Dow Advances Ahead of Apple iPhone 15 Release

The 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average gained for the third straight s🐼ession, rising about 0.3%, or 87 points, as investors prepared for August inflation data later this week and new product releases from Apple tomorrow. 

3M (MMM) shares climbed 1.6% to lead the Dow 30 higher. 

Intel (INTC) shares rose 1.5%. The stock has r𓆏isen in 10 of the last 11 sessions after CEO Pat Gelsinger said he expects the chipmaker will meet its third-quarter forecasts.

Shares of Walt Disney Co. (DIS) gained 1.4% after it 澳洲幸运5官方开奖结果体彩网:reached an agreemen🍬t with Charter Communications (CHTR) to return ES🍎PN, ABC, and its other broadcast networks to Charter’s Spectrum cable system. Charter shares rose more than 3% on the dꦡeal.

Apple (AAPL) shares added 0.8% ahead of tomorrow’s unveiling of the iPhone 15 at its “澳洲幸运5官方开奖结果体彩网:Wonderlust” event. 

Walgreens Boots Alliance (WBA) shares fell 🎉2.6%, their seventh straight day o♍f declines since CEO Rosalind Brewer announced her departure. 

Chevron (CVX) shares fell 2.1% as the oil giant said it doesn’t see a 澳洲幸运5官方开奖结果体彩网:resolution to the strikes at its Australian 澳洲幸运5官方开奖结果体彩网:liquefied natural gas plants and it will appeal to the country’s Fair Work Commission to negotiate a solution. The energy sector slid 1.3% today, making it the trading session’s wors൲t-performing sector.

Boeing (BA) shares slipped 0.1% despite the aircraft maker announcing it struck a 澳洲幸运5官方开奖结果体彩网:$7.♍8 billion deal with Viet🌠nam Airlines to deliver 50 737-MAX planes.

-Terry Lane

Disney, Charter Reach Deal to Restore ESPN, ABC to Spectrum Cust♌omers

Just in time for Monday Night Football, the 澳洲幸运5官方开奖结果体彩网:Walt Disney Company (DIS) will return its content to customers of Charter Communications’ Spectrum cable video service, 澳洲幸运5官方开奖结果体彩网:ending a 10-day standoff that s🍰aw impacted viewers loseꦦ access to ESPN and other Disney channels.

The deal ends a standoff that began on Sept. 1, when 澳洲幸运5官方开奖结果体彩网:Disney pulled its programming from Spectrum, just as football season began. Charter (CHTR) had argued during negotiations that Disney was charging a large amount of money for broadcast channels and moving all of it🔯s quality content to its streaming services.

In addition to having all Disney content restored to Spectrum cable systems, Spectrum customers will also get access to other Disney 澳洲幸运5官方开奖结果体彩网:streaming services, depending on their subscription tiers.

For instance, subscribers to the Spectrum TV Select package will get access to the Disney + Basic ad-supported platform, and later to ESPN’s direct-to-consumer platform once it launches.

Disney shares rose 1.2% Monday while Charter gained♒ 3.1%.

-Terry Lane

Instacart🦄 Files for Highly Anticipated IPO Targeting Valuati💞on of up to $9.3B

Instacart filed for its much-anticipated 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO), which could v💮alue the online grocery delivery firm at as much as $9.3 billion.

The San Francisco-based company told regulators it plans to offer 22 million shares, 14.1 million of its own and 7.9 million from selling stockholders. It’s targeting a price of $26 to $28 each, which at the high end would bring the amount raised to $616 million.

Instacart noted that PepsiCo (PEP) has agreed to buy $175 million Series A convertible preferred stock in a private placement. It add🍬ed that Goldman Sachs would be one of the underwriters and receive 1.5% of the purchase price as its fee.

Along with Softbank’s plans to take its chip unit, Arm, public, Instacart’s move has raised optimism about a revival of the market for IPOs, which dried up as higher borrowing costs because of Federal Reserve rate hikes made them less attractive.

-Bill McColl

Top Analyst Calls Today

Tenable Holdings (TENB): JPMorgan upgraded the cybersecurity company to overweight from neutral and raised its price target to $56 from $51. “We see an attractive opportunity for better growth, margin expansion, and FCF moving through the back half of the year into 🥂FY24,” analysts wrote.

