5 things to know before the stock market opens Friday, December 9

Traders on the floor of the NYSE

Source: NYSE

Here are the most important news items that investors need to start their trading day:

1. Stocks head for losing week

2. Microsoft-Activision deal under fire

The Biden administration’s antitrust crusade continues. The Federal Trade Commission on Thursday sued to block Microsoft’s proposed deal to acquire “Call of Duty” video game maker Activision Blizzard for about $69 billion, saying it would hurt competition and “would likely result in significant harm to consumers.” Microsoft, which produces the XBox One gaming console, said it attempted to make concessions in order to appease the FTC, but it didn’t work. “While we believed in giving peace a chance, we have complete confidence in our case and welcome the opportunity to present our case in court,” Microsoft President Brad Smith said.

3. EV battery plant workers vote to unionize

The plant for Ultium Cells LLC – a joint venture between GM and LG Energy Solution – started production of battery cells in Warren, Ohio in August 2022.

Ultium

The United Auto Workers scored a big win for organized labor as the auto industry shifts toward electric vehicles and away from the gasoline-powered internal combustion engine. The union said Friday morning that workers at a battery plant in Ohio voted overwhelmingly to be represented by the UAW. The plant is part of a joint venture between General Motors and LG Energy solution. GM CEO Mary Barra said earlier this week that she would want to get a deal done quickly with the union if the vote were successful. The Ultium plant in northeastern Ohio is the first of at least four U.S. facilities expected for the joint venture.

4. Lawmakers rip NFL, Commanders

A general view of fans in front of the Washington Commanders logo during the first half of the game between the Washington Commanders and the Philadelphia Eagles at FedExField on September 25, 2022 in Landover, Maryland.

Scott Taetsch | Getty Images

The National Football League would probably rather have everyone focus more on the race for playoff spots during the last few weeks of the regular season, but now it’s dealing with the fallout from a congressional investigation. The House Oversight Committee on Thursday released its findings from a probe into how the league and the Washington Commanders handled a separate probe into the team’s allegedly toxic workplace culture. Lawmakers said they found that the league and the Commanders, including owner Dan Snyder, misled the public about what a third party investigator found and also impeded Congress’s own work on the matter. The Commanders dismissed the report as “one-sided,” while the NFL said it would review the findings. Snyder, himself the subject of allegations, is pursuing a possible sale of the beleagured team.

5. Griner returns to the U.S.

American basketball star Brittney Griner gets out of a plane after landing at the JBSA-Kelly Field Annex runway on December 9, 2022 in San Antonio, after she was released from a Russian prison in exchange for a notorious arms dealer.

Suzanne Cordeiro | Afp | Getty Images

This news is republished from another source. You can check the original article here

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