| What to watch today: Wall Street set for another rally on Election Day | | |  | TUE, NOV 03, 2020 | | | | AS OF TUE, NOV 03, 2020 • 09:00 ET | | Dow Jones Fut | | 26,925.05 | | Current: | 27,174.00 | | Change: | 378.00 | | Impl. Open: | 360.95 | | | S&P 500 Fut | | 3,310.24 | | Current: | 3,337.50 | | Change: | 37.00 | | Impl. Open: | 35.26 | | | NASDAQ 100 Fut | | 11,084.76 | | Current: | 11,132.50 | | Change: | 69.25 | | Impl. Open: | 61.74 | | | Russell 2000 Mini | | 1,568.59 | | Current: | 1,588.50 | | Change: | 23.80 | | Impl. Open: | 27.11 | | Dow futures pointed to a strong gain at Tuesday's open as Americans who haven't already voted go to the polls to make a stark choice between President Donald Trump or Democrat Joe Biden. Nearly 100 million votes have already been cast early in an attempt to reduce crowds on Election Day during the Covid-19 pandemic. (CNBC)
The move Tuesday in Dow futures added to the 30-stock average's 423 point advance Monday. However, a two-day gain of about 800 points would only put a small dent in last week's more than 1,800-point, or nearly 6.5%, decline, the worst weekly drop since March, a month that saw Wall Street plunge to a coronavirus low. (CNBC) | | | | On today's economic calendar, the government is out with September factory orders at 10 a.m. ET, with forecasts calling for a 1% increase following August's 0.7% rise. (CNBC) | | | | Wayfair (W) nearly tripled estimates of 80 cents per share, with quarterly profit of $2.30 per share. Revenue also came in above estimates, benefiting from strong demand in its category and an overall ongoing shift toward online purchasing by consumers. Shares of Wayfair soared 12% in premarket trade. | | | | Royal Caribbean (RCL) extended cruise cancellations through the end of the year, as global virus cases spike. Rival Norwegian Cruise Line (NCLH) made a similar announcement earlier on Monday. | | | | Humana (HUM) reported a quarterly profit of $3.08 per share, beating the $2.81 consensus estimate, with revenue above estimates as well. Humana forecast a current-quarter loss, however, due to a resumption of payouts for medical procedures that had been delayed due to the pandemic. Humana also raised its 2020 Medicare Advantage membership growth outlook. | | | | Pharmaceutical distributor McKesson (MCK) earned $4.80 per share for its latest quarter, compared to a consensus estimate of $3.87 a share. Revenue also beat forecasts, and the company increased its full-year guidance. McKesson's results were helped by strong demand for virus tests and personal protective equipment. | | | | Jazz Pharmaceuticals (JAZZ) reported quarterly profit of $4.31 per share, 27 cents above estimates. Revenue also came in above forecasts as well and the drugmaker raised its full-year revenue forecast. The company's shares were up 7% in the premarket. | | | | Cirrus Logic (CRUS) beat the consensus estimate of 90 cents a share, with quarterly earnings of $1.26 per share. The maker of electronic components also reported better-than-expected revenue. Cirrus announced that President John Forsyth will become CEO on Jan. 1, succeeding Jason Rhode. | | | | Ferrari (RACE) reported better-than-expected earnings and revenue for its latest quarter, and said its 2020 results would come in near the upper end of the range it issued in August. | | | | Twitter (TWTR) said in a SEC filing that a board committee has determined that the company's current management structure should remain in place, seen as a reprieve for CEO Jack Dorsey. It also suggested changes to Twitter's board structure to give a larger voice to shareholders. | | | | Mondelez (MDLZ) beat estimates by a penny a share, with quarterly earnings of 63 cents per share. The maker of Oreo cookie and other snacks saw its revenue top forecasts as well. Mondelez continued to benefit from stay-at-home consumers stocking up on its snacks. | | | | PayPal (PYPL) reported quarterly earnings of $1.07 per share, beating the consensus estimate of 94 cents a share. The digital payment service's revenue came in slightly above forecasts, boosted by the ongoing increase in digital transactions. The company gave current-quarter earnings guidance that disappointed some investors. | | | | Skyworks Solutions (SWKS) earned $1.85 per share for its fiscal fourth quarter, compared to a consensus estimate of $1.52 per share. The chipmaker's revenue came in well above analysts' projections. Skyworks also issued an upbeat current-quarter outlook, helped by the ramp-up in 5G smartphone platforms. | | |
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