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Today's Stock Market News [Monday, March 23rd, 2020]

Discussion in 'Pre-Market Movers & News' started by bigbear0083, Mar 23, 2020.

  1. bigbear0083

    bigbear0083 Content Manager
    Staff Member

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    Today's Stock Market News [Monday, March 23rd, 2020]

    Good Day Stockaholics! Happy Monday! ;)

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    Today's Top Headlines for Monday, March 23rd, 2020
    • U.S. stock futures turned strongly positive Monday morning after the Federal Reserve pledged asset purchases with no limit to support markets. Dow futures hit their 5% “limit down” overnight, and were off 600-points at one stage Monday morning, as a massive coronavirus funding package failed a key Senate procedural vote Sunday. The Dow Jones Industrial Average tanked another 900 points or 4.5% on Friday, bringing the weekly decline to over 17% for the worst week since the 2008 financial crisis. Ahead of Monday’s session, the Dow was off more than 35% from last month’s record highs. The New York Stock Exchange’s trading floor will be close starting Monday. The NYSE will go to fully electronic trading. The 10-year Treasury yield, which popped back above 1% last week, was below that level early Monday.
    • Top-level White House and congressional negotiators burned the midnight oil over the now-nearly $2 trillion coronavirus rescue package. Democrats blocked the bill in Sunday’s vote, saying it did too much to bail out companies and not enough to help workers. Several GOP senators, including Rand Paul, who tested positive for the coronavirus, were not present to vote. Others, such as Mitt Romney, were in quarantine as a precaution. The Federal Reserve and Treasury are working on financing programs that could be worth $4 trillion. Goldman Sachs upgraded shares of Boeing, which is hoping for a bailout. Boeing stock has dropped 80% from recent highs on the dual crises of the outbreak and the grounding of its 737 Max.
    • The United States has the third most coronavirus cases in the world, with over 35,000 and 471 deaths, according to Johns Hopkins University data. More than half the U.S. cases are in New York, where the death toll increased to 153. Washington state has the second-most cases, with nearly 2,000 confirmed and 95 deaths. New Jersey, California and Illinois round out the top five states. President Donald Trump on Sunday activated the National Guard in New York, Washington state and California in order to combat the spread of the coronavirus. New York plans to run a clinical trial, beginning Tuesday, of a treatment regimen of antimalarial hydroxychloroquine and antibiotic azithromycin, a drug cocktail that has shown promise in fighting the coronavirus.
    • Global coronavirus cases topped 343,000, with 14,789 deaths and over 98,800 recoveries. China, where the outbreak started in December, still has the most cases at over 81,400. China’s 3,274 deaths are second to Italy’s 5,476 deaths. Italy is second in total cases at over 59,100. The U.S., Spain and Germany round out the top five countries. German Chancellor Angela Merkel went into quarantine over the weekend after contact with a doctor who tested positive for the virus. The German government is set to unveil major stimulus measures. Pressure mounts to cancel the Tokyo summer Olympics, set to begin at the end of July. Canada said it won’t send teams to compete. Local media reports indicate that Japanese Prime Minister Shinzo Abe is considering a delay.
    • Cisco Systems is committing $225 million to assist in efforts aimed at combating the coronavirus while the rest of Silicon Valley also initiates an investment blitz. 3M said it will supply New York and Seattle with a half-million N95 respirator masks to address the ongoing shortage of health-care equipment. Merck said it will supply New York City with a half-million masks. Chinese billionaire and Alibaba founder Jack Ma sent to Africa 5.4 million face masks, over 1 million testing kits, 40,000 sets of protective clothing and 60,000 protective face shields. BlackRock is committing $50 million in outbreak relief.

