Positive Vaccine News, Economic Recovery Lift Global Markets

The country’s LG Chem has reportedly signed a contract with Tesla Inc.’s (NASDAQ: TSLA) China unit to supply batteries for the Elon Musk-led electric …

Major indices across Asia, Europe, and the U.S. are trading higher on Monday on positive vaccine newsand economic recovery hopes. Regeneron Pharmaceuticals Inc.’s (NASDAQ: REGN) COVID-19 treatment secured Emergency Use Authorization from the Food and Drug Administration on Saturday.

The Dow futures are trading higher at 0.55%, and the S&P 500 futures are up by 0.46% on the last check Monday. WTI crude oil futures have gained 1.44% at $43.03, and the gold futures are up marginally by 0.05% at $1,837.40. Ten-Year Treasury yields are near-flat at 0.831%.

Asia: Japan’s Nikkei 225 is closed for the Workers Day holiday. China’s Shanghai Composite benchmark gained 1.09%, led by gains in materials, energy, and financial stocks. China’s blue-chip index clocked its highest level since 2015, thanks to domestic economic recovery.

Hong Kong’s Hang Seng Index closed higher by 0.07%, driven by healthcare and tech stocks.

Australia’s S&P/ASX 200 went up by 0.34% on Monday, as the nation’s manufacturing PMI improved significantly to 56.1 and the services PMI improved to 54.9, signaling expansion in manufacturing and services activities. Major states also lifted border curbs.

India’s Nifty 50 index is trading higher by 0.70%, led by energy and tech stocks.

South Korea’s KOSPI jumped 1.92% on Monday as foreigners remained net buyers for the 13th straight session. Samsung Electronics (OTC: SSNLF) and SK Hynix rose on an optimistic 2021 outlook. The consumer confidence index for November is due later today. The country’s LG Chem has reportedly signed a contract with Tesla Inc.’s (NASDAQ: TSLA) China unit to supply batteries for the Elon Musk-led electric vehicle maker’s Model Y, according to the Tasmanian.

Europe: Euro Stoxx 50 is trading higher by 1.01% at press time Monday. Manufacturing and Services PMI data for November is scheduled for release today.

London’s FTSE 100 index is up by 0.61% at publication time, driven by gains in consumer, travel, and aerospace stocks. Manufacturing, Services, and Composite PMI data for November are due later today. AstraZeneca Inc. (NASDAQ: AZN) and Oxford University reported high efficacy for their COVID-19 vaccine candidate on Monday.

Germany’s DAX has advanced by 1.18% on Monday. Banks, industrial, and tech stocks are pulling the index higher after it closed up for the third straight week. Investors will be watching for the Manufacturing and Services PMI data for November due today.

France’s CAC 40 is up 0.89%, led by energy and industrial stocks. Spain’s IBEX 35 has gained 0.82% in Monday’s early open trade.

Forex Trading: U.S. Dollar Index futures are down 0.17% at 92.235. The dollar has weakened 0.11% against the Euro to $1.1867, 0.63% against the Sterling Pound to $1.3365, 0.06% against the Japanese Yen to ¥103.78.

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

Stocks making the biggest moves in the premarket: Target, Lowe’s, Apple, Boeing, Pfizer & more

Pfizer shares gained 3% in premarket trading as of 7:36 a.m. ET. Nio (NIO) – The China-based electric vehicle maker reported its sales more than …

Take a look at some of the biggest movers in the premarket:

Target (TGT) – Target reported quarterly earnings of $2.79 per share for the third quarter, well above the consensus estimate of $1.60 a share. The retailer’s revenue beat estimates as well, and a comparable-store sales increase of 20.7% beat the consensus estimate of 11.2%. Target shares rose 2.6% in premarket trading as of 7:36 a.m. ET.

Lowe’s (LOW) – Lowe’s missed estimates by a penny a share, with quarterly earnings of $1.98 per share. Revenue topped forecasts, however, and same-store sales surged 30.1%, beating the 22.8% increase analysts were expecting. The shares jumped 6% in premarket trading as of 7:36 a.m. ET.

