Stocks closed yesterday’s choppy trading session in the red. The S&P 500 slid 0.2% while the Nasdaq fell 0.3%. The Dow was the day’s biggest loser with a 0.4% decline.
The market is still focused on stimulus talks, but there’s no real news to speak of there. Nancy Pelosi’s deadline passed last night, but both sides are supposedly still talking. We might get a deal before Election Day, but I wouldn’t hold my breath if I was you.
Most Asian markets posted modest losses overnight, but the Hang Seng Composite gained 0.1 %. Japan’s Nikkei 225 fell 0.7%. and China’s mainland Shanghai Composite lost 0.4%
In Europe, stocks are gaining ground after opening the session to losses. The Stoxx 600 is currently flat, but it’s trending towards gains. Most of the regional markets are following a similar trajectory.
U.S. futures are currently down, but they’re also trending higher. Currently, S&P 500 contracts are down about 0.2%
It’s another big day for earnings. Keep your eye on these reports:
Coca-Cola [K], AT&T [T], American Airlines [AAL], Quest Diagnostics [DGX], and Southwest Airlines [LUV] before the bell.
After the close, we’ll hear from Intel [INTC], Boston Beer Company [SAM], Capital One [COF], Mattel [MAT], and eHeath [EHTH].
Tesla released it’s earnings report after yesterday’s close and it was a record-breaking quarter. The electric vehicle manufacturer extended its profitability streak with a record-breaking quarterly profit of $331 million. CEO Elon Musk called it the company’s “best quarter in history.”
Mr. Musk is known for bravado, but it was a certainly a strong quarter for the company. It was the fifth consecutive quarterly profits for Tesla, and the company is on pace for its first full calendar year of profitability.
TSLA is the most active NASDAQ 100 stock and it’s up 5.2% in the pre-market.
Align Technology [ALGN]
Align crushed Wall Street’s forecasts on its third quarter report. The company earned $2.25 per share last quarter, more than triple the Street’s $0.73 per share forecast. Revenues also beat consensus estimates by a wide margin. Align brought in $734.1 million in Q3, well ahead of the $551.5 million forecast from analysts.
You can’t get a much better earnings report than this. Expectations were low, and Align knocked it out of the park. ALGN is currently leading the S&P 500 with a 26.0% gain.
Bio-Path Holdings [BPTH]
The United States Patent and Trademark Office issued a notice of allowance to Bio-Path for one of it’s therapeutic candidates, prexigebersen. The new patent provides broad legal protection for the company over the use of prexigebersen as a treatment of a variety of cancers in combination with front-line therapies.
Bio-Path CEO Peter Nielson: ““This further strengthens our intellectual property portfolio and complements already granted patents. Our growing patent estate continues to be a valuable asset for Bio-Path”
BPTH is trading actively on news of the new patent, and it’s currently up 24.5% in the pre-market.
Ideanomics Inc. [IDEX]
Ideanomics disclosed the acquisition of a stake in California-based Solectrac, Inc. this morning, and the announcement is driving some early gains for the a micro-cap electric vehicle firm. Solectrac is an e-tractor company that developed, assembles, and distributes 100%-battery-powered electric tractors as an alternative to diesel. Ideanomics paid $1.3 million in considerations for a 15% stake in the company.
The market likes the deal. IDEX is up 9.3% in the pre-market.