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A shopper walks toward a GameStop store in Ottawa, Illinois, April 1, 2019. Daniel Acker | Bloomberg | Getty Images Check out the companies making headlines after the bell on Wednesday: GameStop – Shares of the gaming retailer surged 61%, building on their massive surge during the regular trading session as traders weighed a C-suite shuffle at the company. Pure Storage – Pure Storage shares gained 4.9% after the data-storage company's revenue beat analyst expectations. Pure Storage's revenue for the fourth quarter came in at $502.7 million, which is ahead of a FactSet estimate of $480.2 million. The company also issued first-quarter revenue guidance of $405 million, which is above a FactSet forecast of $394.2 million. Booking Holdings – Booking Holdings shares rose 0.3% on the back of better-than-expected results for the previous quarter. Priceline.com's parent company reported a loss of 57 cents per share on revenue of $1.24 billion. Analysts polled by Refinitiv had forecast a loss of $4.28 per share on revenue of $1.18 billion. "Looking ahead, I am more confident than ever in our long-term future and in the eventual strong recovery of travel demand," CEO Glenn Fogel said. Teladoc Health – The telemedicine company's shares dropped 6.6% after Teladoc released mixed quarterly results. The company posted a loss per share of 27 cents on revenue of $383.3 million. That loss was 3 cents per share higher than what analysts expected, according to Refinitiv. However, Teladoc's revenue of $383.3 million beat a forecast of $378.9 million. Nvidia – Shares of the chipmaker climbed as much as 3.4% after the company reported better-than-expected fourth-quarter results. Nvidia reported earnings per share of $3.10 on revenue of $5 billion, while analysts expected earnings per share of $2.81 on revenue of $4.82 billion, according to Refinitiv. The company also issued first-quarter revenue guidance of $5.3 billion, easily topping a FactSet forecast of $4.49 billion. The stock later gave up its gains, however, to trade 3.3% lower. ViacomCBS – ViacomCBS shares ticked higher by 0.6% after the media giant released its fourth-quarter results. The company earned $1.04 per share, beating a Refinitiv estimate by 2 cents. ViacomCBS' revenue was roughly in line with expectations at $6.87 billion. Additionally, the company said its global streaming subscribers grew to nearly 30 million during the quarter. Domestic subscribers jumped by 71% to 19.2 million year over year. L Brands – L Brands shares gained 4.4% on fourth-quarter earnings that beat analyst expectations. The company posted a profit of $3.03 per share, beating a Refinitiv estimate of $2.91 per share. L Brands also issued strong earnings guidance for the first quarter. L Brands' results come after The New York Times reported the company is trying to sell a majority stake in its Victoria's Secret business.
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Home Depot and Lowe's stores Getty Images Check out the companies making headlines in midday trading.  Lowe's - Shares of Lowe's ticked more than 3% lower after the company said home improvement sales will likely decline in 2021 as more people get Covid-19 vaccines and spend more time outside their homes. Despite the outlook, Lowe's said fourth-quarter same-store sales climbed 28.1%. Analysts expected same-store sales of 22%. Lowe's reported earnings of $1.33 per share on revenue of $20.31 billion. Wall Street expected earnings of $1.21 per share on revenue of $19.48 billion, according to Refinitiv. Tesla — Tesla shares jumped about 5% after widely followed investor Cathie Wood snapped up more than $120 million worth of the electric car maker's stock during Tuesday's rout and subsequent comeback. The electric car maker is the biggest holding of Wood's flagship Ark Innovation ETF (ARKK), with an over 9% weighting. Casper Sleep – Shares of the mattress company declined nearly 7% after Casper posted a larger-than-expected loss for the fourth quarter. The company said it lost 37 cents per share, which was 2 cents more than analysts were anticipating. Revenue came in at $150 million, which was ahead of consensus estimates for $138 million, according to Refinitiv. MicroStrategy – Shares of the enterprise software company jumped more than 16% after MicroStrategy announced that it had bought $1 billion in bitcoin. The company began investing some of its balance sheet cash in bitcoin last year. Six Flags – Shares of the amusement park operator advanced more than 3% after the company beat top-line estimates during the fourth quarter. Six Flags reported revenue of $109 million compared to the $86.6 million estimate, according to analysts surveyed by Refinitiv. Earnings, however, missed expectations, with the company losing $1.00 per share versus calls for an 89-cent per share loss. Square — Shares of Square fell about 5% in midday trading after the company said its growth appears to be decelerating compared to prior quarters. The payments company beat fourth-quarter profit estimates by 8 cents a share, with quarterly earnings of 32 cents per share. Square's revenue also topped Wall Street forecasts. Square also announced it had purchased $170 million in bitcoin during the quarter. Exxon Mobil – The energy stock gained 2.7% after Exxon announced that it was selling some of its assets in the United Kingdom for more than $1 billion. Shares of the energy stock have only had three negative sessions in February. Toll Brothers – Shares of the home builder rose about 0.4% after a stronger-than-expected earnings report. Toll Brothers earned 76 cents per share last quarter, compared to a consensus estimate of 47 cents, according to Refinitiv. Toll Brothers also raised guidance for a slew of key metrics amid strong demand and tight housing inventories. Uber — Shares of the ride-hailing company dropped about 3% Wednesday morning after a report said Chinese rival Didi is weighing a rollout into European markets. Beijing-based Didi is considering entering markets in the U.K, France and Germany by the first half of this year, people familiar with the company's plans told Bloomberg News. – CNBC's Pippa Stevens, Jesse Pound, Maggie Fitzgerald and Thomas Franck contributed reporting. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
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Take a look at some of the biggest movers in the premarket: Lowe's (LOW) – The home improvement retailer reported quarterly profit of $1.33 per share, 12 cents a share above estimates. Revenue also came in above analysts' forecasts. Same-store sales jumped 28.1%, compared to the 22% predicted by analysts surveyed by FactSet. Lowe's shares gained 2.5% in premarket trading. Casper Sleep (CSPR) – Casper Sleep lost 37 cents per share for its latest quarter, 2 cents a share more than analysts had been anticipating. The mattress retailer reported better-than-expected revenue, however, and its shares rose 4.6% in the premarket. Six Flags (SIX) – The theme park operator lost $1 per share for its latest quarter, more than the 89 cents a share loss that analysts had been anticipating. Revenue was well above estimates as was spending per guest. Six Flags said it is focusing on opening all its parks for the 2021 season, and it expects meaningful profit growth once the operating environment becomes more normal. ODP Inc. (ODP) – The parent of Office Depot's shares rose 1.1% gain in premarket action, despite falling short on the bottom line in its latest quarterly report. ODP earned 55 cents per share, compared to a consensus estimate of 83 cents a share, but revenue was slightly above analysts' forecasts. Bausch Health (BHC) – The pharmaceutical and medical products maker announced an agreement with investor Carl Icahn, adding Icahn Capital's Brett Icahn and Steven Miller to the board of directors. Icahn owns 7.83% of Bausch Health. Square (SQ) – Square beat estimates by 8 cents a share, with quarterly earnings of 32 cents per share. The digital payments company's revenue also topped Wall Street forecasts. Its stock was under pressure, however, as growth rates appear to be slowing, and shares fell 2.5% premarket. Square also announced it had purchased $170 million in bitcoin during the quarter. GameStop (GME) – GameStop Chief Financial Officer Jim Bell will step down on March 26. A source told Reuters that the move was unrelated to the recent frenzied trading in the videogame retailer's stock, although it was initiated by the company. GameStop said Bell's departure was not due to any disagreement over operations or accounting principles and practices. GameStop fell 2.2% in premarket trading. Toll Brothers (TOL) – Toll Brothers earned 76 cents per share for its latest quarter, compared to a consensus estimate of 47 cents a share. The luxury home builder's revenue came in above forecasts as well. Toll Brothers also raised guidance for a variety of key metrics, with demand strong and housing inventories tight, and its shares rose 1.4% premarket. Intuit (INTU) – Intuit shares dropped 2.3% premarket after it came in 23 cents a share short of estimates, with quarterly profit of 68 cents per share. The financial software maker's revenue also fell shy of Street projections. The company behind TurboTax and QuickBooks predicted an upbeat current quarter, which includes tax filing season. O-I Glass (OI) – O-I is working to push production back to normal levels at eight plants in Texas, Oklahoma and Mexico. Production had been temporarily idled due to the severe winter weather in the region, and O-I said quarterly earnings would be impacted by the resulting cutback in production and shipments of glass jars and bottles. The warning helped push the stock down by 2.5% in premarket action. Tesla (TSLA) – Tesla remains on watch after Tuesday's 2.2% decline – its fourth in a row – put the stock in negative territory for 2021. The stock is 4.2% higher in premarket trading, partially because of an increase in the value of its bitcoin holdings. MicroStrategy (MSTR) – MicroStrategy is also gaining ground – up 10.7% in premarket trading – as bitcoin staged a comeback. The business analytics company holds roughly $3.7 billion in bitcoin.
