US OPEN: Wall Street opens higher on Covid-19 vaccine news

• Pfizer/BioNTech vaccine  shows positive results
• ADP figures below forecasts
• FedEx shared jumped over 9%

US indices opened higher after  STAT news reported that Pfizer/BioNTech is developing a Covid-19 vaccine that is showing positive results. The vaccine spurred immune responses amid healthy patients. However it did cause fever and other side effects "especially at high doses". These news completely overshadowed weaker than expected ADP reading and increasing number of new Covid-19 cases in the US. The U.S. private sector added 2.36 million jobs last month, according to the ADP report, below analysts’ expectations of 3 million. Meantime US health authorities reported over47K new COVID-19 cases yesterday, the biggest one-day spike since the beginning of the pandemic. All eyes will be on FOMC  minutes which will be released later in the day.

S&P500 (US500) bounced of the 3067.9 pts support and the upward move is being continued after US open. The next resistance to watch is located at 3119.7 pts. Source: xStation5

 

Pfizer Inc (PFE.US) jumped almost 7% in pre-market trading after it released positive results from its early-stage human trial on a Covid-19 vaccine. Should the current sentiment prevail, next resistance can be found at $36.76 per share. Source:xStation5

FedEx (FDX.US) stock rose 9% in the extended trading after company posted  its fourth-quarter earnings. The shipping company earned $2.53 per share on revenues of $17.36 billion, well above  market expectations of $1.52 per share on revenues of $16.4 billion,  Operating costs FedEx increased by $125 million increase due to coronavirus.

FedEx (FDX.US) stock soared higher in pre-market trading. Stock price managed to break above $150.18 per share resistance level. Should upbeat moods prevail, resistance at $169.12 per share may come into play. Source:xStation5

 

Facebook (FB.US) shares fell about 1% in extended trading after Target (TGT.US) announced it will pause advertising on Facebook and Instagram during this month in order to reevaluate its advertising plans for the rest of the year. Target joined a growing number of companies in the ”#StopHateForProfit” campaign which aims to put pressure Facebook into doing more to curb hate speech and the spread of disinformation. Company’s CEO Mark Zuckerberg agreed to meet with organizers of the protest, according to a company spokesperson quoted by Reuters.

Virgin Galactic (SPCE.US) stock  rose 3% after the market close. Space travel company told CNBC that it expects to pass the remaining Federal Aviation Administration requirements needed for final regulatory approval to conduct regular spaceflights after it completes one or two more rocket-powered test flights.

Inovio Pharmaceuticals (INO.US) stock fell about 1% in extended trading after dropping nearly 15% earlier in the day after the company has not provided data necessary to determine whether its COVID-19 vaccine works, according to Stat.

Macy’s (M.US)  posted a first-quarter loss of $2.03 per share in line with expectations. Revenue figures matched the numbers from preliminary report. Macy’s is expecting that the effects of the virus will be felt until the end of the year, although it is not anticipating another full shutdown of the economy.

Capri Holdings (CPRI.US) reported  fourth-quarter results. The luxury goods maker earned 11 cents per share, missing the 15 cents a share expectations. Revenue came in above analysts' forecasts. Capri expects, that pandemic will affect its business in fiscal 2021 including a “significant” current-quarter loss, but CEO John Idol said he is encouraged by current trends as stores reopen.

Constellation Brands (STZ.US) released its quarterly results. The spirits producer earned $2.30 per share, above the analysts' expectations of $2.01 a share. The company said beer production in Mexico had returned to normal levels. Also company announced the acquisition of the wine producer Empathy Wines for an undisclosed amount.

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