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 The Dow Jones Industrial Average's early selloff Tuesday is unanimous, as the stocks of all 30 of the blue-chip barometer's components are trading lower in the premarket. Dow futures sank 327 points, or 1.1%, ahead of the open. Among the biggest early decliners, shares of Caterpillar Inc. slid 1.8%, Goldman Sachs Group Inc. shed 1.8%, Salesforce Inc. dropped 1.7% and Boeing Co. lost 1.7%. The most-active Dow stock was Apple Inc.'s , which shed 1.0%, while the best performer was Johnson & Johnson's stock , which eased 0.15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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These two technology stocks are each trading down over 90%. Is it time to buy shares at a steep discount?
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Shares Rubicon Technology Inc. soared 70.0% toward a 6 1/2-year high in premarket trading Tuesday, after Janel Corp. launched a tender offer to buy a 45% interest in the optical systems company for $20.00 a share. The price of the tender offer represents a 119.8% premium to Friday's closing price of $9.10. The tender offer is expected to kick off within the next 10 business days and is expected to be completed about 30 days after the start. Rubicon said once the tender offer is completed, it will pay a special dividend of $11.00 a share to its shareholders. And after the closing, two current board member will resign and Janel will have the right to select their replacements, and Rubicon plans to start the process of voluntarily delisting its stock from the Nasdaq. Rubicon's stock has gained 1.5% year to date through Friday, while the S&P 500 has dropped 19.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of air carriers were broadly lower Tuesday, even as travelers over the July 4 holiday weekend reached a pandemic-era high and as fewer flights were cancelled than in the days leading up to the weekend. The U.S. Global Jets ETF fell 0.8% in premarket trading, with the shares of all of its U.S.-based airline components that are trading losing ground. Among the more-active U.S. air carriers, shares of American Airlines Group Inc. dropped 2.1%, Delta Air Lines Inc. slid lost 1.1%, United Airlines Holdings Inc. shed 1.5%, JetBlue Airways Corp. lost 0.8%, Spirit Airlines Inc. sank 2.6% and Southwest Airlines Co. gave up 1.7%. Meanwhile, data provided by the U.S. Transportation Security Administration showed that the number of travelers going through TSA checkpoints fell to a one-month low of 2,081,119 on Monday, and was below last year's 2,160,147.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of BioNTech SE fell 0.9% in premarket trading Tuesday, after CureVac N.V. filed in Germany a patent infringement suit against the biotechnology company. CureVac said there were certain of its patents that were utilized in the manufacture and sale of BioNTech and Pfizer Inc.'s COVID-19 vaccine, Comirnaty. CureVac said while it doesn't seek an injunction, and won't take legal action to impede the production or sale of Comirnaty, it is seeking "fair compensation" for infringement of its patents. CureVac's stock rose 0.4% in premarket trading, and Pfizer shares slipped 0.8%. Year to date, CureVac's stock has tumbled 58.5% and BioNTech shares have shed 38.9%, while the iShares Biotechnology ETF has dropped 21.3% and the S&P 500 has shed 19.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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