5 Things to Know Before Markets Open

News of the day for Feb. 27, 2023


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Seagen (SGEN) shares surge double digits on reports Pfizer is in talks to buy the biotech company, durable goods sales decline more than expected, and Amazon expands same-day delivery. Here’s what investors need to know today.

1. Seagen Shares Jump on $30 Billion Deal Talks

Seagen (SGEN) shares jumped over 15% in pre-market trading following reports that Pfizer is in talks to acquire the biotech company in a deal valued at about $30 billion. The deal would help Pfizer add a promising class of targeted cancer therapies.

2. Durable Goods Sales Drop More Than Expected

The Census Bureau reported new orders for manufactured durable goods declined more than expected by 4.5% to $272.3 billion, compared to projections of a 3% drop. 

3. Twitter Lays Off 10% of Workers

Twitter cut another 10% of its workforce. The social media company has been slashing costs following Elon Musk’s acquisition of Twitter late last year.

4. Amazon Expands Same-Day Delivery

Amazon is expanding its same-day delivery business with fees. Amazon has been seeking to deliver packages in less than a day as shoppers have more fast delivery options than ever.

5. Ford Extends Production Delays

Ford halted production of its F-150 lightening EV for another week after a battery fire earlier this month. The move came after the NHTSA said it is holding talks with Ford over the issue.

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  1. Wall Street Journal. “Pfizer in Talks to Acquire Seagen in Deal Likely Valued at More Than $30 Billion.”

  2. Census Bureau. “Monthly Advance Report on Durable Goods Manufacturers' Shipments Inventories and Orders.”

  3. New York Times. “In Latest Round of Job Cuts, Twitter Is Said to Lay Off at Least 200 Employees.”

  4. Wall Street Journal. “Amazon Expands Same-Day Delivery, With Fees, While Battling Slow Growth.”

  5. CNBC. “Ford suspends electric F-150 Lightning production for another week following battery fire.”

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