December 2023 Stock Market Preview: Macy’s $5.8B Takeover and Key Corporate Moves

Market highlights for December 11, 2023, from ZAMONA.

Macy’s shares surged dramatically following a $5.8 billion acquisition offer, while Cigna abandoned its Humana purchase plans to focus on share buybacks. Here’s a detailed breakdown of what investors need to know before the market opens.

1. Macy’s Share Price Jumps on $5.8 Billion Acquisition Offer

Macy’s Inc. (M) experienced a sharp rise of nearly 19% in pre-market trading, reaching over $20 per share after news emerged of a $5.8 billion bid. Arkhouse Management and Brigade Capital proposed purchasing outstanding shares at $21 each, significantly higher than Friday’s closing price of $17.39.

2. Cigna Halts Humana Acquisition, Commits $10B to Share Buybacks

Cigna Group (CI) has officially withdrawn its plan to acquire competitor Humana (HUM), a deal valued at $140 billion that faced regulatory hurdles. Instead, Cigna announced a $10 billion share repurchase program. Following the news, Cigna’s shares rose 13% in pre-market trading, with Humana’s shares up 2.5%.

3. Paramount’s Stock Climbs Amid Sale Talks to Skydance

Paramount (PARA) shares increased by 1% pre-market after reports indicated media executive Shari Redstone is negotiating to sell a controlling stake in National Amusements, Paramount’s parent company, to Skydance and RedBird Capital Partners. National Amusements holds 77% ownership of Paramount’s media assets including CBS and MTV.

4. Nvidia Plans Expansion in Vietnam to Boost Semiconductor Production

Nvidia (NVDA) CEO Jensen Huang revealed plans to establish a new operational hub in Vietnam, building on a prior $250 million investment and upcoming collaborations with Vietnamese tech firms in semiconductor manufacturing. Nvidia shares dipped 0.5% in pre-market activity.

5. Starbucks to Restart Union Negotiations in January

Starbucks (SBUX) is preparing to resume bargaining sessions with the baristas’ union early next year. Although union organizing began two years ago, only 360 locations—about 4% of all stores—have voted to unionize so far. Starbucks shares edged up 0.2% in pre-market trading.

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