The Christmas rally looks poised to continue as U.S. stock futures were all trading higher in the pre-market session on Tuesday, following a gain on Monday that saw the three major indices trading at record highs.
Dow and S&P futures were up around 0.40% each, with the tech-heavy Nasdaq futures gaining 0.36% at the time of writing.
In corona-related news, shares in Novavax (NVAX) were down around 0.5% in pre-market trading after the company finally announced the initiation of the pivotal Phase 3 study in the US and Mexico of its COVID-19 vaccine candidate, NVX-CoV2373. The start of the trial has been delayed twice already. Novavax is currently conducting multiple trials across different phases in the US, UK, South Africa and Australia, with results from these trials expected to be released in the first quarter of 2021.
In other corporate news, Caesars Entertainment (CZR) announced that it has received approval from the Mississippi Gaming Commission and the West Virginia Lottery to acquire UK-based gambling group, William Hill. The company, however, still requires approvals from other local regulatory agencies. Caesars would like to capitalize on the fast-growing and lucrative sports-betting market in the US and is hoping to close the £2.9 billion ($3.7 billion) deal in March 2021.
Fedex (FDX) will expand its e-commerce portfolio with the acquisition of the ShopRunner platform in a deal that is expected to increase value for brands, merchants and consumers. ShopRunner’s platform offers online shopping and delivery services and connects over 100 brands and merchants to online customers. The newly acquired asset will become a subsidiary of FedEx Services.
Citibank (C) has taken strides to improve the efficacy of its financial and capital structures by announcing the redemption of its February 2021 fixed and floating rate notes. The cash redemption price for the notes would amount to par value plus outstanding and unpaid interest and together constitute a total amount of $2.55 billion.
Myovant Sciences (MYOV) shares were 1.5% softer in pre-market trading on Tuesday after surging over 20% on Monday, following the announcement of a collaboration with Pfizer (PFE) to develop and commercialize ORGOVYX, a medication for the treatment of prostate cancer as well as certain women’s health disorders. ORGOVYX was approved for the treatment of prostate cancer by the FDA on December 18.
The Indian Express newspaper has reported that Tesla (TSLA) will start selling electric vehicles (EV) in India early next year, according to Nitin Gadkari, the country’s transport minister. The company may also look at setting up assembly and manufacturing facilities in the future. Tesla CEO Elon Musk confirmed in a tweet on Sunday that the company plans to enter the Indian market in 2021. Tesla shares are up around 700% year-to-date.
