US OPEN: Wall Street opens higher despite surging COVID-19 cases

• Another record number of new daily COVID-19 cases
• US producer prices rise for 6th month
• Disney (DIS.US) stock rose 6% despite Q4 loss

US indices are trying to erase recent losses, with both Dow Jones and Nasdaq trading 0.8% higher and the S&P 500 rose 0.7% despite ever-increasing coronavirus infections and concerns about the impact of the pandemic on economic recovery. Yesterday US reported new record number of more than 153 thousand cases. In Chicago, Mayor Lori Lightfoot asked residents to cancel Thanksgiving plans and to stay at home and in New York, Governor Andrew Cuomo said new curfews on bars, restaurants and gyms will take effect on Friday.  On the data front PPI inflation increased 0.3 % from a month earlier in October of 2020, following a 0.4 % rise in September and in line with market expectations of a 0.4% gain.

US30 – yesterday sellers failed to break below the support at 28,880 pts index and price pulled back. Today index is testing major resistance at 29 177 pts. If the current sentiment prevails, the upward move could be extended to the 29,557 pts handle. Source: xStation5

 

Disney (DIS.US) stock jumped 6% after company added 73 million paid subscribers for its streaming service, Disney+.  Also quarterly loss was smaller compared to analysts' expectations. Disney reported a loss of 20 cents per share on revenue of $14.71 billion while Wall Street expected a loss of 71 cents per share on revenue of $14.2 billion.

Disney (DIS.US) – stock launched today’s session higher and is testing local resistance at $140.00. If the current sentiment prevails, the upward move could be extended to the $147.03 handle or even $153.70, where all-time highs are located. Source: xStation5

 

Cisco Systems (CSCO.US) stock rose over 9% after the closing bell after company posted better-than-expected quarterly figures. Cisco posted earnings per share of 76 cents on revenue of $11.9 billion while markets expected a profit of 70 cents per share on revenue of $11.85 billion. Company also provided upbeat guidance for the fiscal second-quarter earnings.

 

Palantir Technologies (PLTR.US) earned an adjusted 9 cents per share for its latest quarter, compared to a 2-cent consensus estimate, while revenue also came in above Wall Street forecasts. The data analytics firm also raised its 2020 revenue forecast, after signing 15 new contracts during the third quarter.

 

Unity Software (U.US) reported quarterly loss of 97 cents per share, wider than the 15-cent loss that analysts were expecting. On the other hand, revenue came in above market estimates. Maker of video gaming software which went public in September is also planning to expand into other markets like industrial, automotive and entertainment.

 

Applied Materials (AMAT.US) – reported quarterly profit of $1.25 per share which came in 8 cents above estimates. Revenue also topped market expectations. The semiconductor manufacturing equipment maker also issued an upbeat current-quarter outlook.

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