August 29, 2023 Market Insights: Home Prices, Job Openings, and 3M’s $6B Settlement

Market Highlights for August 29, 2023

Investors should prepare for important data releases anticipated to reveal decreases in home prices and job openings. Additionally, 3M’s board has sanctioned a $6 billion settlement related to allegations of defective earplugs supplied to the U.S. military. Here’s what you need to know to navigate today’s market landscape.

1. Anticipated Decline in Home Prices and Job Openings

The S&P Case-Shiller Home Price Index, set to be published at 9 a.m. ET, is projected to show a 1.5% drop in home prices for June, following a 1.7% decline the previous month. Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) at 10 a.m. ET is expected to report a slight decrease in job openings to 9.5 million in July, down from 9.58 million in June. Consumer confidence is also forecasted to dip slightly to 116.0 for August, compared to 117 in July.

2. 3M Approves $6 Billion Settlement Over Faulty Military Earplugs

3M (MMM) has agreed to a $6 billion settlement addressing lawsuits alleging the company supplied defective earplugs to the U.S. military. This settlement amount is notably less than analysts’ earlier estimates ranging from $10 billion to $15 billion. Following the announcement, 3M shares rose 0.8% in pre-market trading after a 5% increase the previous day.

3. AT&T and Verizon Shares Climb After Citi Upgrade

Shares of AT&T (T) and Verizon Communications (VZ) rose 1.8% and 1.7% respectively in pre-market trading after Citi upgraded both telecommunications giants from “Neutral” to “Buy/High-Risk.” Citi analysts noted that if investigations into potential lead contamination from cabling do not result in significant costs, these stocks could recover between one-third and one-half of their recent $21 billion market cap losses.

4. Catalent Nears Agreement with Elliott Investment Management

Catalent (CTLT) is approaching a settlement with activist investor Elliott Investment Management, which includes appointing four new board members and committing to explore strategic options such as a potential sale. The U.S.-based contract drug manufacturer has attracted takeover interest from private equity and strategic buyers over recent months.

5. Heico Shares Decline Despite Earnings Beat

Heico Corp. (HEI), a manufacturer of jet engine and aircraft components, saw its shares drop 5.2% following the release of its third-quarter earnings report. Although the company surpassed analyst expectations with earnings of $0.74 per share versus the forecasted $0.73, and revenue of $722.9 million exceeding the anticipated $701.6 million, the stock declined.

Have a news tip for our reporters? Reach out at tips@investopedia.com

Discover the latest news and current events in Markets News as of 03-09-2023. The article titled " August 29, 2023 Market Insights: Home Prices, Job Openings, and 3M’s $6B Settlement " provides you with the most relevant and reliable information in the Markets News field. Each news piece is thoroughly analyzed to deliver valuable insights to our readers.

The information in " August 29, 2023 Market Insights: Home Prices, Job Openings, and 3M’s $6B Settlement " helps you make better-informed decisions within the Markets News category. Our news articles are continuously updated and adhere to journalistic standards.