• US futures attempt to recover earlier losses
• AstraZeneca (AZN.US) pauses COVID-19 vaccine trial
• LVMH says it won't be able to buy Tiffany (TIF.US)
• AstraZeneca (AZN.US) pauses COVID-19 vaccine trial
• LVMH says it won't be able to buy Tiffany (TIF.US)
US indices launched today's session higher, trying to rebound from a big tech sell-off which took place recently. Technology stocks dropped 10% in 3 sessions, which is the sharpest decline since March. Yesterday Tesla shares plunged 21%, its biggest one-day decline ever. Meanwhile, AstraZeneca stopped testing its COVID-19 vaccine after a study participant came down with an unexplained illness which could be a potential reaction to the vaccine. The delay is benefiting shares of other vaccine developers like Novavax, Moderna, Inovio and BioNTech.
Dow Jones (US30) futures bounced off the 27140 pts support level attempting to recover from recent losses. Should buyers manage to uphold momentum then 28090 pts level pts could be at risk. On the other hand, in case sellers regain control and we see a return to a move lower, then 26077 pts support will be the next target for market bears. Source: xStation5
Tiffany (TIF.US) stock fell over 9% in pre-market after France’s LVMH announced that it will not be able to meet the closing date for the takeover transaction on November 24 as the current circumstances would not allow that to happen. Tiffany threatened to sue LVMH over the delay in completing the deal, accusing LVMH of being in breach of its obligations. Back in November 2019 LVMH agreed to buy Tiffany for $16 billion.
Tiffany (TIF.US)- stock launched today’s session with a bearish price gap and is currently trading near the major resistance level at $111.00. Should downbeat moods prevail, pandemic low at $103.50 may come into play. Source: xStation5Slack (WORK.US) stock plunged 14% after the market close despite the fact that company posted upbeat quarterly results. The messaging platform reported revenue of $215.9 million above market expectations of $209.1 million. Slack reported a loss of 0 cents per share, while Wall Street expected a loss of 3 cents per share. However company did not reinstate billings guidance due to the volatile environment.
HD Supply (HDS.US) earned 83 cents per share, while analysts expected earnings of 73 cents per share. The industrial distributor revenue came in line with market forecasts. Facilities maintenance sales surprised on the upside, however construction and industrial sales fell below forecasts.
Lululemon (LULU.US) stock dropped over 3% after the closing bell following its quarterly earnings report. The athletic retailer reported earnings of 74 cents per share, beating the consensus estimate of 66 cents a share. Revenue came is at $903 million, well above market expectations of $843 million. Company did not provide full year outlook because of COVID-19, but Chief Executive Calvin McDonald said in a statement, “We are cautiously optimistic with regard to the second half of the year as we continue to navigate the uncertain environment.”
Tesla (TSLA.US) shares tanked more than 21% during yesterday session as S&P Dow Jones Indices decided against adding Tesla to the S&P 500. However Shares of the electric automaker rose over 6% in extended trading.
Lyft (LYFT.US) stock rose 1.5% in extended trading after the company published a business update according to which in the first week of September, rides reached a high since April. September’s first week level showed rides down less than 50% year-over-year.
Coupa Software (COUP.US) shares fell over 6% in extended trading despite company posted upbeat quarterly results. Coupa earned 21 cents per share on revenue of $125.9 million while market expected earnings of 8 cents per share on revenue of $118.8 million. However company posted disappointing earnings guidance for the third quarter.