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Patrick T. Fallon | Bloomberg | Getty Images Check out the companies making headlines after the bell on Monday: Square – Shares of the financial services company slipped 4.1% amid news news that Square purchased $170 million in Bitcoin. Square also reported quarterly results that beat analyst expectations. The company earned 32 cents per share on revenue of $3.16 billion. Analysts polled by Refinitiv had forecast a profit of 24 cents per share on revenue of $3.09 billion. Toll Brothers – The home construction company's shares were up 1.4% after Toll Brothers reported better-than-expected results for its fiscal first quarter. The company posted earnings per share of 76 cents on revenue of $1.41 billion. Analysts expected a profit of 47 cents per share on revenue of $1.35 billion, according to Refinitiv. GameStop – Shares of the gaming retailer slid 4% after GameStop announced CFO Jim Bell was resigning, effective March 26. The company also said it started a search for Bell's replacement. Intuit – Intuit shares dipped 3% after the company's quarterly numbers fell short of analyst estimates. The company reported earnings per share of 68 cents, while FactSet estimated earnings per share of 86 cents. Intuit also missed the mark on the top line, reporting revenue of $1.58 billion. Analysts expected revenue of $1.68 billion, according to FactSet. Sprout Social – The software company's stock gained 3.5% on the back of better-than-expected fourth-quarter results. Sprout reported a loss of 6 cents per share. Analysts expected a loss of 11 cents per share, according to FactSet. Sprout's revenue of $37.5 million also beat analyst estimates. Verisk Analytics – The analytics company's shares pulled back by 3% after the company reported weaker-than-expected fourth-quarter results. Verisk reported earnings per share of $1.27, while FactSet estimated a profit of $1.30 per share. The company also reported revenue of $713.3 million, slightly below analyst forecasts. Flowserve – Flowserve shares were down 8% after the industrial machinery company issued full-year earnings guidance that disappointed analysts and investors. The company expects earnings per share to range between $1.30 and $1.55. Analysts polled by FactSet expected 2021 earnings guidance of $1.66 per share.
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Check out the companies making headlines before the bell: Home Depot (HD) – The home improvement retailer beat quarterly estimates by 3 cents with earnings of $2.65 per share. Revenue came in above estimates as well. Comparable store sales jumped 24.5% during the fourth quarter, more than the 19.2% consensus estimate of analysts polled by FactSet. Home Depot is not providing 2021 guidance, however, due to pandemic-related uncertaint. Shares fell 2.7% premarket. Macy's (M) – The retailer reported an adjusted quarterly profit of 80 cents per share, well above the 12 cent consensus estimate, with revenue also coming in above Wall Street forecasts. Comparable store sales fell 17.1% on an owned + licensed basis, smaller than the 21.3% drop anticipated by analysts surveyed by Refinitiv. Macy's stock rose 2.2% in premarket action. Tesla (TSLA) — Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering their biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns Tesla's share price is now directly linked to the price of bitcoin after the electric vehicle maker's investment in the cryptocurrency. Palo Alto Networks (PANW) – Palo Alto Networks reported adjusted quarterly earnings of $1.55 per share, 12 cents above estimates, with the cybersecurity company's revenue also beating forecasts. Palo Alto issued a mostly weaker-than-expected current quarter earnings outlook, but did note the opportunities provided by the massive SolarWinds hack. Shares were down 3.7% premarket. Churchill Capital IV (CCIV) - Lucid Motors will go public through a merger with the blank-check company in a deal that values the combination at $24 billion. The deal would inject $4.4 billion into the California-based luxury electric vehicle maker. Churchill Capital shares tumbled 34.5% in premarket trading. InterContinental Hotels Group (IHG) – IHG reported a $153 million operating loss for 2020, hurt by the Covid-19 pandemic and resulting lockdowns. However, the company said its Holiday Inn Express brand outperformed in key markets and that global travel is beginning to recover. Shares rose 1.2% premarket. Johnson & Johnson (JNJ) – J&J is setting aside $3.9 billion in connection with talc-related litigation, according to an SEC filing. In November, the company said it would set aside $2.1 billion for talc cases, as it faces thousands of lawsuits claiming its talc products caused cancer. Occidental Petroleum (OXY) – Occidental lost an adjusted 78 cents per share for its latest quarter, wider than the 59-cent loss that analysts were anticipating. Revenue missed forecasts as well. The miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket. Shopify (SHOP) – Shopify priced a 1.18 million share offering at $1,315 per share, with the e-commerce platform provider expecting to raise about $1.55 billion from the sale. Shopify plans to use the proceeds to strengthen its balance sheet. Shares fell 5.5% in premarket action. Carnival (CCL) – The cruise line operator's shares fell 3.4% premarket after it priced an offering of about 40.45 million common shares at $25.10 per share, with the cruise line operator seeking to raise about $1 billion to be used for general corporate purposes. The cruise industry has been shut down during the pandemic. The RealReal (REAL) – The RealReal lost an adjusted 49 cents per share for its latest quarter and posted revenue that also fell short of analyst forecasts. The secondhand luxury goods seller's said 2020 was a challenging year, with the pandemic "temporarily disrupting" its path to profitability. The stock dropped 10.8% premarket. ZoomInfo (ZI) – ZoomInfo rose 8.1% premarket after it beat estimates by 2 cents with adjusted quarterly earnings of 12 cents per share. The marketing database provider's revenue beat forecasts as well.  ZoomInfo also provided an upbeat outlook for the current quarter and full year. AMC Entertainment (AMC) – The movie theater operator's shares jumped 3.4% premarket following news that New York City movie theaters will reopen with limited capacity on March 5. Wells Fargo (WFC) – The bank announced a deal to sell its Wells Fargo Asset Management unit to private equity firms GTCR and Reverence Capital for $2.1 billion. Wells Fargo will retain a 9.9% stake in the business. Dollar General (DG) – Dollar General is taking steps to find a potential successor to CEO Todd Vasos, according to people familiar with the matter who spoke to Reuters. The sources say Vasos had not communicated any intention to leave the discount retailer when his contract expires in June, calling the process "good governance." —CNBC's Sara Salinas contributed to this report.
