News of the day for August 27, 2024

Paramount Global ( PARA ) shares are falling as its special committee confirms a retreat by Edgar Bronfman Jr. for Shari Redstone's media empire; Apple ( AAPL ) shares are in focus as it replaces its longtime CFO ahead of its artificial intelligence (AI) -powered iPhone 16 unveiling; nationwide home prices are expected to have risen in June but with slowing growth; Eli Lilly ( LLY ) unveils Zepbound single-dose vials at half the cost of other obesity drugs; and Sony Group ( SONY ) is hiking its PlayStation 5 prices in Japan even though the console is aging and has seen slowing sales. U.S. stock futures are little changed after indexes closed mixed yesterday. Here's what investors need to know today.

1. Paramount Set for Skydance Takeover After Bronfman Withdraws Bid

Paramount Global's ( PARA ) special committee said Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, setting the stage for the entertainment giant to be sold to David Ellison's Skydance Media. The special committee handling the twists and turns of the monthslong bidding process for Paramount said that it is closing the door on the company's "go-shop" period and plans to move forward with the Skydance Media deal . The committee said that it had "contacted more than 50 third parties" to see if they were interested in bidding for Paramount, whose shares are falling 5% in premarket trading.

2. Apple in Focus Ahead of iPhone 16 Event, New CFO

Apple ( AAPL ) shares are likely to remain in focus ahead of a Sept. 9 event at which the tech giant is expected to unveil the iPhone 16 with artificial intelligence (AI) capability, as well as new versions of the Apple Watch and AirPods. Investors are also digesting news late Monday that the company will replace long-time Chief Financial Officer (CFO) Luca Maestri on Jan. 1 with Kevan Parekh, Apple's current vice president of financial planning and analysis. Apple shares are little changed in premarket trading but are up almost 20% this year on the promise of new AI features on its devices.

3. June Home Prices Expected to Show Slowing Gains

Investors will get a read on how expensive house prices are getting with the release of new S&P CoreLogic Case-Shiller National Home Price Index data this morning. Nationwide home prices are expected to have risen 6.3% year-over-year in June versus 6.8% in May, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal . Lower interest rates and builder incentives have been causing new home sales to pick up, with recent data showing that the sale of new single-family houses increased by 10.6% in July from the revised June numbers, rising to an annual rate of 739,000 homes, more than economists expected.

4. Eli Lilly Releases Single-Dose Zepbound Vials at Half Cost of Other Obesity Drugs

Eli Lilly ( LLY ) said it is selling single-dose vials for Zepbound in the U.S. at half the cost of other obesity treatments, a move the pharma giant said will "significantly" expand supply and access of the hit weight-loss drug. A four-week supply of the 2.5 mg Zepbound single-dose vial is $399 and a four-week supply of the 5 mg dose is $549, which Lilly said is "less than half the list price of other incretin medicines for obesity." Shares of Lilly, which also sells diabetes drug Mounjaro, are edging lower in premarket trading but—like those of Ozempic and Wegovy maker Novo Nordisk ( NVO )—have surged this year on high demand for GLP-1 drugs.

5. Sony Surprisingly Hikes PlayStation 5 Prices in Japan

Sony Group ( SONY ) said it is increasing the price of its PlayStation 5 in Japan by 19% to around 80,000 yen ($550), in an unexpected move by the tech and entertainment giant. The price hike comes even though the console is four years old and has seen slowing sales , and a revamped console is expected in coming months. "This decision takes into consideration the business impact of the severe external environment, including recent global economic fluctuations," Sony said in a Japanese blog post, according to a Bloomberg translation. Sony's American depositary receipts (ADRs ) are rising 2.5% in premarket trading.

Read the original article on Investopedia .