Zoom, Delta, Palantir: What to Watch When the Stock Market Opens Today
November 12 2020 - 7:41AM
Dow Jones News
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 0.3%, pointing to a
decline in the gauge after the opening bell. Read our full market
wrap here.
-- What's coming up. Initial jobless claims, a proxy for
layoffs, will be released by the Labor Department at 8:30 a.m. ET,
with economists surveyed by The Wall Street Journal predicting new
applications for unemployment benefits likely remained steady at
high levels last week. October consumer prices are due at 8:30 a.m.
Palantir Technologies, Walt Disney and Cisco Systems will report
earnings this afternoon.
Market Movers to Watch
Moderna jumped almost 5% 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.
Stocks benefiting from a work-from-home world rose premarket
with Zoom Video Communications gaining 3.4%, Slack Technologies up
2.2% and DocuSign rising 1.2%.
Travel companies that performed well during Monday's market
rotation after promising vaccine news slipped offhours, with Delta
Air Lines sliding 2%, Norwegian Cruise Line Holdings down 2.1% and
Royal Caribbean Group falling 2.3%.
Boeing Company dropped 2.1% 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 3.2% 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 to trade around $15,814.
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 around 10% premarket after the cannabis
company reported a drop in third-quarter revenue that disappointed
investors.
XPeng's U.S.-listed shares surged 9.1% 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.
Must Reads Since You Went To Bed
Pfizer's Vaccine Is a Pick-Me-Up for Value Stocks
Oil-Demand Recovery Unlikely for Months Despite Vaccine
Hopes
Global Food Supplies Weather Coronavirus Pandemic
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
November 12, 2020 07:26 ET (12:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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