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A "We're Hiring" sign at a Target location in New York, December 14, 2019. Scott Mlyn | CNBC The labor market was stronger than expected in October, showing good momentum ahead of the latest wave of coronavirus cases. The economy added 638,000 nonfarm payrolls and the unemployment rate fell by a full percentage point to 6.9%. The government compiled the data for the report in the middle of October. Stock futures temporarily erased some losses and bond yields rose as the report showed about 100,000 more jobs than economists expected and a much better unemployment rate. The report did include the loss of 268,000 government jobs, with 147,000 of those Census workers and many others in education. "The rebound continues to have strong momentum, more than people were thinking," said John Briggs, head of strategy at NatWest Markets. "Private payrolls blowout, the participation rate went up 0.3... People are coming back into the economy, and [the unemployment rate] still went down a full percentage point." Economists had expected an unemployment rate of 7.7%. Economists have been concerned the job market and economy will be impacted in coming months by the increasing spread of the coronavirus, now with a record 121,888 daily cases in the U.S. The Fed Thursday said in its statement that the course of the virus could impact the path of the economy. "One could argue it's better to come from a stronger base into that," said Briggs. The benchmark 10-year Treasury yield rose back above 0.80% and was at 0.82%. While stocks sold off, bond yields held at higher levels. The bond market has had a volatile week, with the 10-year yield rising to 0.94% Tuesday evening but falling back when it appeared there would be no Democratic sweep. A Democratic Congress and White House was expected to have boosted fiscal spending, increase inflation and result in a lot more U.S. debt, which would push interest rates higher. Yields, which move opposite prices, rose Friday as the jobs report suggest the economy may be on a more solid footing than some anticipate. Economists' expectations for October employment were wide-ranging with some closer to 200,000 and others at 800,000. But they mostly agree the momentum looks set to slow, and the typical hiring that goes on in November and December for holiday shopping, travel and other activities will be much smaller this year. Quincy Krosby, chief market strategist at Prudential Financial, said the employment report, when coupled with stronger-than-expected third quarter GDP and stronger-than-expected corporate earnings, suggests the economy is growing on a solid trajectory. "If the Covid-19 surge jeopardizes the economic recovery, even at the margin, the employment landscape will slow down - but not stall the recovery," she noted. Grant Thornton Chief Economist Diane Swonk said she is concerned about the potential for slowing momentum in hiring. She said the October report shows the quality of jobs has deteriorated. At the same time, the outlook for more fiscal help from Washington for the unemployed is uncertain, and many may be taking part-time jobs to get by. Leisure and hospitality hiring rose by 271,000, with 192,000 of those jobs at bars and restaurants. "Much of the recall for workers was hospitality and leisure. Many had to accept jobs even if they were part-time," said Swonk. She said 376,000 workers joined the ranks of those working part-time for economic reasons in October, pushing the total to 5.3 million. "People unemployed for more than 27 weeks increased by more than 1 million," she said. "We're still 10.1 million jobs in the hole." In the report, the number of people on temporary layoff fell by 1.4 million to 3.2 million, off from a high of 18.1 million in April but still 2.4 million higher than February. The labor force participation rate increased by 0.3 percentage points to 61.7 in October. still 1.7 points below February's level.
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Check out the companies making headlines after the bell:  Alphabet — Shares of Alphabet soared 10% in extended trading after the Google parent company posted quarterly results that topped Wall Street expectations. The company reported earnings of $16.40 per share and $46.17 billion in revenue for the third quarter. Analysts surveyed by Refinitiv projected $11.29 in earnings per share and $42.90 billion. Twitter — Shares of Twitter dropped more than 12% after the social media company reported user growth that fell short of expectations. Twitter said its monetizable daily active users totaled 187 million, up just 1 million, compared to 195 million expected, according to FactSet. However, the company did beat on top and bottom line. Amazon — Shares of Amazon fell more than 1% in extended trading even after the e-commerce giant reported blowout third-quarter results with a big beat on the top line. Earnings per share came in at  $12.37, versus $7.41 per share expected, according to Refinitiv. Its revenue totaled $96.15 billion, compared to $92.7 billion expected. Facebook — Shares of Facebook gained more than 1% after the social media giant reported third-quarter results that exceeded analyst expectations. The company earned $2.71 per share on revenue of $21.47 billion. Analysts surveyed by Refinitiv expected the company to report $1.91 in earnings per share and $19.8 billion in revenue. Facebook did report a decrease in users in the U.S. and Canada. The stock had gained 4.9% during Thursday's regular trading. Apple — Shares of Apple fell more than 4% after the tech giant reported fourth-quarter earnings that slightly exceeded Wall Street expectations, but did not offer investors any guidance for the quarter ending in December. Its iPhone revenue was down over 16% from the same quarter last year and came up short against Wall street expectations.  Starbucks — Shares of Starbucks gained 1% after the coffee chain said its two largest markets, the U.S. and China, are rebounding from the pandemic more quickly than expected. The strength in those key markets helped Starbucks' global same-store sales shrink just 9%. The company also released an outlook for fiscal 2021, projecting a healthier year than expected by analysts.
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Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020. Lucas Jackson | Reuters The stock market is selling off hard on rising virus cases and election uncertainty, and it faces another big test Thursday when Big Tech favorites report earnings. "I think it may be we're beginning to see a sea change about tech valuations," said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. He noted that Microsoft's earnings were better-than-expected Tuesday, yet its just inline guidance did not stop its stock from declining about 4% Wednesday in the market sell-off. Apple, Alphabet, Amazon and Facebook, which have led the market's gains, report earnings after Thursday's closing bell. Twitter also reports Thursday afternoon. The group has a lot of sway over the market. Apple, for instance, with its $1.9 trillion market cap, is included in the Dow, S&P 500 and Nasdaq. Boockvar said he's beginning to see signs of a change in attitude about the group of large tech and social media names. "I'm seeing signs of it, but we'll have to see how the market responds when these very expensive stocks report. The bar is high. We know that, but even if you exceed that bar, it seems valuations are beginning to matter." The Dow was down more than 800 points, or 3% Wednesday afternoon, as virus cases surge in the U.S., and France and Germany plan for partial lockdowns to stop the spread there. The looming U.S. presidential election is another source of angst, as investors worry there may be no clear outcome Tuesday night. "If the market can't react positively to Facebook, Amazon, Google and Apple, what's it going to react positively to? Plus people probably won't have much conviction even if the reports are good. They still want to see what happens in the following week [with the election]," said Scott Redler, partner with T3Live.com. Microsoft's sell-off was clearly a warning for tech. "As soon as Microsoft got sold on strong news yesterday, some of the FOMO [fear of missing out] left these stocks…That's when you started to see sellers come back to big cap tech," Redler said. If the market goes low enough Thursday and the tech earnings are strong after the bell, that could be the set up for an oversold bounce.  The Nasdaq was off 3%, shedding more than 335 points. The S&P 500 was off just about 100 points, sliding under the key 3,300 level. Tech was among the worst hit of the major sectors, down 3.4%. Communications services fell 3.5%. That sector includes Facebook and Alphabet. "This is just a perfect negative storm right now," said Julian Emanuel, head of equity and derivatives strategy at BTIG. He expects the sell-off to continue into the election, and after if there's no winner. "Price reaction to almost all of FANG reporting after the bell Thursday could make this more extreme," he said. FANG stocks include Facebook, Amazon, Netflix and Alphabet, but the group of high-fliers has also come to include Microsoft and Apple. "Downside momentum seems to be building here. People just want out," said Chris Rupkey, chief financial economist at MUFG Union Bank. Rupkey points out that the sell-off is happening as Big Tech CEOs like Twitter's Jack Dorsey testify before Congress but traders did not tie the decline in Nasdaq to that hearing. "It's the increases in virus, and its some of the tech leaders have fallen off. We never really regained back to September, and those September highs were all made on tech," Rupkey said. Emanuel said the selling could have a ways to go. For the time being, we think the pressure will remain on the market with an eventual retest of the 200-day moving average, either before or after the vote," he said. The 200-day on the S&P 500 is just about 3,130. The 200-day moving average is based on an average of the last 200 closing values, and it is often seen as a sign of support. Redler said if the S&P 500 can't recover its 100-day moving average at 3,300, it will likely test the 200-day, which is also the same level as the June lows. "It's all of these things coming together. It is basically the new certainty that the virus is accelerating sharply and the certainty that we're not going to get any stimulus before the election," said Emanuel. Some strategists expect a blue wave, with a Democratic sweep of Congress and White House, but the election is difficult to call with early voting already in high numbers. "If we saw an election outcome that very few people are thinking about, the Democrats winning the Senate and House, and President Trump winning the White House, you're going to have a massive rally," said Emanuel. That combination would suggest a very large stimulus program, since it is the Senate Republicans who would not agree to a large spending package.
