BY THE NUMBERS

U.S. stock futures dropped Monday after a rough first trading week of the new year as tech stocks were battered by rising bond yields. The Nasdaq logged a four-session losing streak Friday, with the most of the damage coming last Wednesday. For the week, the tech-heavy index sank 4.5% in its worst weekly performance since February 2021. (CNBC)

The S&P 500 on Monday was also tracking for a five-session losing streak. The index fell 1.9% for last week.  The Dow Jones Industrial Average, which has dropped three sessions in a row, fell 0.3% last week. The Dow and S&P 500 both hit record closing highs early last week. (CNBC)

Bond yields ticked higher Monday, with the benchmark 10-year yield trading at 1.77% after hitting a high back to January 2020 above 1.8% on Friday. Goldman Sachs expects the Federal Reserve to hike interest rates from near-zero levels four times this year as inflation rises and unemployment drops. (CNBC)

Fed Chairman Jerome Powell is set to testify Tuesday at his nomination hearing before a Senate panel. In minutes from its December meeting, the Fed revealed talk about a balance sheet reduction in addition to signaling rate increases and an accelerating tapering. (CNBC)

In the week ahead, consumer and wholesale inflation reports are out Wednesday and Thursday. Retail sales are out Friday. Earnings season also begins, with Delta Air Lines‘ quarterly results Thursday and JPMorgan Chase, Citigroup and Wells Fargo on Friday. (CNBC)

IN THE NEWS TODAY

Take-Two Interactive (TTWO) said Monday it will buy mobile game maker Zynga (ZNGA), in a cash-and-stock deal at an enterprise value of nearly $12.7 billion. Take-Two said it would acquire all the outstanding shares of Zynga at $9.86 per share, a 64% premium to Friday’s close which is largely reflected in Monday’s premarket trading. Take-Two shares fell roughly 10% in the premarket. (CNBC)

* Apple chipmaker TSMC notches another quarterly sales record on strong demand (CNBC)

Lululemon (LULU) shares came under pressure after the retailer and apparel maker said Monday that earnings and revenue for its fiscal fourth quarter will likely come in at the low end of estimates. The company blames staffing shortages and shortened store hours as Covid cases surged in the U.S. due to the omicron variant. The stock lost more than 7% in premarket trading. (CNBC)

* Crocs sees fourth-quarter sales up 42%, CEO says 2021 was ‘exceptional year’ (CNBC)
* Yum Brands’ Pizza Hut adds Beyond Meat sausage to Canadian menus, permanently (CNBC)

Moderna (MRNA) CEO Stephane Bancel told CNBC on Monday an Covid omicron specific booster will enter clinical trials soon. “We need to be careful to try to stay ahead of a virus and not behind the virus,” Bancel said. He added Moderna can supply 2 billion to 3 billion booster doses this year. (CNBC)

U.S. and Russian officials are in Geneva on Monday to begin a series of high stakes talks this week. Tensions remain higher than ever over Ukraine but both sides have already warned prospects for a resolution are low. Russia has been building up its military presence at its border with Ukraine in recent months. (CNBC)

Bob Saget, known for his role as single-dad Danny Tanner on the sitcom “Full House” and as the host of “America’s Funniest Home Videos,” died while on a stand-up tour. He was 65. The cause of death has not been released. Saget’s comedy shows were raunchy and nothing like the two family friendly television shows he was known for as an actor. (AP)

STOCKS TO WATCH

Apria (APR) agreed to be acquired by health-care equipment and services company Owens & Minor (OMI) for about $1.45 billion in cash, or $37.50 per share. Home health-care services provider Apria closed Friday at $29.72 per share, and its stock surged 24.5% in premarket trading. Owens & Minor shares slumped 9.1%.

Sinclair Broadcast Group (SBGI) is close to finalizing a deal to carry NBA games on its planned new streaming app, according to a Bloomberg report quoting people familiar with the matter. The deal could be announced as soon as this week. Sinclair gained 1.4% in the premarket.

ViacomCBS (VIAC) rallied 3.2% in the premarket after Deutsche Bank upgraded the media company’s stock to “buy” from “hold,” based on upbeat prospects for its streaming business and the likelihood of continuing industry consolidation.

Sinclair Broadcast Group (SBGI) is close to finalizing a deal to carry NBA games on its planned new streaming app, according to a Bloomberg report quoting people familiar with the matter. The deal could be announced as soon as this week. Sinclair gained 1.4% in the premarket.

Beam Therapeutics (BEAM) shares jumped 5.3% in the premarket following the announcement of a new partnership with Pfizer (PFE). Pfizer will collaborate with Beam, which specializes in gene editing, to develop therapies for rare genetic diseases.

Tilray (TLRY) gained 3.6% in premarket trading after reporting an unexpected quarterly profit. Revenue increased by 20% from a year earlier on stronger demand for cannabis products, although its sales were below analysts’ forecasts.

Bernstein upgraded Dell Technologies (DELL) to “outperform” from “market perform,” noting Dell’s approximately six-week backlog in its PC business as well as a relatively high mix of commercial versus consumer business. Dell added 2.4% in the premarket.

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