MAX and 787 Aircraft
RBC Capital Markets upgraded Boeing’s shares to “Outperform” from “Sector Perform” and raised the price target for the stock to $275 from $200 after analysts found the aircraft manufacturer in a favorable position for 2024, with improved production of MAX and 787 aircraft. Boeing’s shares rose more than 2% before the market opened.
4. Acelyrin Shares Fall After Drug Trial Error Disclosure
Shares of Acelyrin fell by 8% before the market opened after the company announced a programming error in its trial for a drug to treat psoriatic arthritis. The California biopharma company stated it is investigating the impact of the error in the trial for the drug named “izokibep.” Acelyrin was scheduled to present data from the trial during the first quarter of 2024.
5. Increase in Home Price Index and Decrease in Consumer Confidence Index
The S&P Case-Shiller Home Price Index is expected to show a 3.9% increase in home prices in September, compared to a 2.2% increase in the previous month, when the figures are announced at 9 AM Eastern Time. At 10 AM Eastern Time, the Conference Board’s Consumer Confidence Index is expected to decline to a reading of 101 for November, down from 102.6 the previous month. Federal Reserve Governor Christopher Waller and Chicago Fed President Austan Goolsbee are scheduled to speak at 10 AM Eastern Time, while Fed Governor Michelle Bowman will speak at 10:45 AM Eastern Time, and Fed Governor Michael Barr is set to speak at 1:05 PM and 3 PM Eastern Time.
Source: https://www.investopedia.com/5-things-to-know-before-markets-open-november-28-2023-8407260
Leave a Reply