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An employee of Tupperware Brands Corporation is at work on the production line at the group's plant in Joue-les-Tours, centre France, on the day of its 40th anniversary. AFP PHOTO / JEAN-FRANCOIS MONIER (Photo credit should read JEAN-FRANCOIS MONIER/AFP/Getty Images) Jean-Francois Monier | AFP | Getty Images Check out the companies making headlines in midday trading.  General Electric — Shares of the industrial company jumped more than 8% after GE reported a surprise adjusted profit for the third quarter and higher revenues than expected. The company reported 6 cents in adjusted earnings per share and $19.42 billion in revenue. Analysts surveyed by Refinitiv had projected a loss of 4 cents per share and $18.73 billion in revenue. Bed Bath & Beyond — Shares of the retailer sank 11% after the company announced new financial targets for the years ahead. Bed Bath & Beyond said it expects same-store sales to be "stable" in 2021 before growing in the low-to-mid single digits by 2023. The company reported same-store sales growth of 6% during the most recent quarter. UPS — Shares of the shipping company fell nearly 5% after UPS failed to provide future earnings guidance. Despite the disappointing silence on outlook, UPS topped analysts estimates for its quarterly report. UPS earned $2.28 per share on revenue of $21.24 billion. Analysts expected earnings of $1.90 on revenue of $20.19 billion, according to Refinitiv. First Solar – Shares of the solar panel maker jumped more than 11% after the company's third quarter results handily beat analyst expectations. First Solar earned $1.45 per share during the quarter, which was more than double the expected 63-cent profit per share, according to estimates from FactSet. Revenue jumped 70% year over year to $928 million. Mastercard — Mastercard shares dropped more than 5% after the credit card giant posted disappointing third-quarter results. The company reported earnings per share of $1.60 per share on revenue of $3.84 billion. Analysts polled by Refinitiv expected a profit of $1.66 per share on revenue of $3.96 billion. Mastercard also warned the slowdown in travel due to the pandemic could put further pressure on its finances.CoreLogic — Shares of the real estate fintech company popped more than 13% on news of a potential takeover bid. CoreLogic said it is "engaging with third parties indicating preliminary interest based on public information in the potential acquisition of the Company at a value at or above $80 per share." CNBC's David Faber had reported the news prior to CoreLogic's announcement. Tupperware — Shares of Tupperware soared more than 38% after the maker of home storage products posted a big earnings and revenue beat. Tupperware earned an adjusted $1.20 per share for its latest quarter, well above the Refinitiv consensus estimate of 37 cents. Its revenue was well above forecasts amid a boost from more consumers cooking and storing food at home. Automatic Data Processing — Shares of Automatic Data Processing jumped more than 6% after the software company reported stronger-than-expected quarterly earnings. ADP posted an EPS of $1.41 for its fiscal first quarter, above an estimate of 99 cents per FactSet. The company's revenue also topped expectations. Microsoft – Shares of the tech giant slid 4% after the company beat top and bottom line results in the fiscal first quarter, but weak revenue guidance weighed on the stock. Microsoft earned an adjusted $1.82 per share during the quarter on $37.15 billion in revenue, both of which were ahead of the $1.54 profit per share and $35.72 billion in revenue analysts surveyed by Refinitiv had been expecting. Carnival, Delta, Norwegian Cruise Line — Shares of cruise line operators and airlines fell sharply on fears of a worsening pandemic. Carnival and Norwegian Cruise Line dropped 9.7% and 8.6% respectively, while Royal Caribbean fell more than 6%. American Airlines slid over 4%, and United and Delta plunged 5% each. These stocks have all registered double-digit losses this week alone. Peloton, Netflix — Shares of the so-called stay-at-home stocks bucked the broader market's trend on Wednesday and investors rotated back into beneficiaries of the pandemic amid a rise in Covid-19 cases. Shares of Netflix rose nearly 1% and shares of stationary bike company Peloton gained 0.6%. Boeing — Shares of Boeing fell more than 1% after the company announced it would cut thousands of additional jobs through the end of next year as it prepares for weaker aircraft demand for years to come because of the coronavirus pandemic. Boeing reported a narrower-than-expected third-quarter loss, however. — CNBC's Maggie Fitzgerald, Jesse Pound, Fred Imbert and Pippa Stevens contributed reporting. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
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Take a look at some of the biggest movers in the premarket: Boeing (BA) – Boeing lost $1.39 per share for the third quarter, smaller than the loss of $2.52 anticipated by Wall Street. Revenue was also above estimates. Boeing said it was targeting a workforce of 130,000 by the end of 2021, which is about 11,000 lower than the current total. Boeing shares were up slightly in premarket trading as of 7:40 a.m. ET. General Electric (GE) – GE reported a third-quarter profit of 6 cents per share, compared to forecasts for a loss of 4 cents per share. Revenue came in above estimates as well. GE said it was managing through a "difficult environment" but added that it is on track with its effort to contain costs and conserve cash. GE shares rose 4% in premarket trading as of 7:40 a.m. ET. Blackstone (BX) – The private-equity firm reported distributable earnings per share of 63 cents per share, beating the 57 cents a share consensus estimate. Revenue also topped forecasts, boosted by its emphasis on technology-related investments. The shares were up by 1% in premarket trading as of 7:40 a.m. ET. United Parcel Service (UPS) – UPS reported quarterly earnings of $2.28 per share, compared to a consensus estimate of $1.90 a share. Revenue was above estimates as well. UPS continued to benefit from a surge in home deliveries due to the pandemic. The shares were little changed in premarket trading as of 7:40 a.m. ET. Garmin (GRMN) – The maker of GPS and fitness products beat estimates by 59 cents a share, with quarterly earnings of $1.58 per share. Revenue also beat Wall Street forecasts. Garmin said it saw particular strength in devices for boating and outdoor activities. Garmin shares added 3% in premarket trading as of 7:40 a.m. ET. Tupperware (TUP) – The maker of home storage products earned $1.20 per share for its latest quarter, well above the consensus estimate of 37 cents a share. Revenue was well above forecasts. Tupperware saw a sales bump from more consumers cooking and storing food at home. The shares jumped 8% in premarket trading as of 7:40 a.m. ET. Bunge (BG) – The agriculture commodities company reported adjusted quarterly earnings of $2.47 per share, compared to a consensus estimate of 20 cents a share. Revenue came in above estimates as well. Bunge saw strong demand for oilseed processing and soy products, and the company lifted its full-year outlook. The shares rose 6% in premarket trading as of 7:40 a.m. ET. Six Flags (SIX) – The theme park operator lost $1.37 per share for its latest quarter, wider than the $1 per share loss that analysts were expecting. Revenue came in below forecasts as well. Park attendance continues to be hurt by the pandemic, although Six Flags said attendance trends are improving. Microsoft (MSFT) – Microsoft reported quarterly earnings of $1.82 per share, 28 cents a share above estimates. Revenue also came in above forecasts. Current-quarter revenue guidance was below current consensus, however, with a particular shortfall in its More Personal Computing unit. The shares lost 2% in premarket trading as of 7:40 a.m. ET. FireEye (FEYE) – FireEye beat estimates by 4 cents a share, with quarterly profit of 11 cents per share. The cybersecurity company's revenue also topped estimates and FireEye gave strong current-quarter revenue guidance. The shares added 2% in premarket trading as of 7:40 a.m. ET. First Solar (FSLR) – First Solar more than doubled the 61 cents a share consensus estimate, with quarterly earnings of $1.45 per share. Revenue was considerably above Wall Street forecasts as well. The solar equipment company said its results have not been materially impacted by the pandemic. The shares surged 12% in premarket trading as of 7:40 a.m. ET. Deutsche Bank (DB) – Deutsche Bank reported a surprise third-quarter profit, with the bank's bottom line benefitting from improved performance by its investment banking operations. Juniper Networks (JNPR) – Juniper Networks matched estimates, with quarterly earnings of 43 cents per share. The networking and cybersecurity company's revenue came in above analysts' forecasts. The company said it saw better-than-expected demand during the quarter despite challenges created by the pandemic. Sony (SNE) – Sony raised its annual profit forecast after reporting a better-than-expected fiscal second-quarter profit, with its gaming business getting a boost from pandemic-related lockdowns as well as the performance of its Japanese animated film "Demon Slayer." Caesars Entertainment (CZR) – Caesars is selling its Tropicana Evansville casino for a total of $480 million, with Gaming & Leisure Properties buying the real property assets and Twin River Worldwide Holdings buying the operating assets. Akamai Technologies (AKAM) – Akamai shares are under pressure despite beating estimates on the top and bottom lines for its latest quarter. The provider of online content delivery technology reported quarterly profit of $1.31 per share, 8 cents a share above estimates.
