Stock market today: Live updates

Check out the stocks making headlines in early morning trading:

• Occidental Petroleum — Shares dipped 1.1% after Occidental Petroleum agreed to buy privately held energy producer CrownRock for $12 billion and also announced that it’s raising its quarterly dividend to 22 cents a share from 18 cents a share.
• Pinterest — The stock rallied 3.3% after RBC upgraded Pinterest to outperform from sector perform. Analysts said Pinterest is a way to play the shift of internet-based ad platforms chasing the $241 billion in advertising spending in impulse shopping. 
• Macy’s — The retailer popped 16% after reports that the company received a buyout offer. People familiar with the matter told CNBC on Sunday that two investment firms have offered to buy Macy’s for $5.8 billion, or $21 per share.

For the full list, read here.

— Pia Singh

Boeing named Stephanie Pop the company’s chief operating officer on Monday, making the 30-year veteran a front runner for the chief executive position once current CEO David Calhoun steps down.

Pope will move to the COO position from a lead position at Boeing Global Services (BGS). Calhoun is expected to continue serving as CEO for at least one more year, according to a report from the Wall Street Journal citing people familiar with the matter.

Boeing stock ticked down 0.2% in premarket trading.

— Brian Evans

Shares of Macy’s were up 18% in the premarket Monday after on news that Arkhouse Management and Brigade Capital Management extended an offer to buy the iconic retailer for $5.8 billion.

According to sources, both firms would be willing to make a larger bid — depending on due diligence.

European shares made a tepid start to the week’s trade on Monday.

The pan-European Stoxx 600 index hovered around the flatline in early trade, with financial services adding 0.4% to lead gains while miners continued to suffer, shedding 1.5%.

Shares of Cambodian hotel, gaming and leisure operator Nagacorp plunged to an 11-year low after the company announced the death of founder and senior chief executive officer Chen Lip Keong.

The company’s shares tumbled 12.88% to 2.84 Hong Kong dollars on Monday, hitting their lowest level since June 5, 2012.

In a filing on the Hong Kong Exchange, Nagacorp explained that Chen died on Dec. 8, due to illness.

The company said that Chen Yiy Fon, who is the late Chen’s son, will take over as the new CEO of the company, and that the elder Chen’s death is not expected to have a material impact on the finances of the company.

Japan’s main stock gauges rose in early Asia trading hours Monday, amid growing hopes the country’s central bank may not raise interest rates at its monetary policy meeting next week.

The Nikkei 225 rose 1.68% , while the Topix added 1.28% in the first hour of trading.

“We do not expect the BoJ to tighten policy this month because Japan’s economy‑wide wages growth remains subdued at just 1.5%/yr in October,” analysts at CBA wrote in a client note.

The Japanese yen weakened after rallying last week, but traded around 145 to a dollar.

Investors will also be keenly watching the U.S. Federal Reserve’s monetary policy decision this week and its impact on the dollar/yen pair.

China’s consumer prices for November declined at their fastest pace in three years, while producer prices remained in negative territory, according to data released over the weekend.

CPI in November dropped 0.5% year-on-year to its lowest level since November 2020 and below the 0.2% fall seen in October.

A Reuters poll of economists was expecting a 0.1% decline in China’s CPI. The reading highlighted weak domestic demand in China.

November PPI fell 3.0% year-on-year, more than the 2.6% drop in October and remained in deflationary territory for the 13th straight month. A Reuters poll had estimated it to drop 2.8% in November.

“The decline was mainly driven by falling food prices. Hog production rose even at a time when demand was weaker than usual,” analysts at Commerzbank said in a client note.

State-run news outlet Xinhua reported on Friday that the top decision-making body of the ruling Communist Party said the country’s fiscal policy “must be moderately strengthened” to stimulate economic recovery.

Here’s how U.S. stock futures opened on Sunday night:

— Pia Singh