Apple (AAPL) – Apple announced a new program to cut app store fees for smaller software developers. Beginning Jan. 1, developers who earn $1 million or less from the app store will pay a commission of 15%, compared to the standard 30% fee.

Boeing (BA) – The Federal Aviation Administration approved the return of Boeing’s 737 Max jet to service, after grounding it in March 2019 following two fatal crashes. American Airlines (AAL) will be the first to put Max commercial flights back on its schedule in late December. Shares of Boeing jumped more than 5% in the premarket.

Pfizer (PFE) – Pfizer and partner BioNTech (BNTX) said final results showed their Covid-19 vaccine candidate was 95% effective, with Pfizer planning to seek Food and Drug Administration approval for the vaccine within days. Pfizer shares gained 3% in premarket trading as of 7:36 a.m. ET.

Nio (NIO) – The China-based electric vehicle maker reported its sales more than doubled to $650 million during its latest quarter, beating analyst forecasts.

Unilever (UN, UL) – Unilever said it expects sales of plant-based meat and dairy products to reach about $1.2 billion annually within the next five to seven years. Achieving that goal would represent a quintupling of current plant-based sales for the European consumer products giant.

Goldman Sachs (GS) – Goldman is planning a second round of job cuts, according to multiple reports. That would be over and above the roughly 400 jobs it began eliminating in September. Bloomberg reports that Goldman will implement more staff reductions in the coming year, possibly leading to significant job cuts.

Reynolds Consumer Products (REYN) – Reynolds shares are rising following news that CEO Lance Mitchell bought 16,500 shares worth about $429,000. Reynolds is the company behind Hefty garbage bags, Reynolds Wrap Aluminum foil and other consumer products.

La-Z-Boy (LZB) – La-Z-Boy reported adjusted quarterly earnings of 82 cents per share, well above the 50 cent consensus estimate, with the furniture maker’s revenue also above Wall Street forecasts. Profit margins increased, and the company said current order levels are resulting in an unprecedented backlog.

Norwegian Cruise Line Holdings (NCLH) – Norwegian announced a secondary stock offering of 40 million shares at $20.80 each. The cruise line operator plans to use the money for general corporate purposes, as it tries to navigate its way through a cruise industry shutdown. The shares lost 5% in premarket trading as of 7:36 a.m. ET.

Polaris (PII) – Polaris Chief Executive Officer Scott Wine resigned to become CEO of CNH Industrial, the company behind Case and New Holland agricultural equipment. The recreational vehicle maker said it would immediately begin a search for Wine’s successor.

Tesla (TSLA) – Tesla was upgraded to “overweight” from “equal-weight” at Morgan Stanley, which also raised the price target to $540 per share from $360. Morgan Stanley said Tesla is making a shift toward generating high margin recurring software and services revenue.

Boeing, Pfizer give Dow boost, oil ticks higher

Stocks resumed their upward trend on Wednesday after Pfizer delivered more positive vaccine news, combined with more solid retail earnings and …

What would prevent a market rally in 2021?

UBS managing director and senior portfolio manager Jason Katz argues a national lockdown, skinny fiscal package and lack of divided government are risks that may cause a ‘meaningful pullback.’

U.S. stocks closed at the lows of the session, giving up earlier gains, after New York City announced public schools would be closing indefinitely due to rising coronavirus cases. This canceled out more positive news on the vaccine front.

Continue Reading Below

The Dow Jones Industrial Average tumbled 345 points or over 1% with much of the selling taking place in the final hour of trading. The S&P 500 also dipped by the same amount.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES29438.42-344.93-1.16%
SP500S&P 5003567.79-41.74-1.16%
TD Ameritrade Stock Table

The Nasdaq Composite fell 0.8% but Tesla remained a bright spot after Morgan Stanley upgraded the stock citing growth potential beyond autos.

Another Nasdaq entry, Zoom Video Communications reversed its 3% loss on Wednesday on word that the New York City Public Schools announced it will shutter classroom learning and transition to remote learning due to the coronavirus spikes. Shares of Zoom in after hours trading were up nearly 3%.

