US OPEN: Wall Street edges higher as election looms

• Presidential election campaign nears end
• US reported another record number of new daily COVID-19 cases
• Estee Lauder (EL.US) stock rose over 4% on upbeat earnings

US indices opened firmly higher today, bouncing back from October’s sharp selloff, as President Donald Trump and Democratic rival Joe Biden enter the final full day of campaigning in their long and bitter race for the White House. Biden leads the polls , however investors remain concerned that the election results may be contested and delayed as many states will not have complete results on election night due to the increase in mail voting. Meanwhile US reported over 99,000 new Covid-19 cases on Friday, beating its previous record set only a day prior, according to Johns Hopkins University.

US500 is testing strong resistance at 3305 pts which is additionally strengthened by 50 SMA (green line). Should current sentiment prevails then the next resistance at 3400 pts may be at risk. However if buyers will manage to regain control then another downward impulse towards 3200 pts could be launched. Source: xStation5

 

Estee Lauder (EL.US) reported earnings of $1.44 per share, well above the 90 cents a share consensus estimate. Revenue also came in above forecasts. The cosmetics maker will increase its dividend  by 10% to 53 cents per share.

Estee Lauder (EL.US) launched today’s session with a bullish price gap after company posted better than expected quarterly results. If the current sentiment prevails, the upward move could be extended to the $236.16 handle where all-time highs are located. However breaking below the support located at $227.50 will neglect the bullish scenario. Source: xStation5

Clorox (CLX.US) – stock rose 2.8% in premarket trading after the company reported quarterly earnings of $3.22 per share, compared to analysts' expectations of $2.32 a share. Revenue also beat market estimates, as the household products maker continued to benefit from purchases by homebound consumers amid the pandemic. Company also raised its full-year sales guidance.

 

Dunkin’ Brands (DNKN.US) stock rose 6% in premarket trading after company agreed to be acquired by Inspire Brands for $8.8 billion in cash, or $106.50 per share, the largest North American restaurant acquisition since Burger King owner Restaurant Brands acquired the Tim Hortons chain in 2014.

Marathon Petroleum (MPC.US) –reported quarterly loss of a $1.00 per share, while analysts expect wider loss of $1.70 per share. Revenue came in below market expectations due significantly lower demand caused by the ongoing pandemic.

AMC Networks (AMCX.US) –  reported quarterly earnings of $1.32 per share, 4 cents a share above estimates. Revenue also beat analysts' expectations. The cable network operator is expecting to have 5 million to 5.5 million paid streaming video subscribers by the end of 2020.

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