Stock Market Update: Boeing Agrees to $243.6 Million Settlement, Paramount Global Announces Merger, and Tesla Sees Pre-Market Dip

2024-07-08 13:22:00

Main stocks to follow on Monday on Wall Street, where futures contracts on the main indexes indicate an open 0.19% for the Dow Jones .DJI, 0.12% for the Standard & Poor’s-500 .SPX and 0.08% for the Nasdaq. * BOEING BA.N agreed to plead guilty to criminal fraud and pay a fine of 243.6 million dollars (216.37 million euros) to settle a dispute with the United States Department of Justice (DOJ) regarding two fatal 737 MAX crashes in 2018 and 2019, the US government said in a court document on Sunday. * PARAMOUNT GLOBAL PARA.O and Skydance announced their merger on Sunday, opening a new chapter for one of Hollywood’s oldest studios. The companies have agreed to a two-step process in which Skydance and its partners will acquire National Amusements, which owns the Redstone family’s majority stake in Paramount, for $2.4 billion in cash, the two groups said. Crucial shares rose 2.9% in pre-market trading. * TESLA TSLA.O fell 1.2% in pre-market trading after experiencing its best week in more than 17 months on Friday. * EXXON MOBIL second quarter compared to the previous quarter, and those affected by gas prices will have an equal negative impact. The stock lost 1.3% in premarket trading. * DEVON ENERGY DVN.N announced on Monday that it had reached an agreement to acquire the activities of Grayson Mill Energy in the Williston Basin, in a transaction valued at a total of $5 billion. * ABBOTT ABT.N – A trial against the formula milk manufacturer is expected to open on Monday, with the group’s product accused of causing a potentially fatal intestinal illness. * ELI LILLY LLY.N will acquire MORPHIC HOLDING MORF.O for $3.2 billion, the two companies announced Monday. * AIR SECTOR – More than 1,300 flights were canceled on Monday in the United States, before the departure of Hurricane Beryl. * OLINK HOLDING OLK.O – Britain’s competition regulator said on Monday that US medical equipment maker THERMO FISHER SCIENTIFIC TMO.N had cleared to buy the Swedish biotechnology company for 3.1 billion dollars. * AERORAS SPIRIT SPR.N – JP Morgan lowers its recommendation from “overweight” to “neutral”. Bernstein lowers his recommendation from “getting better” to “performing in line”. * ENERGY SECTOR – The largest ports in Texas suspended operations and marine traffic on Sunday due to the passage of Hurricane Beryl. * CORNING GLW.N – The glass maker raised its second-quarter revenue forecast on Monday, supported by the adoption of its new optical connectivity products for generation AI. The stock is up more than 6% in pre-market trading. (Written by Diana Mandiá, edited by Kate Entringer and Augustin Turpin)