TESLA IS MUCH MORE THAN AN AUTOMAKER, SAYS MORGAN STANLEY

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11801.603399-97.74-0.82%
TSLATESLA INC.486.64+45.03+10.20%
ZMZOOM VIDEO COMMUNICATIONS INC.415.04+13.41+3.34%
TD Ameritrade Stock Table

Dow member Boeing closed lower, reversing big morning gains after the Federal Aviation Administration approved the planemaker’s 737 Max jet to fly again pushing the stock higher. GE shares held onto their gains. There is concern the planemaker may face some obstacles getting the jet back in service quickly.

FAA CLEARS BOEING’S MAX JET TO FLY AGAIN

TickerSecurityLastChangeChange %
BABOEING COMPANY203.30-6.75-3.21%
GEGENERAL ELECTRIC COMPANY9.73+0.05+0.52%
TD Ameritrade Stock Table

COVID-19 VACCINE LATEST

Pfizer shares rose after it announced a 95% efficacy rate in its Phase 3 trial for its COVID-19 vaccine. Earlier this month, it said it had a 90% efficacy rate for the first 94 patients.

TickerSecurityLastChangeChange %
PFEPFIZER INC.36.32+0.28+0.78%
BNTXBIONTECH SE90.44+3.51+4.04%
TD Ameritrade Stock Table

RETAIL ON TAP

Target shares rose more than 4% after the Walmart competitor said it earned $2.79 a share on $22.34 billion in sales, compared to analysts’ expectations of $1.60 on $20.93 billion in sales in its most recent quarter.

Lowe’s, which competes with Home Depot in the home improvement space, fell after it reported $1.98 a share on $21.17 billion in sales. Traders were expecting earnings of $1.99 a share on $21.25 billion in revenue, up 22.2% year-over-year.

TickerSecurityLastChangeChange %
LOWLOWE’S COMPANIES INC.146.74-13.12-8.21%
TGTTARGET CORP.166.85+3.81+2.34%
TJXTJX62.28+1.14+1.86%
TD Ameritrade Stock Table

TJX Co. also moved higher after the discount retailer earned 71 cents a share on $10.12 billion in revenue. Traders expected TJX to earn 40 cents a share on $9.36 billion in sales.

S&P TAKES BREATHER AS SMALL CAPS, TRANSPORTS HIT RECORDS

TickerSecurityLastChangeChange %
NVDANVIDIA CORPORATION537.15+0.26+0.05%
LLOEWS CORP43.07-0.60-1.37%
TD Ameritrade Stock Table

After the market closes, semiconductor giant Nvidia and L Brands are among the companies reporting their latest results.

FRESH LOOKS AT HOUSING, CRUDE OIL

Several economic reports tied to the U.S. housing markets were released, showing the continued strength of the sector.

TickerSecurityLastChangeChange %
TOLTOLL BROTHERS46.95+0.38+0.82%
DHID.R. HORTON INC.74.54+1.07+1.46%
MTGMGIC INVESTMENT CORP.11.63-0.18-1.52%
LENLENNAR76.50+0.81+1.07%
TD Ameritrade Stock Table

Mortgage applications for the week ending Nov. 14 fell 0.3%, while U.S. housing starts and building permits for October came in at 1.53 million and 1.54 million, respectively.

The Energy Information Administration said crude oil stocks rose 768,000 barrels, well below the estimate of a jump of 1.65 billion barrels. After the weekly inventory report, crude oil rose on Wednesday to $41.82 a barrel, a gain of nearly 1%.

CLICK HERE TO READ MORE STORIES ON FOX BUSINESS

GOLD DIPS

In other commodities, cold declined to $1,873.50 an ounce.

