Futures tracking the main U.S. indexes rose on Monday after Wall Street posted its worst weekly performance of 2023 on fears that the Federal Reserve would keep raising rates this year.
Market Snapshot
At 9:00 a.m. ET, Dow e-minis were up 227 points, or 0.69%, S&P 500 e-minis were up 32.75 points, or 0.82%, and Nasdaq 100 e-minis were up 131 points, or 1.09%.
Pre-Market Movers
Tesla rose 2% after the electric carmaker said its plant in Brandenburg near Berlin is producing 4,000 cars per week, three weeks ahead of schedule according to a recent production plan reviewed by Reuters.
Seagen Inc surged 14.9% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm. Pfizer's shares slipped 2.2%.
U.S. railroad operator Union Pacific jumped 6.4% as Chief Executive Officer Lance Fritz said he would step down this year, a move that follows calls from hedge fund Soroban Capital Partners for his ouster.
Shares of FuboTV Inc. $(FUBO)$ jumped 4.74% in premarket trading Monday, after the live TV streaming platform reported a much narrower-than-expected loss and revenue that rose above forecasts, as the company surpassed $1 billion in revenue for the year for the first time.
Fisker Inc. stock rose 4.75% in premarket trading on Monday as optimism on the sales trajectory of the anticipated Ocean model overshadowed a miss on Q4 expectations.
Best Buy— The retailer slipped 1.5% in the premarket after being downgraded to market perform from outperform by Telsey Advisory Group. The Wall Street firm said it expects high inflation and rising interest rates to weigh on Best Buy’s 2023 sales and profits.
Market News
Tesla Giga Berlin Builds 4,000 Model Y in One Week
Tesla Gigafactory Berlin has achieved a new milestone. As per a recent announcement from the electric vehicle maker’s official social media account for Europe, Giga Berlin has successfully produced 4,000 Model Y in one week.
With its recent milestone, Giga Berlin has achieved a run-rate of 208,000 Model Y annually. That’s quite impressive for the facility, considering the headwinds and red tape it has faced over the years. Overall, Giga Berlin’s overall ramp appears to be going well.
Li Auto Beats Q4 Top and Bottom Line Estimates; Initiates Q1 Outlook
Li Auto Inc. said it expects first-quarter deliveries to jump at least 64% from a year earlier, coming after the Chinese electric-vehicle maker posted a 66% rise in fourth-quarter revenue on the growing popularity of its lineup.
The Beijing-based company said Monday that its fourth-quarter revenue rose to 17.65 billion yuan ($2.54 billion) from CNY10.62 billion a year ago as total vehicle deliveries increased 31.5% to 46,319 units. Vehicle gross profit margins came in at 20%, down from about 22% a year ago but an improvement from 12% in the third quarter.
Pfizer in Talks to Acquire Seagen in Deal Likely Valued at More Than $30 Billion
Pfizer Inc. is in talks to acquire biotech Seagen Inc, according to people familiar with the matter, the latest potential deal for a big drug company aimed at adding a promising class of targeted cancer therapies.
The talks are at an early stage and there is no guarantee there will be a deal, the people said. A number of hurdles would need to be overcome, including the potential for a stringent antitrust review of any proposal. If there is a deal, it would be big: Seagen has a market value of some $30 billion and would be expected to command a premium over that.
NIO Says F1 Plant Running Normally After Rumors of Production Halt Swirl
NIO has denied that one of its plants has suspended production after the rumor circulated in the Chinese community earlier today.
The JAC NIO advanced manufacturing base, NIO's F1 plant, is currently in normal production, an NIO spokesperson told CnEVPost.
Some of NIO's products -- ES8, ES6 and EC6 -- have entered the technology platform switchover period, and its factory is preparing production accordingly for the introduction of new platform models, the spokesperson added.
Microsoft Unveils Suite of Cloud Tools for Telecom Firms
Microsoft has unveiled previews of two AI-powered services designed to manage telecom networks, drawing on the same capabilities used to manage the tech giant's Azure cloud platform.
Operators can benefit from advanced artificial intelligence that helps to unlock new business opportunities from data on and insights into their operations -- including the rollout of high-speed 5G networks -- the company said in a blog post.