Stock futures were rising Tuesday as investors returned from the Christmas break looking to extend the
S&P 500’s
eight-week winning streak, which has come amid signs of cooling inflation and expectations the Federal Reserve will be cutting interest rates multiple times in 2024.
These stocks were poised to make moves Tuesday:
U.S.-listed shares of
Gracell Biotechnologies
surged 66% to $10.29 after the Shanghai-based biopharmaceutical company reached an agreement to be acquired by
AstraZeneca
in a transaction valued at up $1.2 billion. Gracell shareholders will receive $2 ordinary share (equivalent to $10 per American depositary share) in cash, plus an additional share-purchase contingent. Astrazeneca was rising slightly.
Synopsys
is in talks to acquire
Ansys,
The Wall Street Journal reported Friday, in a deal that would create a design-software giant. An acquisition of Ansys could be struck early in 2024, the Journal reported, citing people familiar with the matter.
Ansys
surged 18% on Friday as reports about the acquisition began to surface. The stock rose an additional 2.8% in premarket trading.
Synopsys
was rising 0.6% in premarket trading.
U.S.-listed shares of
NIO
were rising 3.6% after the Chinese electric-vehicle maker over the weekend unveiled the ET9, a four-seat executive sedan. The starting price for the car is $112,780. Deliveries of the sedan won’t begin until early 2025.
Manchester United
was rising 8.4% in premarket trading to $21.50 after British billionaire Jim Ratcliffe agreed to buy a minority stake in the professional soccer club. Ratcliffe will acquire 25% of
Manchester United’s
Class B shares and up to 25% of the club’s Class A shares and provide an additional $300 million for future investment into soccer stadium Old Trafford, Manchester United said in a statement.
Southwest Airlines
canceled hundreds of flights Sunday and more than 100 Monday, blaming dense fog at Chicago’s Midway International Airport that forced flight diversions and delays. The carrier scrubbed far more flights last year when a snowstorm disrupted travel, leading to chaos over the holiday period. Last week, Southwest was fined $140 million by Department of Transportation for the booking breakdown that happened over the holidays in 2022.
Write to Joe Woelfel at [email protected]
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