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    STOCK FUTURES CURRENTLY:
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    LAST WEEKS' MARKET MAP:
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    LAST WEEK'S S&P SECTORS:
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    TODAY'S ECONOMIC CALENDAR:
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    THIS WEEK'S ECONOMIC CALENDAR:

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    MOST ACTIVE TRENDING DISCUSSIONS (STOCK SYMBOLS ARE CLICKABLE!):


    THIS WEEK'S EARNINGS CALENDAR:
    ($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT)
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    THIS WEEK'S UPCOMING IPO'S:
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    THIS MORNING'S PRE-MARKET EARNINGS RELEASES:
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    EARNINGS RELEASES BEFORE TODAY'S MARKET OPEN:
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    EARNINGS RELEASES AFTER TODAY'S MARKET CLOSE:
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    FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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    FRIDAY'S INSIDER TRADING FILINGS:
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    TODAY'S DIVIDEND CALENDAR:
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    THIS MORNING'S PRE-MARKET STOCK NEWS MOVERS:

    source: cnbc.com

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    • Boeing (BA) – Boeing was upgraded to “buy” from “neutral” at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
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    • Coca-Cola (KO) – Coca-Cola was upgraded to “overweight” from “neutral” at JPMorgan Chase, which points to rebound prospects post-COVID-19 and the idea that consensus estimates for revenue and profit are conservative.
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    • Deere (DE) – The heavy equipment maker withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. It is continuing to operate in the U.S. and globally to the extent possible.
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    • Amazon.com (AMZN) – Amazon is raising overtime pay for warehouse workers amid a surge in online shopping. Amazon’s move follows similar action from rival Walmart (WMT), which raised the minimum wage for e-commerce warehouse workers.
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    • Danaher (DHR) – Danaher’s Cepheid unit received U.S. Food and Drug Administration approval for its rapid coronavirus diagnostic test, the first of its kind. The test can deliver results in about 45 minutes, compared to lab results which can take days.
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    • Netflix (NFLX) – Netflix was upgraded to “outperform” from “neutral” at Baird, which thinks the video streaming service will benefit from at least 2 factors: more people at home due to the coronavirus outbreak, and acceleration of cord-cutting due to the lack of live sports on TV.
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    • Apple (AAPL) – Apple dropped a two-device limit on online iPhone purchases, just days after instituting that limit. Apple brick-and-mortar stores outside China remain closed due to the coronavirus outbreak.
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    • Newmont (NEM) – Newmont withdrew its 2020 outlook, with the mining company planning to defer some of its production to 2021.
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    • Occidental Petroleum (OXY) – Occidental is near a settlement with activist investor Carl Icahn, according to The Wall Street Journal. Under the proposed deal, two Icahn allies would receive seats on the Occidental board, and a third independent director would be mutually agreed upon by Icahn and Occidental.
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    • MGM Resorts (MGM) – The casino operator named Bill Hornbuckle – the president of its international division – as acting chief executive officer. Jim Murren stepped down as chairman and CEO over the weekend, following last month’s announcement that Murren would vacate that position.
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    • Gilead Sciences (GILD) – The drugmaker put emergency access to its experimental coronavirus drug remdesivir on hold due to overwhelming demand.
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    • Best Buy (BBY) – The electronics retailer withdrew its financial guidance for the current quarter and the fiscal year, due to uncertainty related to the virus outbreak. It is also suspending all share buybacks and is shifting to curbside service only for its stores.
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    • Starbucks (SBUX) – The coffee chain is closing most of its company cafes across North America for two weeks, limiting service to drive-through.
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    • Tiffany (TIF) – French luxury goods maker LVMH denied last week’s reports that it is mulling buying shares of Tiffany on the open market, saying it is sticking with the takeover agreement signed in late 2019. Reports last week had said LVMH was considering open market purchases of Tiffany shares, since they are now selling for less than the agreed-upon takeover price.
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    • Bed Bath & Beyond (BBBY) – The housewares retailer is closing its flagship-branded stores until April 3, to help stop the spread of the coronavirus.
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    • Marriott (MAR), (HLT) – These and other hotel companies are placing tens of thousands of workers on furlough, as travel dries up in the midst of the coronavirus outbreak.
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    Have a great trading day ahead to everyone in here on this Monday! ;)
     
    Three Eyes likes this.

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