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Wall Street poised to recover after tough week




US equity futures surged Monday after the Nasdaq ended a volatile week lower. On Monday, the Nasdaq was down just under 10% from its closing record on September 2. The S&P 500, which posted a small gain on Friday, was 6.7% below its closing high on September 2. The Dow Jones Industrial Average, which climbed nearly 300 points and lost 86 points in Friday’s session, finished 131 points, or 0.5%, higher. The benchmark of 30 stocks remained at 6.4% from its closing record on February 12. (CNBC)

Apple shares (AAPL) were higher in the pre-market after closing lower on Friday. The stock lost 7% last week. Apple is expected to release the Apple Watch Series 6 and a refreshed iPad Air at its online event on Tuesday. Apple typically unveils its new iPhones at an event at its Headquarters in Cupertino, Calif., In September, but this year it can happen later as Apple informed in its results that the iPhone has been delayed by a few weeks. (CNBC)

The Federal Reserve begins its two-day meeting in September on Tuesday. The Fed releases its policy statement on Wednesday afternoon followed by a press conference by Fed Chairman Jerome Powell. Minor changes are observed. Central bankers are also updating their outlook on the economy and interest rates, including for the first time the forecast for 2023. (CNBC)


Facing a deadline imposed by the White House to sell its TikTok assets in the United States by next Sunday or face a ban, ByteDance, based in Beijing, is set to choose Oracle (ORCL) as its technology partner American. Oracle shares rose about 9% on Monday’s pre-release, a day after Microsoft (MSFT) said ByteDance did not pick its offer. (CNBC)

Shares of Nvidia (NVDA) have already doubled in 2020, rose more than 6% in pre-market trading after Japan’s SoftBank agreed to sell UK-based Arm to graphics and intelligence powerhouse artificial Silicon Valley. However, the co-founder of Arm, which makes chips for major smartphones, including the iPhone, called the $ 40 billion deal “an absolute disaster for Cambridge, the UK and Europe.” (CNBC)

Shares of New Jersey-based Immunomedics (IMMU), up 100% in 2020, were expected to double again at Monday’s opening after California-based Gilead (GILD) agreed to buy the manufacturer of cancer drugs. The $ 21 billion deal gives Gilead access to Trodelvy, an FDA-approved treatment for triple-negative metastatic breast cancer. Gilead is working on an inhaled version of remdesivir, its antiviral drug approved for emergency use on Covid-19. (CNBC)

Pfizer’s coronavirus vaccine (PFE) could be distributed to Americans before the end of the year if it proves safe and effective, according to CEO Albert Bourla. The US pharmaceutical giant is working alongside German drug maker BioNTech (BNTX). Pfizer on Saturday submitted a proposal to the FDA to expand its late-stage trial to include up to 44,000 participants, a third more than its previous target. (CNBC)

AstraZeneca (AZN) shares rose in the pre-market after phase three trials for the company’s coronavirus vaccine resumed in the UK Trials were halted for safety reasons last week . AstraZeneca declined to release medical information about the break, but said a potentially unexplained illness was under investigation. (CNBC)

* Trump executive order sets new drug price target (WSJ)
* Public health specialists criticize Trump administration for reports it interfered with CDC studies (CNBC)

Shares of Delta Air Lines (DAL) rose in the pre-market after the carrier announced on Monday that it would borrow $ 6.5 billion backed by its loyalty program to consolidate cash during the coronavirus crisis. United (UAL) and American (AAL) have made similar plans. (CNBC)

Amazon (AMZN) is recruiting 100,000 more workers, the fourth wave of hiring announced in the United States this year, to keep pace with e-commerce demand that has jumped during the pandemic. The Seattle-based company employed 876,800 people as of June 30, excluding contractors and temporary staff. (Reuters)

* Alphabet’s Google aims to operate on carbon-free energy by 2030 (Reuters)

President Donald Trump, who is should visit California’s Democratic stronghold ravaged by wildfires on Monday, challenged Nevada officials and organized an indoor rally Sunday night outside of Las Vegas. The Associated Press reported that relatively few people in the crowd wore masks, except those behind Trump.The pandemic in the United States has infected more than 6.5 million people, killing nearly 200,000 of them.

* 33 dead as wildfires burn millions of acres in western United States (CNBC)
* Gulf Coast Residents Prepare for Sally, Possible New Hurricane (AP)

Former New York mayor and former 2020 presidential candidate Mike Bloomberg is expected to spend $ 100 million in Florida to help Democratic candidate Joe Biden win the state. The latest financial push gives Camp Biden more flexibility to spend money in other key states, like Pennsylvania, Nevada, and Minnesota. (CNBC)


Shares of Nikola (NKLA) fell a further 6.7% as the electric truck maker faces allegations of fraud from short seller Hindenburg Research.In a press release MondayNikola said the allegations are “false and misleading, and designed to manipulate the market to profit from a fabricated drop in Nikola’s share price.”

A Goldman Sachs analyst upgraded Micron Technology (MU) to “buy” from “neutral,” which pushed the stock up 3.8%. The analyst said Micron was “well positioned competitively as it continues to execute its technology transitions and the risk / reward on the stock is positive.” (OSTK) was started by a Needham analyst with a ‘buy’ rating and a price target of $ 96 per share, implying a 47.4% rise from Friday’s close of $ 65.15 per share. The analyst said that Overstock “benefits from external and internal factors that are driving accelerated revenue growth and market share gains.” Overstock shares traded 6.5% higher.

Morgan Stanley launched Thermo Fisher Scientific (TMO) with an “overweight” rating and a price target of $ 485 per share, pushing the stock up 1.9% before the bell. This price target implies a 12.6% rise from the Friday close.

MGM Resorts (MGM) shares fell more than 1% after a Goldman Sachs analyst demoted the casino operator to “sell” from “hold”. The analyst said he expects “a slower recovery in Las Vegas which will lead to lower consensus estimates and fundamental underperformance relative to its peers.”

Kroger (KR) was demoted to “neutral” from “buy” by a Bank of America analyst, citing a potential deceleration in same-store sales as restaurants begin to reopen. Shares of the grocery chain slipped 0.9%.


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