US stock futures held steady on Tuesday, during muted Christmas Eve trading.
Note: Stock markets will close early at 1:00pm EST today (Christmas Eve) and will be closed for Christmas Day on Wednesday.
Along with the holiday calm, several risk asset classes are managing to hold their extraordinary 2019 gains. The S&P 500 (+0.15%) finished Monday's session at a new record high, its third straight, while the Nasdaq closed at a record high for its ninth consecutive trading day.
Ahead, in today’s economic calendar, Tuesday includes; the Richmond Fed Manufacturing Index for December at 10am EST.
TODAY'S TOP HEADLINES
Markets: Stocks Are Climbing Faster Than Profits, but Investors Aren’t Worried (The WSJ)
Stock gains have lapped corporate profit growth during the roaring 2019 rally, but few portfolio managers are entering the new year concerned about investor exuberance.
Today's Economical Announcements.
10:00AM - ★☆☆ - Richmond Manuf. Index (Dec) (Previous: -1)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Anixter (AXE): [NEWS] Wesco (WCC) is offering to acquire Anixter for $90 per share. The news comes shortly after Anixter, a maker of networking equipment, agreed to a sweetened deal from private equity firm Clayton, Dubilier & Rice for $86 per share. That was up from a prior offer of $82.
Aurora Cannabis (ACB): [DOWNGRADE] Downgraded to “hold” from “buy” at Jefferies, which noted increasing concern by investors about the Canadian cannabis producer’s prospects.
Advanced Micro Devices (AMD): [REVIEW] RBC Capital raised its price target on the chip maker’s stock to $53 per share from $50, after raising full-year estimates. RBC notes “solid” channel checks involving the company’s gaming and data center businesses.
Tesla (TSLA): [NEWS] Shares remain on watch after the automaker’s shares hit an all-time high Monday. During the session, it also surpassed the $420 level mentioned in CEO Elon Musk’s now-infamous 2018 “funding secured” tweet before finishing at $419.22.
Boeing (BA): [NEWS] Told suppliers for its grounded 737 Max jet to suspend parts shipments for one month starting in mid-January. That follows the firing of CEO Dennis Muilenburg earlier in the day.
Uber (UBER), Lyft (LYFT): [NEWS] Won a New York City court victory when a judge struck down a new rule that limits the time ride-hailing service drivers can cruise the streets of Manhattan without passengers.
Spirit Airlines (SAVE): [NEWS] Placed an order for 100 Airbus A320neo jets to be delivered through 2027, with options for 50 more. Spirit’s current fleet of 140 jets is entirely made by Airbus.
Netflix (NFLX): [NEWS] CEO, Reed Hastings, is in line for $34 million in stock options for 2020 on top of his $650,000 annual salary, according to a Securities and Exchange Commission filing. That compares to his 2018 compensation total of $31.5 million.
Credit Suisse (CS): [NEWS] Was fined $6.5 million by US regulators for supervisory failures, saying the Swiss bank’s US unit did not properly monitor for potential trading violations.
GAINERS: ITCI, APA, RAD
DECLINERS: MYGN, KMX
WE WILL SHOW YOU THE WAY!