Kenvue (KVUE): Deutsche Bank upgraded the Johnson & Johnson consumer heal﷽th spin-off to buy from hold, citing its attractive valuation. The legal risks posed by talc and acetaminophen lawsuits are “more than adequately discounted” now that shares have fallen 20% since their May IPO.

Evergy Inc. (EVRG): The electric utility ꧅was downgraded to peer-perform from outperform. 

Brunswick Corp. (BC): JPMorgan downgraded the boat maker to neutral from overweight and lowered its price target to $79 from $109. Analysts cited softening demand and excess inventories as near-term heꦬadwinds. 

Smucker Buys Twinkies Mak꧑er Hostess Brands for $5.6 Billion

Shares of Hostess Brands (TWNK) skyrocketed after J.M. Smucker (SJM) 澳洲幸运5官方开奖结果体彩网:agreed toಌ buy the maker of Twinkies, Ding-D⛎ongs, and other treats for $5.6 billion, incꦑluding $900 million in debt.

The maker of its namesake jellies, Folgers coffee, and other food products said it would be paying $34.25 per share in cash and stock for Hostess, a 21.8% premium to Friday’s closing price, in a move to expand its snack offerings.

Along with its signature snack cake brands, Smucker will add Hostess's manufacturing plants in five states and Ontario, Canada, as well as a distribution facility in Kansas. Hostess’s approximately 3,000 employees will also join Smucker.

The transa🃏ction is expected to be🐈 completed in the third quarter of Smucker’s fiscal year which ends April 30, 2024.

Hostess Brands shares soared to an all-time high. Shares of J.M. Smucker tumbled to their lowest levelᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ in 14 months.

-Bill McColl

Midday Market Movers

Charter Communications Inc. (CHTR): Shares of the broadband provider gained 2.5% after it reached a deal with Disney (DIS), ending a fee dispute and restoring access to Disney-owned channels, including ESPN, to Charter’s cable customers🍌. Disney shares jumped about 3% Monday morning before paring their gains.

Tesla Inc. (TSLA): Shares gained more than 9% after Morgan Stanley analysts upgraded the stock and said its Doj🦩o supercomputer could add $500 billion to its market value. 

Nu Holdings Ltd. (NU): Shares of the Brazilian digital bank rose more 🍰than 7% after JPMorgan Chase upgraded the stock to overweight. Shares are up more than 67% so far this year.&n🍌bsp;

Meta Platforms Inc. (META): Shares of the tech company gained after it💯 said it was developing a new large language model more powerful than 🌱its recently released Llama 2 in a bid to take on ChatGPT creator OpenAI. 

Moderna Inc. (MRNA): Shares of the biotech company fell 2.5% after it agreed to pay German firm Immatics NV $120 million upfront to develop cancer treatments with Moderna’s messenger RNA technology. Moderna could pay en🥀d up paying up to $1.7 billion if development goals are reached.

Alibaba Ex-CEO Daniel Zhang Steps Down Ami༒d Restr𓄧ucturing Ahead of Cloud Unit IPO

Alibaba (BABA) shares dropped 1.5% Monday morning after 澳洲幸运5官方开奖结果体彩网:former CEO Dan🌼iel Zhang stepped down, just two months after shifting his focus to Alibaba's cloud unit amid a restructuring ahead of its 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO).

Valued between $41 billion and $60 billion, Alibaba's Cloud Intelligence Group is its second most profitable business. It is planned to be the first of the Group's five newly created business units to go public next year.

Eddie Yongming Wu, who was set to take over as CEO and director of Alibaba♏ Group, will take over for Zhang as chair and CEO of the cloud business.

-Fatima Attarwala

Bitcoin Falls to Three-Month Low

Bitcoin tumbled more than 2.5% Mo🔯nday morning to about $25,100 as trading volume shrank to its lowest lev🗹el since before the pandemic. 

🧜 Other cryptocurrencies followed suit, with Ethereum dropping 3.6% and Ripple losing 5.5%.

Apple Extends Qualcomm Contract for Smartph🔯one Chips൲ Through 2026

Apple Inc. (AAPL) Monday extended its partnership with chipmaker Qualcomm Inc. (QCOM) for three more years despite efforts to develop chips in-house. 