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Kevin Mandia, CEO, FireEye  Scott Mlyn | CNBC Check out the companies making headlines midday after hours on Tuesday: Microsoft — Microsoft shares whipsawed after the tech giant reported better-than-expected results for the previous quarter. The company posted an adjusted profit of $1.82 per share on revenue of $37.15 billion. Analysts expected earnings per share of $1.54 on revenue of $35.72 billion. Microsoft's cloud segment saw its revenue expand by 20% on a year-over-year basis. First Solar — Shares of the solar-panel maker popped more than 16% after the company posted quarterly earnings that beat analyst expectations. First Solar posted earnings per share of $1.45 on revenue of $928 million. Analysts expected earnings of 61 cents per share on sales of $688 million, according to Refinitiv. The company also issued better-than-expected earnings guidance for the fourth quarter. FireEye — FireEye gained more than 4%, boosted by better-than-expected third-quarter results. The cybersecurity company posted a profit of 11 cents per share on revenue of $238 million. Analysts polled by Refinitiv had forecast earnings per share of 7 cents on revenue of $228 million. Sales from its product, subscription and support services were better than expected. Chubb — Shares of the insurance giant climbed 2% on the back of third-quarter revenue that beat analyst expectations. The company said its revenue for the quarter came in at $8.47 billion, topping a Refinitiv estimate of $8.16 billion.  Chubb's earnings per share, however, fell short of estimates. Juniper Networks — Juniper Networks saw its stock rise more than 3% after the networking technology company released its results for the third quarter. Juniper's earnings per share came in at 43 cents, matching a FactSet estimate. Product and service revenues were also above analyst expectations.
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Jeff Lawson, co-founder and chief executive officer of Twilio Inc., center, rings the opening bell on the floor of the New York Stock Exchange in New York, Sept.17, 2018. Michael Nagle | Bloomberg | Getty Images Check out the companies making headlines after the bell: Twilio— Shares of the communications platform company ticked down 1% in after hours trading on Monday despite beating on the top and bottom lines of its third quarter earnings. Twilio reported earnings of 4 cents per share, topping the loss of 3 cents per share expected by analysts, according to Refinitiv. Revenue came in at $448.0 million, above the forecast $409.9 million. Chegg — Shares of the online textbook company dipped 4% after the bell despite its strong earnings and positive outlook. Chegg reported earnings of 17 cents per share on revenue of $154.0 million. Wall Street expected earnings of 10 cents per share on revenue of $143.7 million, according to Refinitiv. Chegg also gave strong fourth quarter and 2021 revenue guidance. The company said third quarter subscribers grew 69%. AIG — Shares of the insurance giant popped 7% after the bell on Monday after announcing it intends to separate its life and retirement business from AIG. "AIG's executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders," the company said is a press release. F5 Networks — Shares of the technology company jumped 4% in extended trading on Monday after reporting better-than-expected quarterly earnings. F5 reported earnings of $2.43 per share, above the forecast $2.37 per share, according to Refinitiv. Revenue came in close to estimates at $607.3 million. Varonis Systems — Shares of the software data security company rose 6% in after hours trading on Monday after beating Wall Street's estimates for its third quarter report. Varonis earnings 6 cents per share, while analysts expected a loss of 13 cents per share. Varonis made $76.8 million in revenue, higher than the $69.9 million estimate.
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A trader walks by the New York Stock Exchange. Spencer Platt | Getty Images The stock market turbulence could be a setup for a post-election rally. The more than 2% decline in stocks Monday came amid new worries about the coronavirus, as average daily cases hit a record high in the U.S. At the same time, the efforts between Congress and the White House to reach a stimulus deal also appeared to have hit a wall. "It's a bit of a double whammy. Covid's definitely not going in the right direction in the U.S. right now. I think now there is maybe some diminishing optimism because stimulus just hasn't come together, and the election is just around the corner," said Tom Lee, head of research at Fundstrat Global Advisors. "I think the polling is kind of solidifying. It's looking very much like a Biden White House and then for policy, if it's a Biden win, there's a chance the incumbent administration just dawdles on stimulus. That would really dampen markets into the new year." But Lee and other strategists said this week may be rocky for stocks, but once the election is over, the market is likely to bounce in a relief rally, if the winner is clear. Stocks sold off out of the gate Monday, with the Dow down more than 3% at one point. The Dow fell 2.5% in afternoon trading, while the S&P 500 fell 2%. The decline was led by energy, industrial stocks and other cyclicals. Arrows pointing outwards "We have a lot of things to be anxious about in the next couple of weeks. That's why this is a pre-election market. But post-election, I think a lot of things that make people nervous turn into a tail wind," Lee said. "Post-election stimulus is a when, not an if. Even if it's a mixed Congress, I think there's still some common ground. It's just the scope that's different. It would be a smaller package." Lee said Covid has become less deadly, and even if it continues to spread, it is not likely to result in the shutdowns that occurred last spring. But comments today from Europe's biggest software company, SAP sent a chill nonetheless. SAP said its business was being hurt by lockdowns in Europe, as the virus spread there has increased dramatically. Lee said Covid has a big influence over the market. "It's almost as important as the Fed right now. Covid is suppressing the economy, and it's essentially offsetting easy money. If we didn't have Covid, people would be going out and spending money," said Lee. "It's acting as a huge headwind." Lee said on balance, the economy continues to become more open. "With the increase of cases in the U.S. and Europe, it's just reminding everybody, the virus is still very much with us, and not going away any time soon, and with the weather getting colder and people moving inside, it's likely to get worse before it gets better," said Ed Keon, chief investment officer at QMA. "I think it's unlikely to be the beginning of a major sell-off," said Keon. "I still think underlying fundamentals for companies are quite good. If you look at earnings season, it's been pretty promising." Biden related? Barry Knapp, managing partner at Ironsides Macroeconomics, said the market may also be reflecting concern about a possible victory by former Vice President Joseph Biden. Biden's ability to implement his policies will be determined by whether Democrats also take a majority of seats in the Senate, now a close call. Topping Biden's agenda is a reversal of Republican tax cuts, which essentially would raise taxes on corporations and the wealthy. He is also expected to push a stimulus program, the size of which would be subject to whether the Senate is Democratically controlled, "I think its is a gut check around that," said Knapp, noting the market appears to be digesting the idea of a Democratic sweep. "For me the most important outcome of the election is: Does the corporate part of the tax cuts survive?" If not, Knapp said corporate earnings would fall and corporate spending and investment would decline. Even so after the election, if there is a clear winner, the market should rally, strategists said. "I think it's likely. Elections tend to breed optimism. Then there's the seasonality," Knapp said. Stocks historically tend to gain between an election day and the end of the year. If there is a protracted post-election count with no clear winner, or the election is contested that would lead to a period of choppiness for stocks. "We're still bullish. We still think there could be a post-election rally driven by the combination of good corporate earnings, very low interest rates and just a sense of relief that if we get this definitely behind us, there will be a reduction in risk and a rally in stocks," said Keon. Keon said the uncertainty could carryover even after the presidential election is decided. "We don't know what the composition if the Senate is. If those two Georgia races end in a runoff, there's a good chance we won't know the composition of the Senate until those two races are decided. There' a lot of really close races for the Senate all around the country."
