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This Blockbuster Deal Will Move Stocks Today

On Monday, Dec. 4, 2023, Cerevel Therapeutics (CERE) shares popped from $26 to $30. On Wed., AbbVie (ABBV) agreed to buy the firm for $8.7 billion. This will add drugs for neurological conditions like schizophrenia and Parkinson’s to AbbVie’s pipeline.

CERE stock is up 13% to ~ $42, below the $45 cash buyout price.

For December, investors will listen closely to Fed Chair Jerome Powell. Next Wednesday, Powell will speak after the Federal Open Market Committee issues its interest rate decision. Ahead of the event, Treasury bond yields are sinking as prices rise. Markets are already pivoting their holdings into the magnificent seven technology stocks and in bonds.

As the broader market weakens, investors seeking relative safety will continue to buy Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG). Technical traders should beware of GOOG stock. It has a bearish double top pattern at $140, formed in October and again in late November.

Penny stock investors who bet on Nikola (NKLA) will lose 18.77% today. Companies burning cash need to raise funds. After the market closed, Nikola announced a proposed offering of $100 million of common stock and $200 million aggregate principal amount of Green Convertible Senior Notes. Those notes are due 2026.

China EV firm Nio (NIO) is reportedly cutting more jobs. Job cuts reduce costs and lift the stock price. NIO stock peaked at over $14 in August. Short-sellers have a 10.27% short interest against the stock.