5 Things to Know Before Markets Open

News of the day for Feb. 27, 2023

By
Danial Clark
Danial Clark
Full Bio
Danial Clark is an award-winning executive producer, and previously oversaw business, political and general news as a senior producer at Fox Business, Reuters, Bloomberg TV and CNBC.
Learn about our editorial policies
Updated February 27, 2023
Pfizer

Patrice Latron / Getty Images

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.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  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.”

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
Service
Name
Description