Stock Market Update

The S&P 500 futures currently trade 60 points above fair value.

Comcast (CMCSA 28.40, +5.23, +22.6%) trades sharply higher in the premarket after announcing plans to separate NBCUniversal and Sky into an independent, publicly traded company through a tax-free spin-off, creating two focused businesses expected to enhance strategic flexibility and shareholder value.

Following the separation, Comcast will focus on its broadband, wireless and connectivity businesses, while the new NBCUniversal will own the company's media, streaming, film, television, theme parks and Sky assets. The transaction is expected to close in approximately one year, with Comcast shareholders receiving shares in both companies. Comcast also expects to retain up to a 19.9% stake in NBCUniversal for up to one year after the spin.