• Negotiation deadlock over the new coronavirus relief package.
• Tesla (TSLA.US) announced five-for-one stock split
• Moderna’s (MRNA.US) struck a deal worth $1.5 billion with the U.S. government
• Tesla (TSLA.US) announced five-for-one stock split
• Moderna’s (MRNA.US) struck a deal worth $1.5 billion with the U.S. government
US indices opened higher, rebounding after yesterday’s selloff as investors await updates on a new coronavirus relief package. Both parties still cannot reach an agreement with differences centering around issues such as unemployment benefits and aid to state and local governments. Yesterday Atlanta Fed President Thomas Barkin put additional pressure on Congress, stating that the economy could suffer another downturn if U.S. policymakers fail to provide more financial aid.
Meanwhile President Trump announced that the US government will purchase 100 million doses of Moderna’s (MRNA.US) experimental COVID-19 vaccine, which is currently in late-stage human trials. The vaccine will be provided to people free of charge, and the government will have the option to purchase an additional 400 million doses.
Presidential candidate Joe Biden chose Senator Kamala Harris as his choice for vice president. Harris belongs the more moderate wing of the party, and her presence on the ticket points to a reduced risk of an extreme progressive influence in the White House if the Democrats win in November.
On the data front, US consumer price inflation rate increased to 1.0 % year-on-year in July 2020, recovering further from May's four-and-a-half-year low and beating analysts' forecasts of 0.8 %.
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On the data front, US consumer price inflation rate increased to 1.0 % year-on-year in July 2020, recovering further from May's four-and-a-half-year low and beating analysts' forecasts of 0.8 %.
S&P 500 (US500) bounced of the 3338.6 pts support level and is heading towards key resistance level at 3398.0 pts. However, if sellers will manage to regain control, the support at 3288.5 pts could be tested. Source: xStation5
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Moderna’s (MRNA.US) – stock launched today’s session with a bullish price gap and is currently testing local resistance at $75.17. If buyers manage to break above it, a way for a bigger upward move will be open with ATH at around $ 95.32 per being potential target. On the other hand, once sellers regain control, the support at $67.76 per share may be at risk. Source: xStation5
Moderna’s (MRNA.US) – stock launched today’s session with a bullish price gap and is currently testing local resistance at $75.17. If buyers manage to break above it, a way for a bigger upward move will be open with ATH at around $ 95.32 per being potential target. On the other hand, once sellers regain control, the support at $67.76 per share may be at risk. Source: xStation5Tesla (TSLA.US) stock rose 7% in extended trading after company announced a five-for-one stock split. Trading will begin on a stock split-adjusted basis on August 31. Company said it wanted to make its shares more accessible to employees and investors.
Brinker International (EAT.US) reported an adjusted quarterly loss of 88 cents per share, while analysts expected a wider loss of $1.37 per share. Revenue did come in below forecasts, but company is expecting a smaller loss in the current quarter, with comparable restaurant sales down in the low to mid-teens.
Eastman Kodak (KODK.US) stock rose almost 7% in after-hours trading after the company posted its quarterly earnings. Company reported a second-quarter loss of $5 million. Revenue fell to $213 million from $307 million a year ago. Kodak said although the Covid-19 crisis affected its second quarter volume sales, the company expects “improvement in both sales volumes and working capital in Q3.”
Overstock.com (OSTK.US) announced that a new stock offering of 2.1 million shares was priced at $84.50 per share compared to yesterday’s closing price of $92 per share. The company is planning to use the money for general corporate purposes.
Fluor Corp. (FLR) will not manage to provide its quarterly report in a timely manner without incurring unreasonable expense or effort, according to an SEC filing. The engineering and construction firm is in the process of investigating reporting in prior periods, but does expect to file its report before September 30.
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