During Market hours yesterday — Monday (19.10.2020):
Stocks fell sharply on Monday ahead of a key deadline set by House Speaker Nancy Pelosi to reach a deal on new coronavirus stimulus before the election while Covid-19 cases rise.
- The Dow (Symbol: DIA) closed 1.4% lower. The S&P 500 (Symbol: SPY) ticked 0.8% lower and the Nasdaq (Symbol: QQQ) pulled back 1.7%.
- American Airlines (Symbol: AAL) American Airlines shares rose than 1% on news the airline is planning to resume flights with Boeing’s 737 Max jet in December. The plan is pending recertification of the aircraft by the Federal Aviation Administration.
- AMC (Symbol: AMC) The movie theater stock soared more than 16% after New York Gov. Andrew Cuomo announced that theaters in most of New York could reopen on Oct. 23. The new regulation does not include New York City. AMC CEO Adam Aron told CNBC that the move was “a monumental step forward” for the industry.
- VF Corp (Symbol: VFC) Shares of VF Corp slipped 4.3% after Bank of America downgraded the stock to underweight from neutral. The firm said in a note that weakness for the Van’s footwear brand would likely hurt the stock.
- RH (Symbol: RH) An analyst at Jefferies initiated coverage of the home-furnishing company with an underperform rating, noting: “Management’s pursuit of the ‘path less traveled’ has largely worked the past few years, but we see inherent execution risk in the go-forward strategy.” RH shares went down 3%.
- American Equity Investment Life (Symbol: AEL) Shares dropped more than 14% after the life insurance company announced a partnership with Brookfield Asset Management for the reinsurance of $5 billion of existing liabilities. Brookfield will acquire a 19.9% ownership interest in the common shares of American Equity. American Equity rejected Athene and MassMutual’s takeover proposal, saying it undervalues the company.
During Premarket hours today – Tuesday (20.10.2020):
- Procter & Gamble (Symbol: PG) The consumer products giant earned $1.63 per share for its latest quarter, beating the consensus estimate of $1.42 a share. Revenue came in above Wall Street forecasts as well. P&G also raised its full-year sales forecast, amid elevated demand for its household products.
- IBM (Symbol: IBM) IBM reported quarterly earnings of $2.58 per share, matching Wall Street forecasts. Revenue was slightly above estimates thanks to higher demand for cloud services. The stock came under pressure, however, after IBM declined to issue a current-quarter outlook due to pandemic-related uncertainty.
- Logitech (Symbol: LOGI) Logitech earned $1.87 per share for its latest quarter, well above the 57 cents a share consensus estimate. Revenue exceeded expectations by a wide margin as well. The increase in remote work and education helped drive sales of Logitech’s computer peripheral devices like mice and keyboards. The shares soared 1% in premarket trading
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