Stocks closed lower again yesterday as virus fears and political uncertainty continued to weigh on the market.
The Dow was the day’s biggest loser with a 0.8% drop,and the S&P 500 fell 0.3%. The tech-heavy Nasdaq managed to close the day with a 0.6% gain.
Batten down the hatches because all signals indicate we’re headed for a major sell-off today. U.S. index futures are trading sharply lower than yesterday’s close.
Asian stocks made modest moves overnight. The Japanese Nikkei 225 slid 0.3%, and the Shanghai Composite fell 0.5%.
The markets already look bad in Europe. The German Dax is down 3.0% mid-way through the trading session, and the Eurozone Stoxx 600 is down 2.0%.
Meanwhile, a big week for earnings is in full swing. Today, we’ll hear from:
Boeing [BA], UPS [UPS], General Electric [GE], and Sony [SNE] before the bell.
Visa [V], Gilead Sciences [GILD], Pinterest [PINS], and eBay [EBAY] will follow up with their reports after the closing bell.
General Electric [GE]
GE made a surprise profit in the third quarter and beat analyst estimates for earnings and revenues. The firm’s Q3 adjusted earnings were down from last year, but it was a much better quarter than the Street expected.
GE’s adjusted EPS of $0.06 was down from $0.15 in Q3 2019, but analysts were forecasting a $0.03 per share loss. Q3 revenues of $19.42 billion also topped the Street’s $18.94 billion target.
CEO Larry Culp said he expects the company to be cash-flow positive by 2021.
The market looks like a bloodbath today, but GE is one of the few bright spots. The stock is trading actively, and shares are up 3.7% ahead of the open.
Socket Mobile [SCKT]
Apple made Socket Mobile investors very happy today. Socket announced that its mobile card reader has passed Apple’s wallet certification process. Now, Socket’s S550 card readers can accept Apple Pay.
It’s a major step forward for this tiny company. The deal makes its card readers just became more desirable and customer-friendly. Plus, an endorsement from such a prominent company will help Socket establish more credibility in the payment-processing market.
Shares of SCKT are active on the news and the stock is up 48.6% in the pre-market.
This tiny biotech firm just made a big move and biotech bulls are stampeding into the stock.
Miragen made a deal to acquire privately-held Viridian Therapeutics in a stock-for-stock transaction. The firm also have access to Viridian’s drug pipeline, which includes a highly-touted treatment for thyroid eye disease (TED).
Miragen also announced that it will conduct a secondary offering to private equity investors in order to raise $91 million to fund clinical trails. The company believes the cash stockpile will allow it to push multiple compounds through Phase-2 proof of concept studies in TED and expand its orphan disease pipeling.
Go big or go home. Miragen pulled out all the stops to make this deal happen, and so far it’s a hit with investors. MGEN is trading actively and it’s up a whopping 132.7% in the pre-bell trading session.
Civeo released its third-quarter earnings report this morning, and investors liked what they saw. The company, which provides hospitality services for the natural resources industry, had a great quarter. It was so good that the firm raised its full year forecast for revenues and EBITDA.
The firm swung to a surprise profit of $0.03 per share in the third quarter, well ahead of the Street’s expectation of a $0.05 per share loss. All and all, the company brought in $142.9 million in revenue during the third quarter.
The upbeat report was Civeo’s second consecutive earnings beat, and investors are digging the surprise profit. CVEO is up 16.6% in the pre-market.