|Day's Range||3,136.53 - 3,171.80|
|52 Week Range||2,191.86 - 3,393.52|
Stock futures were mixed Thursday morning, with tech shares continuing their relentless march higher during the pre-market session.
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Shares of Moderna Inc. gained 0.5% in premarket trading on Thursday after the drugmaker announced another manufacturing deal for its still investigational COVID-19 vaccine. As part of the deal, Laboratorios Farmacéuticos Rovi , based in Madrid, will handle commercial fill-finish manufacturing of the vaccine candidate for use outside of the U.S. The company's vaccine candidate has not yet proven that it can protect against the coronavirus; however, drugmakers in the U.S. are moving forward with manufacturing plans often with the financial support of the U.S. government to speed up the vaccine development process. Moderna has announced several manufacturing deals for its experimental COVID-19 vaccine, including with Catalent Inc. and CordenPharma. Moderna's stock has gained 214.8% since the start of the year, while the S&P 500 is down 1.8%.
Atlassian and Chipotle rose in buy ranges Thursday, while Walgreens dragged on the Dow Jones, as markets awaited jobless claims data.
Apple and Amazon led Wednesday's stock market rally as Fortinet, gold stocks and several others broke out. Tesla and rival Nio rose early Thursday after finally falling Wednesday.
Conagra Brands Inc. said Thursday that it will launch more than two dozen items this summer across brands including Birds Eye, Healthy Choice and Marie Callender as COVID-19 drives eat-at-home demand. Plant-based items like Birds Eye Meatless Lasagna with Gardein Plant-Based Protein and Gardein Plant-Based Soups will be among the product launches. Also included will be Blake's Gluten Free Mac and Cheese and Healthy Choice Power Bowls Whole Earth Bowls. Restaurant-inspired meals, such as foods from P.F. Chang's, and snacks like Slim Jim Pork Rinds are also on the way. Conagra stock has gained 4.3% for the year to date while the S&P 500 index is down by nearly 2% for the period.
The U.S. recorded the single-day record for global coronavirus infections Wednesday, tallying 60,000 new cases as the pandemic continues its spread through southern and southwestern states.
The technology stocks' rally is aiding the U.S. stock market amid the coronavirus crisis. Here we choose five stocks from the space that are well poised to grow as economic activities gain momentum.
Walgreens Boots Alliance Inc. stock fell 3.1% in Thursday premarket trading after the pharmacy retailer reported third-quarter earnings that missed expectations and reported a COVID-19-related sales impairment. Net loss totaled $1.71 billion, or $1.95 per share, after net income of $1.03 billion, or $1.13 per share, last year. Adjusted EPS of 83 cents fell short of the FactSet consensus for $1.19 per share. Sales of $34.63 billion were up slightly from $34.60 billion last year and ahead of the FactSet consensus for $34.30 billion. COVID-19 hurt Walgreens sales by $700 million to $750 million, which was almost entirely non-U.S. business. The most significant impact was in the U.K., where sales were down 85% in April and Walgreens took $2 billion in non-cash impairment charges. The results also reflect a 61-cent-to-65-cent per share operational impairment from the pandemic. The pharmacy business around the world was hurt by fewer doctor visits and hospital admissions. Prescriptions filled in the U.S. were down 1.3%, and U.S. retail same-store sales were up 1.9% due to increased demand for vitamins and personal protective equipment (PPE). "Shopping patterns are evolving more rapidly than ever as consumers further embrace digital options, spurring us to accelerate our ongoing investments in digital transformation and neighborhood health destinations," said Chief Executive Stefano Pessina in a statement. Those efforts include the expansion of the clinic collaboration with VillageMD and partnerships with Microsoft Corp. and Adobe Inc. for omnichannel service. Under the terms of the expanded deal with VillageMD, Walgreens will open 500 to 700 clinics in more than 30 markets over the next five years. Walgreens will invest $1 billion in equity and convertible debt in VillageMD over the next three years, with Walgreens holding 30% ownership interest in the company when the investment is complete. Walgreens completed a $250 million equity investment on Wednesday. Walgreens will close 48 Boots Opticians and cut office support headcount by 20% in U.K., impacting 4,000 jobs, or about 7% of the company's workforce. Walgreens expects 2020 adjusted EPS of $4.65 to $4.75, including $1.03 to $1.14 impact from COVID-19. The company forecasts additional impact from the pandemic in the fourth quarter. Walgreens raised its dividend 2.2% to 46.75 cents per share on Wednesday, payable Sept. 11, 2020 to shareholders of record as of Aug. 19 2020. Walgreens stock has tumbled 28.3% for the year to date while the S&P 500 index is down nearly 2% for the period.
