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On Monday, equities plunged in their worst session since September amid a surge in Covid-19 cases across the country.
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 Gold futures early Tuesday hold steady as indications for a tepid rebound in equities, following Monday's stock-market rout due to rising COVID-19 cases, cause some pause in bullion buying.
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 Shares of Cummins Inc. surged 4.2% toward a record high in premarket trading Tuesday, after the diesel, natural gas and electric engines maker reported third-quarter profit and sales that fell, but beat expectations, and provided an upbeat outlook. Net income declined to $501 million, or $3.36 a share, from $622 million, or $3.97 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.42. Revenue declined 11.3% to $5.12 billion, but beat the FactSet consensus of $4.51 billion. Engine sales fell 13% to $2.1 billion to beat expectations of $1.71 billion; components sales were down 14% to $1.7 billion but topped expectations of $1.24 billion; and power systems sales declined 13% to $981 million, but topped forecasts of $794.5 million; while distribution sales slid 14% to $1.7 billion, just shy of expectations of $1.75 billion. The company said it expects fourth-quarter sales to be "similar" to third-quarter levels, which would be above the current FactSet consensus of $4.77 billion. Cummins said that on Oct. 1, it ended the temporary salary reductions that were implemented in April. The stock has rallied 15.6% over the past three months through Monday, while the S&P 500 has gained 5.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Pfizer Inc. were up 0.1% in premarket trading on Tuesday after the drug maker missed sales expectations for the quarter. Pfizer had earnings of $2.2 billion, or 39 cents per share, in the third quarter of 2020, down from $7.7 billion, or $1.36 per share, in the same quarter a year ago. It had adjusted earnings per share of 72 cents for the quarter, against a FactSet consensus of 71 cents. The drug company's revenue fell 4% to $12.1 billion for the quarter, compared with $12.7 billion in the same quarter a year ago. The FactSet consensus was $12.3 billion. The company attributed an estimated unfavorable impact of $500 million for the quarter to the COVID-19 pandemic, citing lower demand for anti-infective products used in surgeries in China and disruptions in traditional prescribing patterns in the U.S. as people avoided going to to the doctor, including a 19% drop in sales of its smoking-cessation drug Chantix. The impact was offset to some degree by "strong performance" of its heart drugs, Vyndaqel and Vyndamax, and its biosimilars business. It did not disclose any additional details about its work to develop a COVID-19 vaccine with BioNTech . However, it did note that the Phase 2/3 clinical trial for the vaccine candidate had enrolled 42,000 participants as of Monday, and about 85% of the participants have received their second and final dose of the experimental vaccine. Pfizer adjusted its 2020 guidance for adjusted earning share to $2.88 to $2.93, from $2.85 to $2.95. Pfizer's stock is down 3.2% for the year, compared with the S&P 500 , which has gained 5.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Shares of Twitter Inc. bounced 1.0% in premarket trading Tuesday, after J.P. Morgan analyst Doug Anmuth raised his price target ahead of the social-media company third-quarter earnings report due out later this week. The stock's rally comes after it dropped 2.9% on Monday after closing at a 5 1/2-year high of $50.44 on Friday. Anmuth kept his rating at neutral, but raised his stock price target to $52 from $39, saying he expects "meaningful improvement" in ad revenue. "While [Twitter] likely still lags peers during the ad market recovery, we are confident that brand marketers have resumed spending, specifically as sports have returned & the economy has re-opened," Anmuth wrote in a note to clients. "Based on our conversations, we believe investors expect positive revenue growth from [Twitter] in 3Q," he wrote. The FactSet consensus for third-quarter revenue is $775 million, which implies a 5.9% year-over-year decline. The stock has run up 33.0% over the past three months through Monday, while the SPDR Communication Services Select Sector ETF has gained 6.1% and the S&P 500 has tacked on 5.0%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed above 43.5 million on Tuesday, according to data aggregated by Johns Hopkins University, while the death toll rose to 1.16 million. The U.S. has the highest case total at 8.7 million and deaths at 225,735. The U.S. has averaged 71,000 new cases a day in the last week, it's highest for a 7-day period since the start of the outbreak, the New York Times reported.
Brazil has the second highest death toll at 157,397 and is third by cases at 5.4 million. India is second in cases with 7.9 million, and third in deaths at 119,502. Mexico has the fourth highest death toll at 89,171 and ninth highest case tally at 895,326. The U.K has 45,088 deaths, the highest in Europe and fifth highest in the world, and 897,740 cases.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Which one of these biotech stocks has a better chance to provide market-beating gains?
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 The upbeat results showed Merck was on a recovery path after its revenue took a hit at the height of the pandemic, nudging the company's shares about 2% higher in premarket trading. Sales of Keytruda, which is an approved treatment for cancers including non-small-cell lung cancer, rose 21% to $3.7 billion, above analysts estimates of $3.66 billion, according to six analysts polled by Refinitiv. Merck said it now expects full-year adjusted profit of between $5.91 and $6.01 per share, compared with its prior forecast of between $5.63 to $5.78 per share.
