U.S. stocks rebounded from several straight days of declines in yesterday’s session. The S&P 500 gained 0.5% to lead the day, and the Nasdaq and Dow advanced 0.3% and 0.4% respectively.
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Stimulus talks continued through the night despite the expiration of House Speaker Nancy Pelosi’s self-imposed deadline on negotiations. Ms. Pelosi and Treas. Sect. Steve Mnuchin discussed terms late into the evening, and Pelosi told reporters this morning they were making progress.
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A deal could be on deck soon, but we still have doubts we’ll get one before the election. Either way, this story is sure to move markets, so stay tuned.
Asian markets advanced modestly overnight. The Hang Send Composite in Hong Kong led the major indices with a 0.9 % gain, while Japan’s Nikkei 225 gained 0.3%.
European stocks are looking ugly mid-way through the session. Britain’s FTSE 100 is the biggest loser with a 1.2% decline, and the Eurozone Stoxx 600 is down 0.8% on the session.
U.S. futures are fluctuating between gains and losses this morning, indicating the market is headed for an uncertain open.
It’s a huge day for earnings with several major companies reporting.
Today’s earnings docket includes reports from Abbot Labs [ABT], Verizon [VZ], Ericsson [ERIC], Nasdaq [NDAQ], and Biogen [BIIB] before the bell.
After the close, we’ll hear from Tesla [TSLA], Chipotle Mexican Grill [CMG], Xilinx [XLNX], CSX [CSX], and Discover Financial [DFS].
Snap Inc. [SNAP]
Snap slam-dunked it’s quarterly earnings report. The social media firm increased revenues by more than 50% YoY, and daily active users (DAUs) increased 18% to 249 million; topping analyst expectations by roughly 5 million users.
Snap’s growing user base and maturing ad-selling business appeals to the Wall Street tech crowd. Rates are so low that investors are eager to shell out for growth wherever they can get it, so it’s no surprise the Snap report led to an out-sized after-hours move.
SNAP is one of the morning’s most active stocks and it’s currently up 23.0% from yesterday’s close.
Netflix released its earnings report after yesterday’s close and investors were disappointed with the numbers. The company added 2.2 million subscribers in the third quarter, which missed Wall Street’s estimate of 25 million. However, the slowdown came after two quarters of explosive growth, so it’s not exactly a harbinger of doom for the streaming giant.
Revenues narrowly topped analyst forecasts, but Q3 EPS of $1.74 fell well short of the Street’s $2.13 EPS forecast.
NFLX sold off on the news but the move might be overdone. The outlook is still strong for the streaming sector and Netflix is a leading player. Share prices are down 5.3% in the after-hours session.
Astrotech Corp. [ASTR]
Shares of this tiny industrial stock exploded this morning after it announced plans to develop a breath tests for COVID-19. The company will work with Cleveland Clinic in a joint effort to develop a test that can rapidly screen for the virus using Astrotech’s BreathTest-1000 mass spectrometer.
Ultimately, the firms say they want to develop a non-invasive testing device that can use breath to identify COVID-19. They say the breath test can be a low-cost, self-service screening option that can be deployed on a large scale.
This could be big news for such a small company. Cleveland Clinic is an esteemed medical research facility, and they probably picked Astrotech as a partner for a reason. If this duo can develop the first breath test, there could be a major pop.
ASTR is the most active pre-market stock and it’s up 143% on this announcement.
VOC Energy Trust [VOC]
VOC Energy Trust announced a new quarterly dividend payment after yesterday’s close, and it’s driving an upward move in share prices. The company said it will distribute $1.455 million to its shareholders for a total dividend payment of $0.085 per share.
At yesterday’s closing price, the dividend payment yields 5.82%, and that’s a spectacular figure in the current low-interest rate environment.
Yield hungry investors are pouring into the stock to get a piece of that dividend. VOC is one of this morning’s top gainers with a 28.0% rally.