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Jen Van Santvoord rides her Peloton exercise bike at her home on April 07, 2020 in San Anselmo, California. Ezra Shaw | Getty Images Check out the companies making headlines after hours Wednesday. Tesla — The electric car maker's stock popped 3% after Tesla reported third-quarter earnings and revenue that topped analysts' expectations at 76 cents per share and $8.77 billion, respectively. The profit results represent Tesla's fifth consecutive quarter of positive earnings, the result of a record 139,300 delivered vehicles in the three months ended Sept. 30. Chipotle Mexican Grill — The burrito chain saw its stock drop more than 5% in after-hours trading after the company said a shift to delivery orders ballooned costs and led to reduced drink sales in the third quarter. Chipotle topped profit expectations with per-share earnings of $3.76, but its net income fell to $80.2 million from $98.6 million in the year-ago period. Las Vegas Sands — Shares of Las Vegas Sands rose about 5% in after-hours trading after the casino operator posted a smaller-than-expected loss for the third quarter and revenues larger than Wall Street's consensus estimate. It reported a third-quarter loss of 67 cents per share on revenues of $586 million. Analysts had expected a loss per share of 73 cents on revenues of $579 million. Align Technology — Shares of Align, the company that owns Invisalign teeth aligners, soared more than 20% after the bell thanks to better-than-expected shipments of its clear aligners in the third quarter. Align reported a profit of $2.25 per share, far exceeding consensus estimates of less than $1. Peloton — Shares of the exercise equipment company shed 3% after Goldman Sachs downgraded the stock to neutral from buy. While Goldman analyst Heath Terry said he's still optimistic in Peloton in the longer term, he advised clients to steer clear of the richly-valued equity over the next few months as investors have already pushed its price up more than 330% in 2020. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
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Pedestrians pass in front of Pinterest signage displayed outside of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images Check out the companies making headlines in midday trading.  Netflix — The entertainment stock sank nearly 7% after missing Wall Street expectations for third-quarter earnings and subscriber additions. Netflix added 2.2 million subscribers globally last quarter, below the 3.57 projected by analysts surveyed by Refinitiv. The company attributed that in part to a surge in sign-ups earlier this year. Slack — Shares of the technology company dropped 6.3% after Morgan Stanley downgraded the stock to underweight from equal weight. The financial firm said in a note that Slack "remains challenged" in differentiate itself from competitors. Snap – The social media company surged more than 28% and hit a new all-time high after Snap reported a surprise profit for the third quarter. The company earned one cent per share on an adjusted basis, compared with the 5-cent loss expected by analysts surveyed by Refinitiv. Revenue came in at $679 million, which was also ahead of expectations.    AstraZeneca – Shares of AstraZeneca turned traded down 1.2% after a Brazilian health authority said a volunteer in its coronavirus vaccine study died. AstraZeneca, a front-runner in the Covid-19 vaccine race, announced on Sept. 8 that its trial had been put on hold due to an unexplained illness in a patient in the United Kingdom.  PayPal — Shares of the payments company rallied 5.5% after announcing a new feature that will allow users to buy, hold and sell cryptocurrencies. The new service will launch in the U.S. in the coming weeks. Pinterest — Shares of the online image-sharing platform popped nearly 9% after Goldman Sachs and Bank of America both upgraded the stock to buy. Both firms pointed to strong earnings results from Snap as a good sign for Pinterest's advertising demand. Goldman slapped a $61 per share price target on the stock, implying nearly 35% upside from its previous close. Bank of America raised its target to $58 per share. AutoNation — AutoNation shares popped almost 2% after the company reported quarterly results that beat analyst expectations. AutoNation reported earnings per share of $2.38 on revenue of $5.4 billion. Analysts expected a profit of $1.65 per share on revenue of $5.19 billion, according to Refinitiv. The auto retailer said used vehicle sales rose 9.3% and helped drive a stronger-than-forecast gross profit. IRobot — Shares of iRobot fell slid more than 13% despite its better-than-expected quarterly results. The company reported $2.58 in earnings per share and on $413 million revenue, both easily topping estimates per Refinitiv. The stock had a big run-up in recent weeks and was up more than 26% in October before the earnings. Texas Instruments – Shares of the semiconductor company shed more than 3% despite Texas Instruments beating top and bottom line estimates during the third quarter. The company earned $1.45 per share during the period, beating estimates by 17 cents. Texas Instruments also reported its first quarterly revenue growth in nearly two years. WD-40 – Shares of WD-40 soared more than 18% after the manufacturer of household and multi-use products posted stronger-than-expected quarterly results. Its earnings came in at $1.42 per share for its fiscal fourth quarter, beating FactSet estimate of $1.13 per share. The company's revenue also topped estimates as consumers snapped up household items during the pandemic. Teradyne – Shares of Teradyne popped nearly 5% after the semiconductor company posted earnings that topped Wall Street estimates. Teradyne reported earnings per share of $1.18 for the third quarter, above expectations of $1.12 per share, according to FactSet. Its sales also beat expectations, boosted by record memory and storage test shipments. – CNBC's Maggie Fitzgerald, Pippa Stevens, Jesse Pound and Fred Imbert contributed reporting. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
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Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020. Lucas Jackson | Reuters The bond market appears to be waking up. After trading in a close range since June, Treasury yields are starting to break out of their range and look set to edge higher. The 10-year yield reached a high of 0.834% early Wednesday morning and was hovering just at the 0.80% level in afternoon trading. "This is an inflection point in the sense that stimulus is coming. It's not if, it's when, and we're getting closer to the point of I think no matter who wins the presidency you're going to get fiscal stimulus," said Jim Caron, head of global macro strategies at Morgan Stanley Investment Management. "It's just a matter of how much and what the process is." Markets have been on edge waiting for a resolution in talks between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi. Even if the two reach an agreement on a stimulus package, strategists say it's still seems a stretch for Senate Republicans to approve it ahead of the election, though the bond market has been moving in anticipation of it. The benchmark 10-year note yield is widely-watched, and it influences key interest rates for mortgages and other loans. The yield was virtually stuck under 0.70% for most of September and into October, but it has been trading above that level and now has inched up to 0.80%. 1% 10-year? Strategists say with the Fed holding rates at zero, and actively buying Treasury assets, the 10-year is not going to rise that much. And if the reason it's rising is stimulus, that would not necessarily spook the stock market, since stimulus would be seen as a booster for stocks. "It would not be unreasonable to think the 10-year yield could get between 1% and 1.25% over the next few quarters," said Caron. Caron said it will make a big difference whether the stimulus is approved before or after the election. With a blue wave, where Democrats take the White House and Congress, the package early next year could be even larger, than if President Donald Trump remains in the White House. Congress already passed Covid-related relief earlier in the year, and the budget deficit is expected to edge over $3 trillion this year. Democrats have been seeking $2.2 trillion in new stimulus, but Senate Republicans has said they would hold new spending closer to $1 trillion. To pay for that stimulus, the Treasury has had to increase the amount of debt it is issuing, and another stimulus program would add all that much more. That is a factor helping drive yields higher. "2021 was supposed to be a turn around year from 2020," Caron said. "We already have a lot of stimulus in the system. To add more to it at a time when we are already expecting a recovery is, in the future, something that could push yields higher. There's also a limit as to how high yields can go. I don't think this is the start of a 'taper tantrum.'" Big move not expected The so-called 'taper tantrum' was a violent move across financial markets in 2013 when then Fed Chairman Ben Bernanke signaled the start of a tightening cycle. But the Fed has signaled it is a long way from raising rates, and repeatedly Fed officials have pleaded for more fiscal spending to help their efforts to boost the economy. Gregory Faranello, head of U.S. rates at AmeriVet Securities, said the recent move higher in yields has been very orderly. "If you look at the period between June and now, that's a long time. We've been in a 50 basis point range," said Faranello. He said the 10-year yield edged briefly to a peak of 0.91% in June on optimism as the economy started to reopen. "With rates so low, if you move 15 to 20 basis points, it's quite a big move. In that context, we're still within that range." Faranello said if the 10-year can get back to 0.91%, the next target would be 1%, then the 1.2% level it was at in March. He said the election could have an impact on the bond market, and the make-up of the Senate is a key. If there is a blue wave where former vice president Joe Biden is elected and Congress turns to Democrat control, he too expects spending to be much greater. But the real wildcard for rates could be the coronavirus. If another wave begins to shut down the economy, strategists say yields could head sharply lower. Ian Lyngen, head of fixed income strategy at BMO, said he expects the real move in rates to come after the election. Even if the election is not decided right away, Lyngen does not see the 10-year returning to its lows. "If it takes weeks, we'll drift around in the range we'll have a few risk off moments, but we're not going to see new lows," Lyngen said. He said the market appears to be consolidating ahead of the election. "I've been focused on the departure point at the election. If we're at 0.75 basis points, there is a much higher probability we see 1% on 10s by the end of the year. If we're grinding around 50 basis points, anything above 90 basis points is going to be off the table."
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Check out the companies making headlines midday Monday: Halliburton — Shares of the oil field producer popped 2% after the company reported better-than-expected earnings for the previous quarter. Halliburton earned 11 cents per share, topping a Refinitiv estimate 8 cents per share. Revenue, however, missed analyst expectations. American Airlines — American Airlines shares rose more than 2% 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. FedEx, UPS — FedEx and UPS rose 2.2% and 1%, respectively, after The Wall Street Journal reported the two companies have told their shippers that their holiday shipping capacity is nearly at its limit. CVS — Shares of the drug store and pharmacy company ticked up 1% after CVS said it is planning to hire 15,000 employees to prepare for an expected rise in Covid-19 and flu cases throughout the fall and winter. More than half of the new workers will be full-time and part-time licensed pharmacy technicians who will be able to administer coronavirus tests. AMC — The movie theater stock soared more than 22% 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 — Shares of VF Corp slipped 1% 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 — 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." American Equity Investment Life – Shares dropped more than 16% 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. —CNBC's Yun Li, Maggie Fitzgerald, Jesse Pound and Michael Bloom contributed to this report.