Qualcomm supplies Apple with modem semiconductors, which connect mobile devices to the internet—essentially, they put the smart in "smartphone." Apple officially announced it was working on its own modem chips in 2020 as part of a broader effort to lessen its reliance on outside companies for critical parts.

Apple was expected to start rolling out iPhones with its own chips this year, but Qualcomm pu💦t an end to those rumors last year. Today’s announcement indicates Apple’s homegrown chip will take even longer than expected.

Qualcomm shares rose more than 3% Monday morning, whilꦏe Apple stock fell 0.1%.

Boeing to Sell Vietnam Airlines Plan๊e🔜s Worth $7.8 Billion

Boeing (BA) on Monday said it would 澳洲幸运5官方开奖ꦜ结果体彩网:sell 50 737-8 Max jets to Vietnam Airlines, a deal valued at $7.8 billion, according to the White House.

President Joe Biden is currently in Hanoi, anꦅd top executives at U.S. and Vietnamese firms in the semiconductor, tech, and aviation sectors opened up discussions at a summit on Monday.

As per the International Air Transport Association, Vietnam has been the fastest-recovering domestic aviation sector and the world’s fifth fastest-growing aviation market since Covid-19 restrictions ended. Vietnamese airports are expected to welcome about 150 million people a year by 2035.

Shares of Boeing opened more than 1% higher on Monday✱ but gave up their gains to trade 0.5% lower around 10:30 a.m. ET.

-Fatima Attarwala

Stocks Making the Biggest Moves Premarket

Gainers:

• Hostess Brands Inc. (TWNK): Shares of the snack maker jumped more than 18% after signing a deal to be acquired by packaged food giant J.M. Smucker Co. (SJM) for $5.6 billion. Smucker shares fell more than 6% on the news.
• Tesla (TSLA): The electric vehicle maker’s shares gained more than 6% after analysts at Morgan Stanley upgraded the stock and raised their price target by 60%, saying its Dojo supercomputer could add $500 billion to the company’s market value. 
• Qualcomm (QCOM): Shares were up 5% after the chipmaker inked a deal with Apple (AAPL) to supply its iPhone modem semiconductors through 2026. Apple’s efforts to develop an in-house chip were expected to cause the partnership to end this year.

Losers:

• RTX Corp. (RTX): Shares of the aerospace and defense company fell more than 3% after it said the recall of hundreds of Pratt & Whitney jet engines would cost it more than $3 billion in profit over the next several years.
• AstraZeneca Plc. (AZN): The pharmaceutical company’s shares fell 3% after research showed its drug, Tagrisso, was 38% less effective in slowing the progression of non-small cell lung tumors on its own than when combined with chemotherapy. 
• Ovintiv Inc. (OVV): Shares of the energy company slipped 3% after it said NMB Stock Trust is selling 15 million common shares that Ovintiv issued to the trust in June as part of its acquisition of several oil and gas assets in the Permian Basin.

5 Things to Know Before Markets Open

Here's 澳洲幸运5官方开奖结果体彩网:what investors need to know to start their day:

1. Tesla (TSLA) shares jumped more than 5% in premarket trading after Morgan Stanley analysts, citing the value of its artificial intelligence Dojo supercomputer, upgraded Tesla to “Overweight” from “Equalweight” and raised its 12-month target price to $400 from $250.
2. J.M. Smucker (SJM) signed a deal to acquire Hostess Brands (TWNK) for $34.25 a share in a cash and stock transaction that values the Twinkie maker at $5.6 billion.
3. In a bid to compete with OpenAI, Meta Platforms (META) aims to release a new 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) model that it plans to have ready next year, reported to be several times more powerful than its recently released Llama 2.
4. Apple (AAPL) shares traded 0.7% higher in pre-market trading ahead of the release of its iPhone 15 at Tuesday’s “澳洲幸运5官方开奖结果体彩网:Wonderlust” event.
5. Chinese tech giant Alibaba (BABA) announced that its former CEO, Danial Zhang, will step down as chair and CEO of its cloud business, ahead of its plans to spin off the cloud business in a separate 澳洲幸运5官方开奖结果体彩网:initial public offering.

-Terry Lane

Stock Futures Rise to Start the Week

Futures contracts connected to the Dow Jones Industrial Average were up 0.2% in premarket trading Mon🎀day.

S&P 500 futures gained 0.5%.

And Nasdaq 100 contracts jumped 0.8%.