US OPEN: Wall Street opens higher as deadline for stimulus deal arrives

US indices opened higher, trying to erase yesterday losses as investors await further news regarding stimulus package. The 48 hours deadline imposed by Democrats is set to expire tonight. House of Representatives Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin will also talk again on Tuesday, after a 53-minute telephone conversation on Monday "continued to narrow their differences" about the coronavirus aid package, a Pelosi spokesman said on Twitter. On the earnings front, Netflix (NFLX.US) and Texas Instruments (TXN.US) will post their quarterly results today after the market close. Meanwhile Justice Department is expected to present allegations that Google (GOOGL.US) has stifled competition to maintain its powerful position in the marketplace for online search, according to two people familiar with the matter. On the data front, housing starts rose 1.9 % to a seasonally adjusted annual rate of 1.415 million units in September 2020, from a downwardly revised 1.388 million in the previous month and below analysts' estimates of 1.457 million, while building permits jumped 5.2 % from a month earlier to a seasonally adjusted annual rate of 1.553 million in September of 2020, the highest level since March 2007, beating market expectations of 1.52 million.

 

Procter&Gamble (PG.US) stock rose 2% in pre-market after company posted an upbeat first quarter results. Company recorded strong organic sales growth as demand for cleaning products increased due to the ongoing pandemic. Procter & Gamble earned $1.63 per share, an increase of 20% versus the prior year, on revenue of $19.32 billion, an increase of 9%. Company also raised its outlook for fiscal 2021 all-in sales growth from a range of 1%-3% to a range of 3%-4%ersus the prior fiscal year. It raised also its outlook for organic sales growth from a range of 2%-4% to a range of 4%-5%.

Procter&Gamble (PG.US)- stock launched today’s session higher, however buyers gave up early gains and the price pulled back. Should upbeat moods return, all-time high at $146.00 may come into play. However if sellers manage to uphold momentum, then downward correction may be on the cards. The nearest support lies at $140.60 and is additionally strengthened by the upward trendline. Source: xStation5

 

Travelers (TRV.US) shares rose 3.3% in premarket trading after the insurance company posted quarterly profit of $3.12 per share, which came above analysts' expectations of $3.03 a share. Revenue also beat market forecasts, helped by higher net underwriting gains and an increase in net investment income.

 

Lockheed Martin (LMT.US) – reported quarterly earnings of $6.25 per share well above market estimates of $6.09. Revenue also came in above expectations thanks to high aeronautics sales. The defense contractor also raised its full-year guidance.

 

Philip Morris (PM.US) – beat estimates by 6 cents a share, with quarterly earnings of $1.42 per share. Revenue also came in above analysts' expectations. Company recorded increase in sales of its IQOS electronic cigarette system. The tobacco producer also raised its full-year forecast.

 

Logitech (LOGI.US) reported earnings of $1.87 per share for its latest quarter, well above Wall Street forecasts of 57 cents a share. Revenue topped estimates as well. The company noticed higher demand for its  computer peripheral devices like mice and keyboards thanks to increase in remote work and education.