Relay Therapeutics Inc. disclosed Thursday terms for its initial public offering, as the Massachusetts-based cancer treatment company looks to raise up to $264.6 million, and be valued at as much as $1.47 billion. Relay is offering 14.7 million shares in the IPO, which is expected to price between $16 and $18 a share. There will be 81.58 million shares outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "RLAY." J.P. Morgan, Goldman Sachs, Cowen and Guggenheim Securities are the joint bookrunning managers. The company recorded a net loss of $24.9 million with no revenue and operating expenses of $26.5 million during the three months ended March 31, after a loss of $14.2 million on no revenue and expenses of $16.4 million in the same period a year ago. Regarding the company's lead candidates in precision oncology, it has initiated a Phase 1 trial of RLY-1971 and has completed investigational new drug enabling activities for RLY-4008. The company is looking to go public at a time that the Renaissance IPO ETF has run up 61.7% over the past three months while the S&P 500 has gained 13.6%.
(Bloomberg) -- U.S. equity futures fluctuated ahead of American jobs data that will offer key insights into the recovery of the world’s biggest economy amid rising coronavirus infection rates. The dollar was steady.Contracts on the S&P 500 and Dow Industrials were little changed, while those on the Nasdaq ticked higher as consensus forecasts expect initial jobless claims to fall. European stocks rose for the first time in three days, with shares in the region’s largest technology company, SAP SE, jumping over 7% after it reported better-than-expected second quarter revenue on returning demand for software in Asia.Treasuries edged higher, while gold held above $1,800 an ounce. Oil was steady around $41 a barrel in New York after swelling U.S. crude stockpiles raised fresh concerns about oversupply.Investors continue to largely look past news of rising virus infections, concentrating on the continued reopening of economies. Confidence in policy support measures has mostly held firm, even as Hong Kong reported its biggest jump in cases since the start of the pandemic. The number of U.S. infections topped 3 million, more than a quarter of the global total.“Risk is bouncing back broadly in equities but the real show is in Chinese equities, U.S. technology stocks and then gold,” said Steen Jakobsen, chief investment officer at Saxo Bank A/S. “U.S. Covid-19 cases rose yesterday to a new record and signs are now emerging that daily deaths are on the rise nationally which could suddenly become a new risk factor for the market.”Elsewhere, Chinese equities outperformed as the Shanghai Composite notched an eighth day of gains, helped by signals of official support and strong demand from retail traders.Here are some key events coming up:All eyes will be on the U.S. weekly jobless claims report on Thursday.Singapore holds its general election on Friday.These are the main moves in markets:StocksFutures on the S&P 500 Index were up 0.1% at 7:34 a.m. New York time.The Stoxx Europe 600 Index gained 0.3%.The U.K.‘s FTSE 100 Index fell 0.5%.The MSCI Asia Pacific Index climbed 0.6%.The MSCI Emerging Market Index jumped 1.7% to 1,070.14.CurrenciesThe Bloomberg Dollar Spot Index was little changed at 1,207.84.The euro was little changed at $1.1329.The British pound climbed 0.2% to $1.264.The onshore yuan strengthened 0.3% to 6.986 per dollar.The Japanese yen weakened 0.1% to 107.32 per dollar.BondsThe yield on 10-year Treasuries decreased one basis point to 0.65%.The yield on two-year Treasuries declined less than one basis point to 0.15%.Germany’s 10-year yield fell one basis point to -0.45%.Britain’s 10-year yield sank two basis points to 0.165%.Japan’s 10-year yield dipped less than one basis point to 0.031%.CommoditiesWest Texas Intermediate crude declined 0.1% to $40.87 a barrel.Brent crude rose 0.3% to $43.44 a barrel.Gold strengthened 0.1% to $1,809.97 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Investors weigh the continued reopening of the economy against a steady increase in U.S. coronavirus infections; another 1.38 million more Americans are expected to file for unemployment benefits; Bed Bath & Beyond to close 200 stores.
Don’t fight the Fed, but don’t chase this market, says our call of the day from CIBC Private Wealth Management’s chief investment officer, David Donabedian.
Noble Energy Inc. said Thursday it funded about $100 million in investments in the second quarter, even as it cut costs in the face of the coronavirus pandemic. The Houston, Tx.-based oil and natural gas exploration and development company delivered 350 thousand barrels of oil equivalent per day (MBoe/d) in the quarter, including 248 MBoe/d from U.S. onshore. The company's cost-cutting measures delivered record low unit production costs of $6.61 per BOE. It reduced general and administrative costs to $63 million, down 40% from the same period a year ago. Despite the significant impact on global economies from COVID-19, "we've materially reduced the cost structure of our business, while demonstrating robust production capacity in both our onshore and offshore businesses," Chief Executive David Stover said in a statement. Noble will report second-quarter earnings on Aug. 7. Shares rose 1.6% premarket, but are down 64% in the year to date, while the S&P 500 has fallen 1.9%.
Here we pick five large-cap Nasdaq stocks that are positioned to grow on solid prospects in the rest of 2020.