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Another volatile week may be in store for traders as coronavirus cases rise in the U.S. and Europe while Democrats and Republicans remain at an impasse over new fiscal aid. The Dow Jones Industrial Average and S&P 500 fell for three straight days this week. That slide was the longest losing streak for the averages since mid-September. The two market benchmarks eked out slight gains on Friday to snap their losing streak. Investors and traders expect this choppy trading action to continue, especially as the worsening coronavirus data and a lack of U.S. coronavirus stimulus draw attention away from a strong earnings season thus far. "The combination of no stimulus, fading economic momentum, and the threat of rising coronavirus cases, creates a rather negative dynamic for risk assets right now," said Tom Essaye, founder of The Sevens Report, in a note to clients. The seven-day average of new daily coronavirus infections has risen in 39 states, including New York, New Jersey and Wisconsin, according to a CNBC analysis of data from Johns Hopkins University and the U.S. Census Bureau. At the nationwide level, the rate of new daily cases is at its highest level since August. In Europe, the seven-day average of new Covid-19 cases has surpassed that of the U.S., leading several countries in the region to reinstate tougher social distancing rules and roll back previous reopening measures. "What this means is economic activity may slow down a bit, and we've already started to see some of that in the data," said Art Hogan, chief market strategist at National Securities, noting the weekly jobless claims numbers released Thursday show they've reached a point where "they're not going to get better; they're going to get worse." The Labor Department said initial U.S. jobless claims hit their highest level since August, reaching 898,000 in the week ending Oct. 10. Investors will also keep their eyes on Washington during the week ahead as lawmakers continue to struggle over new U.S. fiscal stimulus. Political posturing on stimulus 'hurting' those in need This week, President Donald Trump said he would raise his offer for a coronavirus aid above the current level of $1.8 trillion. The White House's current offer is smaller than a $2.2 trillion package passed by the House. House Speaker Nancy Pelosi, D-Calif., has said the administration's proposal "falls significantly short" of what is needed. This back and forth between the two parties has dwindled expectations among market participants of a compromise being reached before the Nov. 3 election. It has also added to the concerns surrounding the U.S. economic recovery. "This political posturing is hurting that cohort of the economy that needs help the most," said Quincy Krosby, chief market strategist at Prudential Financial. "To the small and mid-size business owner, the airlines, this is not just about politics; this is every day life. There going to be an impact in the real economy if we don't see something now." Earnings season ignored? Those talks over further stimulus are also expected to divert attention away from the corporate earnings season, which began this week but had next to no impact on the broader market. Procter & Gamble, Netflix, Travelers, American Airlines and American Express are among the companies slated to report next week. JPMorgan Chase, Goldman Sachs and VF Corp. are among the 49 S&P 500 companies that posted their latest quarterly results this week. Of those 49 companies, 86% reported better-than-expected earnings, according to data from The Earnings Scout. "I wish I could say that next week we're going to put aside the politics and the Covid concerns behind us, but we won't trade this earnings season," said Hogan of National Securities. "While it will likely be a record-breaking season for companies beating estimates, it's also going to be one that is largely ignored because there're so many other macro factors that are more important." There is also some important housing data in the week ahead, including home builders' sentiment Monday, housing starts Tuesday, and existing home sales Thursday. "The housing market is still off to the races," said Mark Zandi, chief economist at Moody's Analytics. "The mortgage applications were strong, suggesting very strong activity in the month of September." Zandi said the market will eventually cool when interest rates begin to rise. But for now, "certainly the economy could use the juice." —CNBC's Patti Domm contributed to this report. Week ahead calendar Monday Earnings: IBM, Zions Bancorp, PPG Industries, FNB, Steel Dynamics, Halliburton 9:00 a.m. Philadelphia Fed President Patrick Harker 9:00 a.m. New York Fed President John Williams 10:00 a.m. NAHB survey 2:20 p.m. Atlanta Fed President Raphael Bostic Tuesday Earnings: Procter and Gamble, Texas Instruments, Netflix, Travelers, Lockheed Martin, Snap, Philip Morris International, UBS, Paccar, Canadian Pacific Railway,  Albertsons, CIT Group, Synchrony Financial, Comerica, Manpower Group, Prologis, WD-40, Tenet Healthcare, Teradyne, Canadian National Railway 8:30 a.m. Housing starts 8:30 a.m. Philadelphia Fed 12:00 p.m. Chicago Fed President Charles Evans Wednesday Earnings: Nasdaq, Verizon, Baker Hughes, Northern Trust, Knight-Swift Transportation, Avery Dennison, Keycorp, Winnebago, Interpublic, Manchester United, Tesla, CSX, Abbott Labs, Biogen, AutoNation, Lam Research, Equifax, Discover Financial, Xilinx, SLM, Chipotle, Whirlpool, Kinder Morgan 10:00 a.m. Cleveland Fed President Loretta Mester 2:00 p.m. Beige book Thursday Earnings: Earnings: AT&T, Coca-Cola, Intel, PulteGroup, Capital One, Kimberly-Clark, Quest Diagnostics, Freeport-McMoRan, Sirius XM, Grainger, Alaska Air, Fifth Third, Valero Energy, Nucor, Tractor Supply, Danaher, Genuine Parts, Dow, Southwest, American Airlines, Northrop Grumman, Union Pacific, Mattel, Check Point Software, Verisign, Capital One 8:30 a.m. Initial jobless claims 10:00 a.m. Existing home sales Friday Earnings: Barclays, American Express, Illinois Toolworks, Cleveland Cliffs, Norsk Hydro, Bloomin' Brands , Daimler 9:45 a.m. Manufacturing PMI 9:45 a.m. Services PMI
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United Airlines' Boeing 747-400 aircraft performed its last passenger flight on November 7, 2017. NurPhoto Check out the companies making headlines in midday trading.  Boeing — Shares popped more than 3% after Patrick Ky, the head of Europe's aviation regulator, said the company's beleaguered 737 Max jet is safe to fly again. He added the aircraft could fly in the region once again before year-end. Caterpillar — The farming equipment maker rose 3% after Wells Fargo upgraded Caterpillar to overweight from equal weight. Wells said it believes revenue growth will begin to accelerate in key markets in 2021. Costco — Shares of the big box retailer popped 1.3% after Jefferies upgraded Costco to buy from hold. The firm said Costco is the "dominant" leader in the club warehouse sector and that its "digital underdevelopment" offers upside. Navistar International — The truckmaker's stock surged 21% after CNBC's David Faber reported that Volkswagen's Traton unit was in talks to buy the rest of Navistar. The companies are very close to a deal at $44.50 per share, according to people close to the negotiations. CIT Group – Shares of the bank jumped more than 22% after the company announced that it will merge with First Citizens in an all-stock deal. The combined company will be the 19th largest U.S. bank as measured by assets. Shares of First Citizens were up about 8% following the announcement. Chewy – Shares of Chewy climbed nearly 4% after Jefferies upgraded the online pet retailer to buy from hold. The Wall Street firm's recent survey suggested that 37% of pet owners cited Chewy as their top e-commerce platform for pet food and supplies. Jefferies also said Chewy's "moat" is "more defensible than previously perceived." Bank of New York Mellon – The stock gained more than 2% following the bank's better-than-expected quarterly results. The bank reported earnings of 98 cents per share, 4 cents above Refinitiv estimate. Its revenue also came in above Wall Street forecasts.  Pfizer — Shares of the drugmaker rose 2.4% after CEO Albert Bourla said the company could know whether its Covid-19 vaccine candidate is effective by the end of the month, allowing it to apply for emergency use authorization in late November. The company is developing the vaccine with BioNTech, whose shares rose 2.1%. Wynn Resorts — Shares of Wynn Resorts fell nearly 2% after Jefferies downgraded the casino and resort company to hold from buy. The bank said Wynn's leverage will remain "pressured" through 2022. — CNBC's Maggie Fitzgerald, Jesse Pound, Pippa Stevens and Fred Imbert contributed reporting. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.
