Macy's, Nvidia, Simon Property: What to Watch When the Stock Market Opens Today
November 19 2020 - 9:37AM
Dow Jones News
By Mischa Frankl-Duval
Here's what we're watching as markets kick into gear
Thursday:
-- U.S. stock futures fell as initial jobless claims came in
higher than expected, and new restrictions imposed to curb rising
coronavirus infection levels weighed on the economic outlook.
742,000 Americans filed new claims last week, up from 710,000 a
week earlier.
More than a quarter million Americans have died from Covid-19,
and the timing of vaccine production remains an open question.
Futures tied to the S&P 500 and the Dow Jones Industrial
Average ticked down 0.3%. Contracts on the tech-heavy Nasdaq-100
slipped 0.3%.
Read our full market wrap here.
-- What's coming up. TurboTax maker Intuit Inc. and
cloud-software company Workday will report quarterly earnings after
markets close.
-- U.S. existing-home sales are due at 10 a.m, with some
economists expecting gains could moderate in October, and heading
deeper into the fall, as the supply of for-sale homes dwindles and
asking prices rise.
-- Olema Pharmaceuticals, which works on therapies for women's
cancers, is expected to begin trading after pricing its IPO at $19
a share. Chinese cosmetics company Yatsen Holding is also expected
to start trading today after pricing its American depositary shares
at $10.50 apiece.
Market Movers to Watch
-- Macy's fell 5% after the retailer said net sales fell more
than 20% in the third quarter, and reported its third quarterly
loss in a row.
-- Square rose 3.4% after Mizuho raised its price target on the
payment company to $300 from $225.
-- L Brands jumped over 16% after the company said strong sales
at its Bath & Body Works chain had helped counter declining
sales for its Victoria's Secret brand. The company's overall
quarterly revenue climbed 14%.
-- Blank-check company CIIG Merger Corp. rose 14% after saying
it had entered a business combination with electric-vehicle maker
Arrival Ltd.
-- Simon Property Group fell 0.9% in premarket trade. The
company yesterday priced an upsized public offering of stock at
$72.50 per share.
-- Chip maker Nvidia fell 1.3% despite reporting
better-than-expected revenue and earnings after market close
yesterday.
-- Bank of New York Mellon fell 0.7% after Keefe, Bruyette &
Woods cuts its rating on the stock.
-- Coronavirus-vaccine developers Moderna and Pfizer both rose
1% ahead of the bell.
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(END) Dow Jones Newswires
November 19, 2020 09:22 ET (14:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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