Days after new reports about Qualcomm’s (QCOM) takeover approach, Intel (INTC) shares are soaring in pre-market trading as Apollo Global Management is reportedly considering an investment. Palantir Technologies (PLTR) and Dell Technologies (DELL) today became members of the S&P 500. Taiwan Semiconductor Manufacturing (TSM) and Samsung Electronics are reportedly considering building a chip megafactory in the UAE. AstraZeneca’s (AZN) stock has fallen after its breast cancer drug missed targets. And China’s sudden request for a press conference tomorrow has raised hopes for a massive stimulus package from regulators. U.S. stock futures are slowly rising following last week’s major interest rate cut by the Federal Reserve. Here’s what investors need to know today.
1. Intel stock soars due to Apollo, Qualcomm reports
Intel (INTC) shares soar 4% in premarket trading after Bloomberg reported Sunday that asset manager Apollo Global Management offered to invest up to $5 billion in the struggling chipmaker. . The news comes after the Wall Street Journal reported Friday afternoon that Qualcomm (QCOM) approached Intel about a possible acquisition. Intel stock has lost more than half its value this year.
2. Palantir, Dell join S&P 500 today
Palantir Technologies (PLTR) stock fell 1% and Dell Technologies (DELL) edged lower in pre-market trading today as both companies join insurance company Erie Indemnity (ERIE) as members of the S&P 500. . But both the data analytics company and the PC maker are seeing their stocks rise toward entry into the benchmark index today. These companies will replace American Airlines Group (AAL), Etsy (ETSY), and Bio-Rad Laboratories (BIO).
3. TSMC and Samsung are reportedly considering a chip megafactory in the UAE
Taiwan Semiconductor Manufacturing (TSM) and Samsung Electronics are reportedly considering building a large-scale new factory in the United Arab Emirates to meet the surge in demand for artificial intelligence (AI) computing. There is. According to the Wall Street Journal, the projects being discussed “include a complex that could include numerous factories and cost more than $100 billion,” but that “government-related “Significant technical and political hurdles remain, industry executives and experts say.”
4. AstraZeneca’s experimental cancer drug once again misses its goals
AstraZeneca’s (AZN) American Depositary Receipts (ADRs) will be held after the company says its investigational cancer drug datopotamab deruxtecan, co-developed with Japan’s Daiichi Sankyo, did not meet targets in a Phase 3 clinical trial for breast cancer. The stock has fallen about 2% following the announcement. The news comes just weeks after the British-Swedish company announced that a late-stage trial of the same drug did not significantly improve overall lung cancer survival for patients.
5. China’s impromptu press conference fuels hopes for economic stimulus
China announced plans to hold an extraordinary economic press conference tomorrow with its financial regulators, including the head of its central bank, as the Chinese government plans to launch a massive stimulus package to boost its hard-hit economy. Investors’ expectations have increased. Some economists expect regulators to lower interest rates and the amount banks must set aside in reserves, as well as take steps to support the country’s troubled housing market, Bloomberg reported. The People’s Bank of China also lowered its 14-day reverse repo rate on Monday.
