American stock markets widened their losses in the second half of the session in a geopolitical context that remains very tense. A barrel of WTI gained 4% to $77.39 as investors await the Israeli response to the recent Iranian attack. The yield on the 10-year bond exceeded 4%, its highest level since the beginning of August. This week will be notably punctuated by inflation in September and the first results for the third quarter. The Dow Jones lost 0.94% to 41954.24 points and the Nasdaq Composite lost 1.18% to 17923.90 points.
Pfizer (+2.17% to 29.20 euros) posted one of the biggest rises in the S&P500 after the Wall Street Journal reported that activist investor Starboard Value took a stake of around $1 billion in its capital by requesting changes to improve its performance. Pfizer stock has fallen more than 13% over the past year and half since its Covid-19-era highs. The stock reached a high above $60 in December 2021 before losing half of its value with the decline in Covid-related sales.
Today’s economic figures
No significant statistics have been published.
Values to follow today
Apple
Jefferies lowered its recommendation from Buy to Hold and raised its price target from 205 euros to $212.92 on Apple. The research firm highlights that the company remains entirely focused on the iPhone, as not only did the iPhone contribute to 52% of fiscal 2023 revenue, but it is also driving the adoption of other devices Apple and, therefore, services revenue growth.
Pfizer
Pfier is expected to rise in pre-market trading on Wall Street after the Wall Street Journal reported that activist investor Starboard Value took a roughly $1 billion stake in his stock. He wants the drugmaker to make changes to turn around its performance, but no further details about Starboard Value’s plans are known.
Chevron
Chevron says its indirect subsidiary Chevron Canada Ltd has entered into an agreement to sell its 20% unoperated interest in the Athabasca oil sands project and its 70% operated interest in the Duvernay Shale in the Canadian Province of Alberta, to Canadian Natural Resources Ltd. The US$6.5 billion all-cash transaction will become effective September 1, 2024. It is expected to close during the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.
Wynn Resorts
Wynn Resorts is expected to rise in pre-market trading on Wall Street after announcing that it had obtained the first commercial gaming operator license in the United Arab Emirates, issued by the country’s General Commercial Gaming Regulatory Authority. According to Reuters, this Las Vegas-based casino company has announced that it is developing a luxury resort on the island of Wynn Al Marjan in the emirate of Ras Al Khaimah. The Regulatory Authority was established last month as part of the country’s tourism strategy.
source : AOF
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