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Check out the companies making headlines before the bell: Pfizer, BioNTech – Pfizer Chairman and CEO Albert Bourla said the vaccine candidate under development by the two drug makers could be ready for an Emergency Use Authorization application by late November. Separately, Pfizer and BioNTech are scaling up manufacturing capability for their experimental coronavirus vaccine, according to BioNTech CEO Ugur Sahin. Both companies have said they will be able to deliver the doses they've already agreed to provide to governments around the world, but Sahin said there will be a "struggle" to provide it more widely. Pfizer shares added 2.9% in premarket trading as of 7:30 a.m. ET. CIT Group, First Citizens BancShares – The two banking companies announced an all-stock merger which will see CIT stockholders receive 0.0620 shares of First Citizens for each share of CIT they now own. The combined entity will be the 19th largest U.S. bank as measured by assets. VF Corp. – The maker of North Face and other apparel brands reported adjusted quarterly profit of 67 cents per share, beating the consensus estimate of 49 cents, with revenue also above forecasts. VF said its results were helped by a 44% increase in digital revenue and improvement in China. VF also announced a dividend increase of 1 cent to 49 cents per share. VF Corp shares added 2% in premarket trading as of 7:30 a.m. ET. Bank of New York Mellon – The bank reported quarterly profit of 98 cents per share, 4 cents above estimates, with revenue also above Wall Street forecasts. Provisions for credit losses fell to $9 million in the third quarter from $143 million in the second quarter. Bank of New York Mellon shares added 1.8% in premarket trading as of 7:30 a.m. ET. Schlumberger – The oilfield services company reported adjusted quarterly profit of 16 cents per share, 3 cents above estimate, but revenue came in below analyst projections. Results were impacted by reduced drilling and rig activity in North America, although profit margins improved from the prior quarter. Hewlett Packard Enterprise – Hewlett Packard Enterprise raised its fiscal 2021 outlook, saying Covid-19 had prompted an acceleration in the need for remote work solutions and that this has provided a significant opportunity for the company. The shares rose 2.9% in premarket trading as of 7:30 a.m. ET. Ford Motor – Ford reported a 25% year-over-year increase in China sales, the second straight quarterly increase after three years of decline. Boeing – Boeing's 737 Max jet is safe enough to return to service, according to Europe's top aviation regulator. The European Union Aviation Safety Agency's Executive Director, Patrick Ky, told Bloomberg in an interview that the agency expects to issue a draft airworthiness directive next month. Boeing shares rose 3.9% in premarket trading as of 7:30 a.m. ET. T-Mobile US – Evercore resumed coverage on T-Mobile with an "outperform" rating and a $150 price target, calling it the only growth story in the U.S. wireless industry. Blackstone – The Blackstone fund that holds science building owner BioMed Realty Trust sold it to another Blackstone fund for $14.6 billion. The original fund would have been eventually required to exit its holdings and return all money to investors, but those investors wanted to continue to own BioMed and the new fund can hold it indefinitely. Albertsons – The supermarket operator won a bankruptcy auction for 27 Kings and Balducci's grocery stores with a bid of $96.4 million. A bankruptcy court must still approve the sale. Intuitive Surgical – Intuitive Surgical reported adjusted quarterly earnings of $2.77 per share, beating the consensus estimate of $2.07, with revenue also exceeding forecasts. The company said procedures performed using its da Vinci surgical robot system have staged a significant rebound, but that a resurgence of Covid-19 in some areas has had an adverse impact on procedure volumes. Chewy.com – The online pet products seller was upgraded to "buy" from "hold" at Jefferies, which cited a positive view of pet industry dynamics including pet adoption by "digital fluent" millennial households. Chewy shares rose 4.96% in premarket trading as of 7:30 a.m. ET. Caterpillar – Wells Fargo upgraded the heavy equipment maker to "overweight" from "equal weight", in anticipation of a substantial earnings improvement beginning in 2021. Caterpillar added 1.6% in premarket trading as of 7:30 a.m. ET.
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SAN FRANCISCO (MarketWatch) — Among the companies whose shares are expected to see active trade in Friday’s session are DuPont, Nike Inc., and KB Home. DuPont DD, +1.45% : The chemical company late Thursday cut its second-quarter and full year profit outlook due to worse-than-expected performance of its agriculture unit. Shares fell 1.9% in extended trading.
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NEW YORK (MarketWatch) — A spurt of acquisition announcements or talk of deals involving Wisconsin Energy Corp., Oracle Corp., and General Electric Co. may set those shares up for active trading in Monday’s session. Wisconsin Energy Corp. WEC, +2.03% said it would buy Integrys Energy Group Inc. US:TEG in a cash-and-stock purchase valued at $9.1 billion, including debt. Oracle Corp. ORCL, -0.14% shares may move after the tech company was reported to be close to a deal to buy Micros Systems Inc. US:MCRS for $5 billion. This would be the largest acquisition since Oracle bought Sun Microsystems in 2010. General Electric Co. GE, -0.14% could garner attention after French engineering group Alstom SA ALSMY, +4.41% ALO, +2.57% on Saturday officially accepted a sweetened offer for its power-equipment unit. Separately, Banco Santander SAN, -0.69% agreed to buy GE Capital’s consumer-finance business in Sweden, Denmark and Norway, the Spanish bank said in a statement on Monday. Banco Santander’s consumer-finance unit will acquire the GE Money Bank AB business for about 700 million euros ($952 million), with the deal expected to close in the second half of 2014. Harbinger Group Inc. US:HRG is preparing to make a $1.1 billion bid for Central Garden & Pet Co. CENTA, +2.23% , The Wall Street Journal reported, citing a source familiar with the matter. Harbinger, the holding company led by hedge-funder Philip Falcone, disclosed a 3.1% stake in the company earlier this month. Micron Technology MU, +1.67% is projected to report third-quarter earnings of 69 cents a share, according to a consensus survey by FactSet. “While we expect the company to deliver solid May quarter results, we look to the August quarter and beyond when the industry faces supply constraints in light of continued demand growth,” said analyst Hans Mosesmann at Raymond James Equity Research in a recent report. He also reiterate the stock’s strong buy rating and raised the price target to $40 from $30. Sonic US:SONC is expected to post earnings of 29 cents a share in the third quarter. Mild spring weather and late arrival of summer are likely to have weighed on the fast-food restaurant’s same-store sales in the quarter, according to analyst Rachael Rothman at Susquehanna International Group. CBS US:CBS, Comcast Corp. CMCSA, +1.05% and other entertainment companies are expected to be in the spotlight as investors await a Supreme Court ruling on the legality of Aereo that could come as early as Monday. Aereo provides services to allow subscribers to stream local over-the-air broadcasts to various electronic devices. Major broadcasters are arguing that Aereo violates their rights under federal copyright law. More must-reads from MarketWatch: Has the English language been reduced to ‘Yo’? Will demographics cut stock-market returns? Candid talk about insider trading from one who did it
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SAN FRANCISCO (MarketWatch) — Among the companies whose shares are expected to see active trade in Friday’s session are Oracle Corp., Smith & Wesson Holding Corp., and Family Dollar Stores Inc. After Thursday’s closing bell, Oracle ORCL, -0.14% said its fiscal fourth-quarter profit fell to $3.65 billion from $3.81 billion a year earlier. Per-share earnings were unchanged at 80 cents a share while adjusted earnings came in at 92 cents a share, short of 95 cents a share forecast by analysts in a FactSet survey. Revenue rose $11.3 billion from $10.95 billion. Oracle shares declined more than 6% in after-hours trading. Oracle Corp. signage is displayed outside of the company's headquarters in Redwood City, Calif. Bloomberg Smith & Wesson US:SWHC reported fiscal fourth-quarter profit of $25.1 million, or 45 cents a share, compared with $25.2 million, or 39 cents a share, a year ago. Revenue fell to $170.4 million from $178.7 million. In the current quarter, the company expects to earn between 23 cents and 25 cents a share and between $1.30 and $1.40 a share for the full year. Analysts are projecting earnings of $1.50 a share for the full year. Shares of Smith & Wesson dropped 12% in after hours. Activist investor Carl Icahn released a letter to Family Dollar Stores’ Chief Executive Howard Levine in which he noted their differences over the future of the company. Icahn, who holds a 9.4% stake in the discount retailer chain, believes the company can do more to be competitive and warned that “consolidation in this space is inevitable.” Shares of Family Dollar US:FDO rose 2.7% in after hours. More must-reads from MarketWatch: Oil’s surge might ‘tip the scale toward a correction’ – video chat highlights 10 founders booted out of their own companies Stocks’ rise to records fails to lift Wall Street forecasts
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