U.S.-listed shares of Hexo Corp. shot up 18% in premarket trading Thursday, after the Canada-based cannabis company said it will start selling medical cannabis in Israel, marking the first time its medical cannabis products will be available outside of Canada. The sales in Israel will be through a 24-month agreement with Israeli medical cannabis company Breath of Life International Ltd. The company said it completed the first shipment of 493 kilograms. Hexo's flower products will be available to patients in Israel packaged in a 10-gram format. "The products are already receiving positive feedback from both patients and retailers, and we are looking forward to continuing to expand our strategic relationship with HEXO in Israel," said Hugo Goldman, interim chief executive of Breath of Life. Hexo's stock has dropped 56.3% year to date through Wednesday, while the Cannabis ETF has lost 22.2% and the S&P 500 has slipped 1.9%.
The benchmark S&P 500 has risen more than 40% from its March lows and is now about 7% below its February record high. The Labor Department's most timely data on the economy is expected to show 1.38 million Americans filed for state unemployment benefits in the latest week, down from 1.43 million claims in the prior week. At 6:10 a.m. ET, Dow e-minis <1YMcv1> were down 57 points, or 0.22% and S&P 500 e-minis <EScv1> were down 2.25 points, or 0.07%.
Shares of Helen of Troy Ltd. rose 2.5% in premarket trade Thursday, after the parent of a portfolio of consumer brands, including Oxo, Vicks and Braun, blew past earnings estimates for its fiscal first quarter. El Paso, Texas-based company posted net income of $60.3 million, or $2.37 a share, in the quarter to May 31, up from $40.7 million or $1.61 a share, in the year-earlier period. Adjusted per-share earnings came to $2.53, well ahead of the $1.49 FactSet consensus. Sales climbed to $420.8 million from $376.3 million, also ahead of the $347.0 million FactSet consensus. Online sales rose 33% as the pandemic closed stores. "Our Health & Home segment led the way with sales growth of 29%," Chief Executive Julien Mininberg said in a statement. "Beauty and Housewares both held up very well in the face of many store closures and the unprecedented level of unemployment and personal disruption due to COVID-19." The company is not offering guidance, given the "net impact of the pandemic on our consumers and supply is still very fluid and uncertain," said Mininberg, although it is lifting some of the measures taken to preserve cash flow in the face of the crisis. The company ended the quarter with $88.5 million in cash, and short and long-term debt of $324.9 million. Shares have gained 8.5% in the year to date, while the S&P 500 has fallen 1.9%.
In the past month, a handful of large-cap stocks skyrocketed with more than 20% return when the broader market tumbled.
Carnival Corp. said Thursday that its Germany-based cruise line AIDA Cruises will resume operations in August, with three ships set to restart sailing. AIDAperla will set sail on Aug 5 from Hamburg, followed by AIDAmar on Aug. 12 from Rostock-Warnemünde and AIDAblue on Aug. 16 from Kiel. Books for the cruises start Thursday. The restart will be the first since operations were paused industry wide in mid-March as a result of the COVID-19 pandemic. Measures the company has introduced in addition to existing health and hygiene standards include a health questionnaire prior to the cruise, temperature measurements before check-in for guests and crew, physical distancing guidelines and closely managing capacities at onboard restaurants, bars, theaters and other venues. Carnival's stock, which slipped 0.2% in premarket trading, has tumbled 69.9% year to date through Wednesday, while the S&P 500 has slipped 1.9%.
Nkarta Inc. increased the number of shares it will sell in its initial public offering, and the expected pricing also rose, to boost what the San Franciso-based biopharmaceutical company could raise to up to $221 million. The company is now offering 13 million shares, and the IPO is expected price between $16 and $17 a share. Previously, the company was expecting to raise up to $160 million by offering 10 million shares and with the IPO expected to price between $14 and $16 a share. With 29.43 million shares to be outstanding after the IPO, the company could be valued at $500.3 million. Cowen, Evercore ISI, Stifel and Mizuho Securities are the joint bookrunning managers of the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "NKTX." Nkarta is looking to go public at a time that the Renaissance IPO ETF has soared 61.7% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 23.6% and the S&P 500 has advanced 13.6%.
U.S. companies are preparing to open their books on a quarter that is set to show the biggest earnings fall since the financial crisis, leaving investors looking for light at the end of the tunnel. The season unofficially begins on Tuesday with results from some of the biggest U.S. banks. Analysts expect S&P 500 companies overall to report a 43.9% drop in year-over-year earnings for the second quarter, when the coronavirus took its biggest toll on companies.
Global stocks edged higher on Thursday, as investors waited for new cues as they consider growing signs of economic recovery against rising coronavirus cases in some parts of the world. The European composite Stoxx 600 rallied 0.4 per cent in early trading, while the UK’s FTSE 100 wavered close to flat. Germany’s Dax rose 1 per cent as data showed exports from Europe’s largest manufacturing economy had begun to recover in May.
Avenue Capital Group CEO and legendary investor, Marc Lasry, joins 'Influencers with Andy Serwer' to discuss the 2020 Presidential race.