Eric Blancaro

CVS Health is making headlines this week as its shares experienced a notable uptick, rising 2.8% in premarket trading on Monday. This surge follows a report from the Wall Street Journal detailing CVS's strategic move to expand its board of directors, a decision stemming from an agreement with Glenview Capital Management. This hedge fund has been vocal about the need for changes within CVS, and the addition of four new board members signals a significant shift in the company's governance.

US stock futures displayed a mixed bag on Monday, as traders braced themselves for a wave of corporate earnings reports and speeches from several Federal Reserve officials. This moment of uncertainty in the market is often a precursor to volatility, and investors are keenly watching for any signals that might indicate the Fed's next moves.

Needham's recent downgrade of Biogen Inc. has sent ripples through the biotech sector, raising eyebrows and concerns among investors. The brokerage's decision stems primarily from the disappointing growth trajectory of Biogen's Alzheimer's drug, Leqembi. Initially hailed as a potential breakthrough in the treatment of Alzheimer's, the drug is now projected to see a gradual increase in sales rather than the anticipated surge that many had hoped for. This tempered outlook has led Needham to slash its revenue estimates for Leqembi significantly—by 16% for 2025 and a staggering 30% for 2026 compared to previous consensus expectations.

Globalstar Inc. is gearing up for a transformative shift in its market presence, announcing plans to move its stock listing to the prestigious Global Select Market by early 2025. This strategic decision comes hand in hand with a reverse stock split, a maneuver designed to enhance the company's visibility and appeal to a broader base of institutional investors. The specifics of this reverse split, including the precise ratio, will be clarified as the effective date approaches in the first quarter of 2025.

In recent days, the European gas market has been shaken by a significant shift in the flow of liquefied natural gas (LNG), with several cargoes being redirected from Asia to Europe. This development follows Russia's abrupt halt of gas supplies to Austria's OMV, a major player in the region's energy landscape. The decision to cut off supplies came after OMV threatened to seize a portion of Russian gas in light of a recent arbitration ruling that awarded the company a hefty compensation for disputes with its Russian supplier.

The U.S. Department of Justice is ramping up its antitrust investigation into Alphabet Inc., the parent company of Google, by potentially pushing for the sale of its widely-used Chrome browser. This move, reported by Bloomberg, signals a significant escalation in the ongoing scrutiny of tech giants and their market dominance. The DOJ is expected to present its case to Judge Amit Mehta of the District of Columbia, who previously ruled that Google holds an illegal monopoly in the search engine market.

Most Asian stock markets experienced a positive session on Tuesday, riding the coattails of a robust performance from U.S. technology stocks. The rally was led by heavyweights like Tesla, which provided a much-needed boost to market sentiment. This optimism came after a week of losses, where many investors seemed to be re-evaluating their positions in light of shifting economic indicators and geopolitical events.

U.S. stock index futures took a slight dip on Monday evening, reflecting a cautious sentiment ahead of Nvidia's much-anticipated quarterly earnings report later this week. After a positive day on Wall Street, where major indexes managed to recover some of the losses sustained last week, futures were steady yet cautious. The S&P 500 futures fell 0.1% to 5,915.50 points, while the Dow futures also dipped 0.1% to 20,616.50 points. The Nasdaq futures mirrored this trend, decreasing by 0.1% to 43,503.0 points.

Australia's equity market closed on a high note Tuesday, buoyed by strong performances across several key sectors. The benchmark index surged by 0.89%, reaching an all-time record, a sign of robust investor confidence. This upward momentum was primarily fueled by notable gains in technology and mining stocks, which have been pivotal in driving the market forward.

On Tuesday, the Japanese stock market showcased a robust performance, with the Nikkei 225 index climbing 0.45% at the close in Tokyo. This uptick was driven by notable gains across various sectors, particularly in industrials and materials. The trading session saw Japan Steel Works Ltd emerging as a standout performer, surging an impressive 11.55% to reach 6,499.00. This remarkable rise indicates strong investor confidence in the company, possibly fueled by positive market sentiment or favorable earnings reports.