| What to watch today: Dow set to resume its rally | | |  | WED, NOV 18, 2020 | | | | AS OF WED, NOV 18, 2020 • 08:34 ET | | Dow Jones Fut | | 29,783.35 | | Current: | 29,819.00 | | Change: | 99.00 | | Impl. Open: | 101.65 | | | S&P 500 Fut | | 3,609.53 | | Current: | 3,613.75 | | Change: | 7.00 | | Impl. Open: | 8.22 | | | NASDAQ 100 Fut | | 11,977.49 | | Current: | 11,993.50 | | Change: | 18.50 | | Impl. Open: | 22.01 | | | Russell 2000 Mini | | 1,791.91 | | Current: | 1,794.50 | | Change: | 2.10 | | Impl. Open: | 5.79 | | | The 7% surge in Dow component Boeing (BA) gave the 30-stock average another leg up in the premarket. The embattled aircraft maker Wednesday morning received approval from the FAA to put its 737 Max fleet back in service. The move comes after congressional hearings on the deadly crashes, criticism of the FAA and Boeing, and ultimately the firing of Boeing's CEO. (CNBC) | | | | Sen. Chuck Grassley, 87, has tested positive for coronavirus. He tweeted he's "feeling good." The Iowa Republican becomes the sixth senator to test positive for Covid-19. At least three House members have tested positive this month. (CNBC) | | | | Joe Biden received a national security briefing from a dozen experts outside of government, highlighting President Donald Trump's refusal to afford Biden the classified intelligence and threat briefings that are typically given to presidents-elect. (CNBC) | | | | Apple (AAPL) will cut its App Store commission rate to 15% for software developers with less than $1 million in annual net sales. Apple currently takes a 30% commission from the total price of paid apps and in-app purchases from its App Store. (CNBC) | | Tesla (TSLA) was upgraded to "overweight" from "equal-weight" at Morgan Stanley, which also raised the price target to $540 per share from $360. Morgan Stanley said Tesla is making a shift toward generating high margin recurring software and services revenue. Tesla closed Tuesday at $441 per share. | | | | China-based electric vehicle maker Nio (NIO) reported its sales more than doubled to $650 million during its latest quarter, beating analyst forecasts. | | | | Unilever (UN, UL) said it expects sales of plant-based meat and dairy products to reach about $1.2 billion annually within the next five to seven years. Achieving that goal would represent a quintupling of current plant-based sales for the European consumer products giant. | | | | Goldman Sachs (GS) is planning a second round of job cuts, according to multiple reports. That would be over and above the roughly 400 jobs it began eliminating in September. Bloomberg reports that Goldman will implement more staff reductions in the coming year, possibly leading to significant job cuts. | | | | Reynolds Consumer Products (REYN) shares rose in the premarket following news that CEO Lance Mitchell bought 16,500 shares worth about $429,000. Reynolds is the company behind Hefty garbage bags, Reynolds Wrap Aluminum foil and other consumer products. | | | | La-Z-Boy (LZB) reported adjusted quarterly earnings of 82 cents per share, well above the 50 cent consensus estimate, with the furniture maker's revenue also above Wall Street forecasts. Profit margins increased, and the company said current order levels are resulting in an unprecedented backlog. | | | | Norwegian Cruise Line Holdings (NCLH) announced a secondary stock offering of 40 million shares at $20.80 each. The cruise line operator plans to use the money for general corporate purposes, as it tries to navigate its way through a cruise industry shutdown. | | | | Polaris (PII) Chief Executive Officer Scott Wine resigned to become CEO of CNH Industrial, the company behind Case and New Holland agricultural equipment. The recreational vehicle maker said it would immediately begin a search for Wine's successor. | | |
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