- Disappointing NFP report
- Pfizer (PFE.US) vaccine supply issues
- Marvell Technology (MRVL.US) stock falls after weak guidance
US indices launched today's session higher as investors digested disappointing NFP report and focus on stimulus negotiations. The US economy added 245K jobs in November, easing from a downwardly revised 610K in the previous month, and well below analysts' estimates of 469K, dragged down by a fall in government and retail employment. The outlook for the labour market remains challenging as coronavirus infections continue to rise. Yesterday US reported record number of 218 576 new COVID-19 infections and 2918 fatalities. Meanwhile House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell spoke on the phone Thursday for the first time since at least the presidential election. Pelosi and Senate Minority Leader Chuck Schumer backed a bipartisan $908 billion stimulus package, while McConnell released his own roughly $500 billion plan.
US500 has been trading in a sideways move this week with some upside recently. Currently index is testing upper limit of the triangle pattern. However if sellers manage to regain control, a bigger downward correction may start. In such a scenario, a 3648pts handle will be the first target for market bears. Source: xStation5Marvell Technology (MRVL.US) — stock fell over 5% after company posted its quarterly figures. The semiconductor company reported earnings of 25 cents per share, which came in line with analysts' expectations. Revenue of $750.1 million was just shy of the expected $751 million. However storage sales declined on quarter-over-quarter basis, and the company provided weak fourth-quarter forecast.
Marvell Technology (MRVL.US) – during yesterday’s session stock broke below the upward trendline which coincides with 50 SMA (green line). Today, one can see that the downward move is being continued after US open. Stock is trading slightly below major resistance at $45.00. In case the current sentiment prevails, stock may move towards support at $43.80. Source: xStation5Pfizer (PFE.US) shares dropped slightly after the drug maker halved the number of Covid-19 vaccine doses it plans to ship out this year due to supply chains constraints. Additionally, Moderna (MRNA.US) said it expects to supply up to 125 million doses of its vaccine around the world in the first quarter of 2021.
Bargain Outlet (OLLI.US) shares plunged more than 11% following comments from CEO John Swygert regarding a slowdown in the company’s fourth-quarter trends. “Quarter-to-date, our comparable-store sales increases are tracking in the low single-digits,” he said in a statement. Goldman Sachs downgraded the company to a “neutral” rating.
AMC Entertainment (AMC.US) stock rose 0.6%, rebounding after yesterday’s 16% slump after Warner Bros, announced it would stream all of its 2021 movies at the same time they hit theaters.
Stitch Fix (SFIX.US) shares fell mor than 2% after MKM Partners downgraded the stock to “sell” from “neutral” citing that recent social media checks point to a lack of inventory and delayed shipments, among other things. Yesterday Wells Fargo downgraded the company to an “underweight” rating.
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