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

Chris Ciaccia contributed to this report. 

why PDL BioPharma Inc. [PDLI] is a Good Choice for Investors After New Price Target of $2.50

PDL BioPharma Inc. [NASDAQ: PDLI] stock went on an upward path that rose over 4.78% on Friday, amounting to a one-week price increase of more …

PDL BioPharma Inc. [NASDAQ: PDLI] stock went on an upward path that rose over 4.78% on Friday, amounting to a one-week price increase of more than 7.59%. The company report on November 12, 2020 that PDL BioPharma Reports 2020 Third Quarter Financial Results and Sets Date To File a Certificate of Dissolution.

– Consummated critical monetization transactions during third quarter, including the sale of its Noden pharmaceutical business and of a basket of royalties to SWK Holdings. Also entered into a settlement agreement with Wellstat. Subsequently completed the spin-off of its medical device company, LENSAR, on October 1, 2020.


This Secret NYSE Telecom Trading at $1.36 gets $35.00 Price Target by 2 Analyst!

There is a secret stock that is LOADED with opportunity for savvy investors to make a fortune!

Get all the details here >>

Sponsored


– As of September 30, 2020, prior to the spin-off of LENSAR, net assets in liquidation were $494.7 million. Net assets attributable to LENSAR on September 30, 2020 were $112.4 million.

Over the last 12 months, PDLI stock rose by 5.97%. The one-year PDL BioPharma Inc. stock forecast points to a potential upside of 3.6.

The market cap for the stock reached $262.21 million, with 115.91 million shares outstanding and 110.01 million shares in the current float. Compared to the average trading volume of 1.07M shares, PDLI stock reached a trading volume of 3559651 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on PDL BioPharma Inc. [PDLI]:

Piper Jaffray have made an estimate for PDL BioPharma Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on December 22, 2016. While these analysts kept the previous recommendation, RBC Capital Mkts dropped their target price from $5 to $4. The new note on the price target was released on February 23, 2016, representing the official price target for PDL BioPharma Inc. stock. Previously, the target price had yet another drop from $6 to $5, while RBC Capital Mkts kept a Sector Perform rating on PDLI stock. On November 05, 2015, analysts decreased their price target for PDLI shares from 7 to 6.

The Average True Range (ATR) for PDL BioPharma Inc. is set at 0.10, with the Price to Sales ratio for PDLI stock in the period of the last 12 months amounting to 5.06. The Price to Book ratio for the last quarter was 0.66, with the Price to Cash per share for the same quarter was set at 0.97.

PDLI Stock Performance Analysis:

PDL BioPharma Inc. [PDLI] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.59. With this latest performance, PDLI shares gained by 2.55% in over the last four-week period, additionally sinking by -18.63% over the last 6 months – not to mention a rise of 5.97% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PDLI stock in for the last two-week period is set at 54.53, with the RSI for the last a single of trading hit 65.58, and the three-weeks RSI is set at 47.23 for PDL BioPharma Inc. [PDLI]. The present Moving Average for the last 50 days of trading for this stock 2.66, while it was recorded at 2.27 for the last single week of trading, and 3.05 for the last 200 days.

Insight into PDL BioPharma Inc. Fundamentals:

PDL BioPharma Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 13.30 and a Current Ratio set at 13.70.

PDLI Stock EPS

With the latest financial reports released by the company, PDL BioPharma Inc. posted -0.48/share EPS, while the average EPS was predicted by analysts to be reported at 0.05/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -1,060.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PDLI. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for PDL BioPharma Inc. go to 14.00%.

PDL BioPharma Inc. [PDLI] Insider Position Details

There are presently around $214 million, or 89.50% of PDLI stock, in the hands of institutional investors. The top three institutional holders of PDLI stocks are: BLACKROCK INC. with ownership of 9,813,602, which is approximately -1.489% of the company’s market cap and around 0.90% of the total institutional ownership; DIMENSIONAL FUND ADVISORS LP, holding 9,318,552 shares of the stock with an approximate value of $22.46 million in PDLI stocks shares; and RENAISSANCE TECHNOLOGIES LLC, currently with $18.31 million in PDLI stock with ownership of nearly -8.393% of the company’s market capitalization.

