US futures rose on Monday, coming off the back of two consecutive weeks of declines, amid signs of progress toward a Covid-19 vaccine.
Comments from Pfizer's CEO, Albert Bourla, boosted sentiment after he said it’s “likely” the US will deploy a public vaccine before year-end.
Monday’s advance would extend a spell of volatile moves both up and down as global markets are buffeted by uncertainty surrounding; the
US presidential election, Covid-19, and gyrations in technology shares.
Ahead, Lennar (LEN) is scheduled to report its earnings later today.
TODAY'S TOP HEADLINES
Coronavirus: UK Covid Trial Tests Regeneron Drug. (Bloomberg)
UK researchers will start testing an antibody cocktail developed by Regeneron Pharmaceuticals (REGN) in a trial of possible Covid-19
treatments, as the infection rate in Britain surges again.
Today's Economical Announcements.
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STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Nvidia (NVDA): [NEWS] Announced it would buy fellow chipmaker Arm Holdings from SoftBank. The deal is valued at $40 billion and Nvidia will finance it through a combination of cash and common stock.
Overstock.com (OSTK): [RATING] Initiated at Needham with a “buy” rating and target of $96 per share, implying an upside of 47.4% from Friday’s close of $65.15 per share.
Immunomedics (IMMU), Gilead Sciences (GILD): [NEWS] Immunomedics will be acquired by Gilead for $21 billion, or $88 per share. The deal is expected to close in the fourth quarter of 2020. Gilead will pay $15 billion in cash for the cancer drugmaker and will finance the rest through newly issued debt. Gilead shares dipped 1.3%.
Oracle (ORCL), Microsoft (MSFT): [NEWS] ByteDance has chosen Oracle as its US technology partner, rejecting Microsoft’s bid to buy TikTok’s US operations.
Micron Technology (MU): [UPGRADE] Goldman Sachs upgraded Micron to “buy” from “neutral”, citing that Micron is “well-positioned competitively as it continues to execute on its tech transition and risk/reward on the stock skews positive.”
Pfizer (PFE): [NEWS] CEO Albert Bourla said Sunday night that the company’s coronavirus vaccine could be distributed in the US before year-end if it is found to be safe and effective.
Nikola (NKLA): [NEWS] Faces allegations of fraud from a short seller, Hindenburg Research. In a press release Monday, Nikola said the allegations are “false and misleading, and designed to manipulate the market to profit from a manufactured decline in Nikola’s stock price.”
Thermo Fisher Scientific (TMO): [RATING] Morgan Stanley initiated Thermo Fisher with an “overweight” rating and a price target of $485 per share. That price target implies an upside of 12.6% from Friday’s close.
MGM Resorts (MGM): [DOWNGRADE] Goldman Sachs downgraded the casino operator to “sell” from “hold”, expecting “a slower recovery in Las Vegas which will drive downside to consensus estimates and fundamental under performance relative to peers.”
Kroger (KR): [DOWNGRADE] Downgraded to “neutral” from “buy” by a Bank of America analyst, citing a potential deceleration of same-store sales moving forward as restaurants start reopening.
Delta Air Lines (DAL): [NEWS] The company said it will use its frequent flyer program to back a new debt program worth $6.5 billion. Earlier this year, United Airlines (UAL) said it would use its own frequent flyer program, MileagePlus, to back a $5 billion loan.
GAINERS: TXG, SUM
DECLINERS: NKLA, RVLV, CHWY
WE WILL SHOW YOU THE WAY!