|Delayed - 01/15 05:18:49 pm|
Zoom, Delta, Moderna: What to Watch When the Stock Market Opens Today
|11/12/2020 | 11:23am|
By Jem Bartholomew
Here's what we are watching as markets kick into gear Thursday.
-- Stock futures slipped as new restrictions to curb the spread of coronavirus sparked concerns about further damage to the economy. Futures tied to the S&P 500 fell 0.5%, pointing to a decline in the gauge after the opening bell. Read our full market wrap here.
-- Unemployment data. Jobless claims remained high at around 709,000 last week, but slipped to their lowest level since March, suggesting some workers are finding jobs even as coronavirus cases climb.
-- What's coming up. Palantir Technologies, Walt Disney and Cisco Systems will report earnings this afternoon.
Market Movers to Watch
-- Moderna climbed 3.2% in offhours trading after the biotech company said the first batch of data from its late-stage test of an experimental Covid-19 vaccine candidate was ready for analysis.
-- Travel companies that performed well during Monday's market rotation after promising vaccine news slipped offhours, with Delta Air Lines sliding 3.1%, United Airlines Holdings dropping 3.2%, Norwegian Cruise Line Holdings down 3.8% and Royal Caribbean Group falling 4.4%.
-- Stocks benefiting from a work-from-home world rose premarket with Zoom Video Communications gaining 2.3%, Slack Technologies up 1.3% and DocuSign rising 1.5%.
-- Boeing Company dropped 2.4% out of hours after the company said it expects a weaker global market amid the coronavirus pandemic, despite also releasing strong forecasts for China's aircraft demand.
-- Occidental Petroleum fell a further 2.7% in offhours trading after dropping 3.9% Wednesday. J.P. Morgan analyst Phil Gresh gave the company a bearish rating yesterday citing concerns over the oil price needed to cover its capital expenditures.
-- Bitcoin briefly surged over $16,000 for the first time since 2018 before peeling back.
-- Hillenbrand surged 5.4% ahead of the bell, after diversified industrial company swung to a loss in its latest quarter as expenses grew, but sales surged due to its acquisition of Milacron Holdings.
-- Sundial Growers plunged over 10% premarket after the cannabis company reported a drop in third-quarter revenue that disappointed investors.
-- XPeng's U.S.-listed shares advanced around 5% offhours, as the China-based electric vehicle maker reported a more than fourfold jump in third-quarter revenue that beat analysts' predictions despite posting an overall loss. Other U.S.-listed Chinese tech firms were also climbing, including JD.com and Pinduoduo.
-- Five Prime Therapeutics jumped over 21% premarket, after the company reported promising results in preclinical data for its FPA157 anti-tumor treatment.
-- ServiceNow gained 3.3% before the bell after Morgan Stanley said its share price would rise to $652 a share. The company closed Wednesday at $503.36.
Must Reads Since You Went To Bed
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Biden's Penchant for Bold Stimulus to Test His Deal-Making Skills
U.K. Economy Rebounds but New Lockdowns Slow Recovery
CFOs Watch for a Possible Minimum Wage Hike Under Biden
(END) Dow Jones Newswires