Wall Street set to extend losses from last week

610
Wall Street

Stock futures slide

As the new trading week kicks off, U.S. stocks are looking forward to a negative start as the market looks to extend last week’s selloff.

As of 5: 25 a.m. ET, the blue-chip Dow futures weakened lost 23 points, or 0.07% to 32,097. S&P 500 futures gave away 11.25 points, or 0.28% to 4,008.50 while the tech-heavy Nasdaq-100 futures fell 60 points, or 0.48% to 12,322.75.

The drop in stock futures comes after former Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein said in a Sunday interview on “Face the Nation” that the U.S. economy is at a “very, very high risk” of sliding into a recession.

Elon Musk claims Twitter’s legal team told him he violated an NDA

Elon Musk says that Twitter (NYSE: TWTR) legal team has accused him of violating a nondisclosure agreement by disclosing that the sample size for the microblogging platform’s checks on automated users was 100.

“Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100!” Musk tweeted on Sunday.

Twitter’s accusation came after a user asked the tech billionaire to “elaborate on process of filtering bot accounts. Musk replied: “I picked 100 as the sample size number, because that is what Twitter uses to calculate <5% fake/spam/duplicate.”

The Tesla (NASDAQ: TSLA) founder has earlier announced that his $44 billion takeover deal for Twitter was “temporarily on hold” as his team checks on the company’s estimate that spam bot and fake accounts accounted for 5% of monetizable daily active users (DAUs).

Spirit Airlines shares surge 15% as JetBlue launches $3.2 billion hostile takeover bid

JetBlue (NYSE: SAVE) has made an unsolicited takeover bid for Spirit Airlines (NASDAQ: JBLU) to the tune of $3.2 billion in cash for the low-cost carrier.

In a press release on Monday, JetBlue said it was offering $30 per share to acquire all outstanding shares of Spirit directly from shareholders. That would put the takeover price at more than $3.2 billion.

JetBlue, whose earlier offer of $33 per share was rejected by Spirit, said it was ready to negotiate in good faith a consensual transaction at $33, subject to receiving necessary diligence.

Spirit turned down JetBlue earlier takeover offer, favoring an earlier deal to be acquired by rival budget airline Frontier (NASDAQ: ULCC) for $21.66 in cash and stock.

As of writing, Spirit stock was marked 15.43% lower to $19.60 a share in the premarket trading session.

NO COMMENTS

LEAVE A REPLY