• US stimulus talks in focus
• Powell to speak on economic outlook
• Iovance Biotherapeutics (IOVA.US) has not reached an agreement with the FDA
• Powell to speak on economic outlook
• Iovance Biotherapeutics (IOVA.US) has not reached an agreement with the FDA
US indices launched today’s session in mixed moods as investors focus on FED Powell speech and stimulus talks after President Trump left the hospital on Monday and the risk that he might withdraw from the presidential election appears to have receded. Meanwhile, there's still no deal between Democrats and Republicans and the House Speaker Nancy Pelosi and the Treasury Secretary Steven Mnuchin plan to speak again today. Nasdaq is trading lower after news emerged that the US House of Representative may look into breaking up tech giants. New regulations would prohibit companies like Amazon or Apple from owning marketplaces and selling their own products on them. On the data front, US trade gap widened to USD 67.1 billion in August from a downwardly revised USD 63.4 billion in July and came in above analysts’ expectations of 66.1 billion. Today's reading showed the biggest trade deficit since a record high in August of 2006. In the afternoon all eyes will be on the FED Chair Powell which is scheduled to speak about the economic outlook around 3:30 pm BST at a meeting of the National Association for Business Economics.
US30 - yesterday buyers managed to break above the 50 SMA (green line) and index is currently testing the major resistance level at 28090 pts which is additionally strengthened by earlier broken upward trendline. Should upbeat moods prevail, next resistance at 29177 pts may come into play. However in case sellers manage to regain control, then another downward impulse towards 27408 pts could be launched. Source: xStation5
Iovance Biotherapeutics (IOVA.US) — stock plunged 21% after the market close on news that company will likely not apply for a Biologics License Application for a cancer therapy it is developing until 2021. The company announced that “have not been able to agree” with the Food and Drug Administration on required potency assays for the application.
Iovance Biotherapeutics (IOVA.US) – stock launched today’s session with a massive bearish gap. Should sellers manage to uphold the downward momentum, then next support at $21.50 may be at risk. Source: xStation5Spartan Energy Acquisition Corp. (SPAQ.US) — Shares of the special purpose acquisition company rose 4.7% after the firm announced a meeting on Oct. 28 to approve a combination with Fiskers, an electric car company.
Southwest Airlines (LUV.US) is negotiating with its employee unions to agree to pay cuts, in return for not furloughing or laying off employees through 2021. Company is planning to reduce Non-union salaries by 10% until the beginning of 2022.
Biontech (BNTX.US) stock jumped 10% and Pfizer (PFE.US) stock rose 1% after the EU fast tracked the review process for the potential Covid-19 vaccine the two companies are developing together.
Dollar Tree (DLTR.US) – retailer is planning to hire more than 25,000 holiday season workers. Many of them will be employed at the distribution centers due to the surge in online purchases caused by the pandemic.
Cisco Systems (CSCO.US) will may have to pay $ 1.9 billion to the cybersecurity company Centripetal, which had accused Cisco of copying its patents. In Judge opinion Cisco infringed 4 of 5 patents, however company is planning to appeal.
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