5 Essential Insights Before the Stock Market Opens Today

Top financial headlines for August 27, 2024

Shares of Paramount Global (PARA) are declining as Edgar Bronfman Jr. steps back from his bid, paving the way for Skydance Media's acquisition. Apple (AAPL) is under the spotlight ahead of its anticipated AI-enhanced iPhone 16 launch and a change in its CFO leadership. Meanwhile, nationwide home prices are projected to continue rising but at a slower pace. Eli Lilly (LLY) introduces cost-effective single-dose Zepbound vials to broaden obesity treatment access. Sony Group (SONY) has announced a notable price increase for the PlayStation 5 in Japan despite the console’s age and slowing sales. U.S. stock futures show minimal movement following mixed market closes yesterday. Here’s what investors should focus on today.

1. Paramount Global Advances Toward Skydance Acquisition After Bronfman Exits

Paramount Global's special committee revealed that Edgar Bronfman Jr. has withdrawn his bid for Shari Redstone's media conglomerate. This development clears the path for David Ellison’s Skydance Media to acquire the entertainment powerhouse. After contacting over 50 potential bidders during the "go-shop" period, the committee is now proceeding with the Skydance deal. Paramount’s shares are down 5% in premarket trading following the announcement.

2. Apple Prepares for iPhone 16 Launch and CFO Transition

Apple (AAPL) is drawing investor attention ahead of its September 9 event, where it is expected to unveil the iPhone 16 featuring advanced artificial intelligence capabilities, alongside new Apple Watch and AirPods models. Additionally, Apple announced that longtime CFO Luca Maestri will be succeeded by Kevan Parekh, the current VP of financial planning and analysis, effective January 1. Apple’s stock is steady in premarket but has gained nearly 20% this year fueled by excitement over AI innovations.

3. Case-Shiller Data Signals Slower Growth in Home Prices for June

New data from the S&P CoreLogic Case-Shiller National Home Price Index will provide insights into the housing market’s trajectory. Economists surveyed by Dow Jones Newswires and The Wall Street Journal anticipate a 6.3% year-over-year increase in June home prices, slightly down from May’s 6.8%. Factors such as lower interest rates and builder incentives have boosted new home sales, with July’s single-family home sales rising 10.6% to an annualized 739,000 units, surpassing expectations.

4. Eli Lilly Launches Affordable Single-Dose Zepbound Vials

Eli Lilly (LLY) announced the introduction of single-dose vials for Zepbound in the U.S., priced at roughly half the cost of other obesity medications. The 2.5 mg vial costs $399 for a four-week supply, while the 5 mg vial is $549. This pricing strategy aims to expand availability and affordability of the popular weight-loss drug. Despite a slight dip in premarket trading, Lilly’s shares have surged this year alongside other GLP-1 drug makers like Novo Nordisk (NVO) due to strong demand.

5. Sony Raises PlayStation 5 Prices in Japan Amid Economic Challenges

Sony Group (SONY) has unexpectedly increased the PlayStation 5 price in Japan by 19%, bringing the cost to approximately 80,000 yen ($550). This move comes despite the console being four years old with slowing sales and ahead of a planned refreshed model. Sony cited the impact of challenging global economic conditions as a key factor for the price hike. Sony’s American depositary receipts (ADRs) are up 2.5% in early trading.

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