52 institutional holders increased their position in PDL BioPharma Inc. [NASDAQ:PDLI] by around 4,782,951 shares. Additionally, 76 investors decreased positions by around 11,470,497 shares, while 31 investors held positions by with 72,633,433 shares. The mentioned changes placed institutional holdings at 88,886,881 shares, according to the latest SEC report filing. PDLI stock had 22 new institutional investments in for a total of 2,083,516 shares, while 26 institutional investors sold positions of 2,048,349 shares during the same period.

Stocks making the biggest moves midday: Pfizer, Zoom Video, JPMorgan Chase, United Airlines …

Pfizer, BioNTech — Pfizer and BioNTech jumped 8% and 9.7%, respectively, after the two companies released trial data that showed their coronavirus …

Check out the companies making headlines midday on Monday:

Pfizer, BioNTech — Pfizer and BioNTech jumped 7.7% and 13.9%, respectively, after the two companies released trial data that showed their coronavirus vaccine candidate had an efficacy rate of more than 90%. Dr. Albert Bourla, chairman and CEO of Pfizer, hailed the trial results as a “great day for science and humanity.” U.S. stocks rallied broadly on the news.

Zoom Video, Amazon — Shares of Zoom Video and Amazon struggled on Monday as traders rotated out of so-called stay-at-home stocks and into beaten-down cyclical names following Pfizer and BioNTech’s vaccine data release. Zoom Video closed more than 17% lower and Amazon slid 5.1%. These stocks, however, are still sharply higher for the year, with Zoom having gained more than 500% in 2020.

United Airlines, American Airlines, Carnival, Norwegian Cruise Line — Airlines and cruise stocks surged following the positive vaccine news from Pfizer. Carnival’s stock jumped 39%, while Norwegian and Royal Caribbean added 26.8% and 28.8%, respectively. For airlines, United popped 19.2%, while American and Delta saw double-digit gains.

AMC Entertainment –AMC Entertainment soared more than 51% following news that a coronavirus vaccine developed by Pfizer and BioNTech is more than 90% effective. The movie theater chain was on the brink of bankruptcy after its revenue plunged more than 90% in the third quarter amid forced shutdowns. A successful vaccine could be critical to AMC’s turnaround as the company burns through its cash.

JPMorgan Chase, Citigroup – Shares of JPMorgan and Citigroup surged 13.5% and 11.5%, respectively, leading the gains in financial stocks amid a broad rotation into cyclicals following the positive vaccine news. The advance in bank stocks also came after a jump in bond yields on the promise of a faster economic recovery. The yield on the benchmark 10-year Treasury note reached its highest level since March 20.

Valero Energy, National Oilwell Varco, Exxon Mobil, Chevron — Energy stocks moved sharply higher on Monday, following a spike in oil prices as positive vaccine news fueled optimism about the economic recovery. Shares of Valero and National Oilwell Varco rallied 31.2% and 27.3%, respectively, while Exxon and Chevron also saw double-digit gains.

Biogen — The biotech stock sank 30% after an advisory committee from the Food and Drug Administration rejected the use of Biogen’s aducanumab drug for use in patients Alzheimer’s. The company saw several downgrades from Wall Street, including to underweight from neutral by Atlantic Equities.

New York Times — Shares of The New York Times Company jumped as much as 5.6% after an analyst at Evercore ISI upgraded the media company to outperform from in-line. “NYT shares have traded lower in response to the (likely) result of the US presidential election and a related perception that growth is set to slow materially next year,” the analyst said in a note. “We think the key focus for fundamental investors now shifts to 2021 subscriber and ARPU expectations.”

Fisker — Fisker rallied 32% after the car maker’s stock was initiated with an outperform rating at Cowen. The research firm said there is a “compelling” buying opportunity for investors.

Beyond Meat — Beyond Meat dipped 4.1% after McDonald’s said will test a meat-free burger in several markets next year as it adds plant-based menu offerings. Beyond Meat had made the meat-free patties for McDonald’s Canadian test, and the fast-food chain ended the test in April.

—CNBC’s Yun Li, Jesse Pound and Michael Bloom contributed to this report.