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Today's Stock Market News [Wednesday, March 25th, 2020]

Discussion in 'Pre-Market Movers & News' started by bigbear0083, Mar 25, 2020.

  1. bigbear0083

    bigbear0083 Content Manager
    Staff Member

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    Today's Stock Market News [Wednesday, March 25th, 2020]

    Good Day Stockaholics! Welcome to Wednesday! ;)

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    Today's Top Headlines for Wednesday, March 25th, 2020
    • Dow futures saw wild swings Wednesday between strong gains and modest losses. Investors overnight had been encouraged by the White House and Senate reaching a deal on a $2 trillion coronavirus stimulus package. On Tuesday, the Dow Jones Industrial Average logged its best session since 1933, soaring over 2,112 points or nearly 11.4% in anticipation of the relief bill. Despite Tuesday’s gains, the Dow remained about 30% below last month’s record highs.
    • Boeing shares jumped over 11% in the premarket after Reuters reported that plane-maker plans to restart production on its grounded 737 Max fleet by May. The Senate bill, the final details of which have not been released, has money set aside to “stabilize key national industries,” according to Senate Majority Leader Mitch McConnell.
    • McConnell, just after 1:30 a.m. ET, announced the stimulus bill agreement, and said senators will vote and pass it later Wednesday. The Kentucky Republican promised the bill would help struggling industries and rush financial assistance to Americans through direct checks to households, enhanced unemployment insurance, hundreds of billions of loans in emergency loans to small businesses, and more resources for hospitals and medical equipment. Anything passed by the GOP-controlled Senate must be reconciled with the Democratic-controlled House, which drafted its own plan.
    • Despite medical community warnings about the continuing threat of the coronavirus, President Donald Trump said Tuesday he wants to open the economy back up by Easter Sunday, which is less than three weeks away on April 12. Trump said he offered the holiday as a deadline because Easter is “very special” to him. The president added, “I’m not sure that’s going to be the day ... [but] that would be a beautiful thing.” He stressed that any the decision to reopen the economy will be “based on hard facts and data” and will be “grounded solely in the health, safety and well-being of our citizens.”
    • U.S. coronavirus cases have soared in recent days, as testing kits have become more available. According to Johns Hopkins University, America has more than 55,200 cases, the third most of any country in the world, with 802 deaths. Italy’s more than 69,100 cases are second only China’s over 81,600 cases. However, Italy’s death toll of 6,820 is more than double that of China, where the outbreak started in December. Global cases increased to about 428,400 with 19,119 deaths and over 109,400 recoveries. Spain, Germany and France are also emerging as hot-spots in Europe. In Britain, Prince Charles’ household announced that the heir to the throne has tested positive for COVID-19, the disease caused by the new coronavirus.
    • Target, one of the retailers that’s seen a surge in shoppers, said Wednesday it’s scaling back plans to remodel hundreds of stores, postponing openings of new stores and delaying the addition of fresh groceries and beer to curbside pickup. Target CEO Brian Cornell said the retailer will focus on a singular mission: providing food, medicine and other essential items during the pandemic. Target is also withdrawing its guidance for the first quarter and fiscal year because of the unpredictable business climate. People have been flocking to Target, Walmart, Costco and Amazon, stocking up in case of prolonged supply chain disruptions.

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    STOCK FUTURES CURRENTLY:
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    YESTERDAY'S MARKET MAP:
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    YESTERDAY'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 $HTHT)
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    THIS WEEK'S UPCOMING IPO'S:
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    THIS MORNING'S PRE-MARKET EARNINGS RELEASES:
    ($PAYX $WGO $MYOS $CYRN $ESLT)
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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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    YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
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    YESTERDAY'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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    • Target (TGT) – The retailer joined the ranks of those withdrawing financial guidance, due to the uncertainty stemming from the coronavirus outbreak. Target said food and household goods sales are jumping, but profit may be squeezed by higher costs for staffing and cleaning stores.
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    • Nike (NKE) – Nike reported quarterly profit of 78 cents per share, beating the consensus estimate of 59 cents a share. Revenue also exceeded forecasts, and the athletic footwear and apparel maker said business has rebounded in China following the coronavirus outbreak.
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    • Facebook (FB) – Facebook said usage of its platforms has surged during the virus outbreak, but added that it is also seeing a weakening of its ad sales business.
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    • Kraft Heinz (KHC) – The food producer was upgraded to “overweight” from “neutral” at JPMorgan Chase, which said that packaged food companies with higher levels of debt will benefit from the virus-related surge in business.
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    • Occidental Petroleum (OXY) – Occidental Petroleum announced employee salary cuts of up to 30%, according to an internal memo seen by Reuters. CEO Vicki Hollub will take an 81% pay cut. The oil producer is trying to conserve cash during a period of tumbling oil prices.
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    • Boeing (BA) – Boeing plans to restart 737 Max production by May, according to sources who spoke to CNBC. Several regulatory hurdles still remain, however, before the aircraft is ungrounded by the Federal Aviation Administration.
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    • Royal Caribbean (RCL) – Royal Caribbean extended the suspension of its cruises through May 12, as coronavirus cases around the world surge. The cruise line had previously suspended voyages through the end of April.
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    • Whirlpool (WHR) – Whirlpool withdrew its 2020 guidance due to the coronavirus outbreak. The appliance maker is also cutting production in its US factories, due to supply chain disruptions.
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    • Apple (AAPL) – Apple was upgraded to “buy” from “hold” at Deutsche Bank, which said the recent decline has changed its opinion that the stock was “too rich” from a risk-reward standpoint.
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    • Hershey (HSY) – Hershey received a double upgrade at Piper Sandler to “overweight” from “underweight.” Piper points to valuation, and expects the chocolate maker to benefit from strong consumer demand and retail traffic.
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    • TJX (TJX) – TJX was upgraded to “outperform” from “sector perform” at RBC Capital, based on the strength of the retailer’s balance sheet.
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    • Winnebago (WGO) – The recreational vehicle maker reported quarterly earnings of 67 cents per share, matching estimates. Revenue beat Wall Street forecasts, however, and Winnebago said it is confident that the outdoor recreation industry will rebound in the future once the coronavirus outbreak is resolved.
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    Have a great trading day ahead to everyone in here on this Wednesday! ;)
     

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