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Everyone's abuzz about the upcoming election, but the boring truth is: it might not mean much for the market.
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U.S. stock futures pared gains Tuesday, one day after the Dow led a huge down day on Wall Street.
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AMD in $35 Billion All-Stock Acquisition of Xilinx AnandTechAMD to buy chip peer Xilinx for $35 billion in data center push CNBCAdvanced Micro to buy Xilinx for $35 billion in stock CNBC TelevisionAMD to acquire Xilinx in all-stock deal valued at $35 billion MarketWatchAMD is buying a rival chipmaker for $35 billion CNN
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 It's down to the wire. The U.S. Presidential elections are only a week away, and with the polls showing Biden has an edge over President Trump, investors are preparing.Oppenheimer's Chief Investment Strategist John Stoltzfus points out that last week, stocks churned as investors rebalanced their portfolios, rotating and adding additional exposure to value stocks "while others took profits in growth names that had previously run-up substantially ahead of what could be higher capital gains and other taxes next year," in the event that the Democrats come out on top.Highlighting that the expectation of an effective COVID-19 vaccine is behind the broadening of investor appetite for equities, Stoltzfus argues this renewed appetite " improves the attractiveness of value stocks."Going forward, the strategist notes the Federal Reserve's efforts "underscore the case for the economy's recovery and the equity markets' resilience and potential from here." Although a "blue wave" is seen as a potential risk, Stoltzfus thinks this outcome is very unlikely, and that continued split control should alleviate market worries.Taking Stoltzfus' outlook into consideration, our attention turned to three stocks Oppenheimer analysts believe can surge by at least 70% in the year ahead. Running the tickers through TipRanks' database, we found out that each boasts a "Strong Buy" consensus rating from the broader analyst community.Chromadex (CDXC)Focused on improving the way people age, Chromadex operates as a science-based integrated
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The U.S. case tally for the coronavirus illness COVID-19 climbed above 8.7 million on Tuesday, with more than 20 states counting record numbers of new infections, as more business curfews were announced to combat the spread.
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The stocks making the biggest moves in premarket trading include Xilinx, Merck, Caterpillar, 3M, and more.
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‘I'm a 36-year-old man with no plans on having children, and I'd like to be able to use this very small amount to pursue one of my passions in life.'
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 European stocks struggle as investors juggle earnings with COVID-19 resurgence
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 COVID-19 immunity may only last a few months after infection, study indicates
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Shares of Novavax Inc. gained 2.9% in trading on Tuesday after the company said it expects to launch a Phase 3 trial for its COVID-19 vaccine candidate in Mexico and the U.S. by the end of next month. It already started a late-stage trial for its vaccine in the U.K. in September. Novavax has published some data for its experimental COVID-19 vaccine from its Phase 1 clinical trial, in September in the New England Journal of Medicine. It said Tuesday it plans to present new reactogenicity data from the Phase 2 trial on Friday, during an advisory committee on immunization practices meeting convened by the Centers for Disease Control and Prevention. Novavax's stock has soared 2,180.1% so far this year, compared with the S&P 500 , which is up 5.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 OneMain Holdings raised its quarterly dividend by 36% to $0.45 per share after the financial services company's 3Q profit exceeded analysts' estimates. The dividend will be paid on Nov. 17 to shareholders on record as of Nov. 9. OneMain shares are up 1.5% in the pre-market session on Tuesday.OneMain's (OMF) 3Q EPS increased 2.2% year-on-year to $1.86 and came ahead of the Street consensus of $1.22. However, 3Q revenues fell 4.3% year-on-year to $935 million, missing analysts' expectations by $3.42 million.OneMain said that its Consumer and Insurance (C&I) segment's adjusted earnings rose to $2.19 per share in 3Q, up from the $1.77 per share in the prior-year quarter. Moreover, the C&I's provision for finance receivable losses of $232 million in 3Q declined from the year-ago quarter of $277 million, primarily due to the impact of lower delinquencies in the portfolio.OneMain's CEO Doug Shulman said that "Our third quarter financial results reflected continued strength across the core drivers of our business, as well as our focused efforts to support customers during this period of uncertainty." He added that "Advanced data and analytics are driving our sophisticated underwriting and continued innovation, enabling OneMain to continue to enhance and strategically evolve our business while driving strong returns for all stakeholders." (See OMF stock analysis on TipRanks).Following the results, Northland Securities analyst Michael Grondahl maintained a Buy rating and a price target of $40 (6.6% upside
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Turning Point Brands Inc. shares jumped more than 6% in premarket trade Tuesday, after the maker of cigarette rolling papers and vapes blew past earnings estimates for the third quarter. Louisville, Kentucky-based Turning Point posted net income of $7.8 million, or 40 cents a share, in the quarter, up from $6.3 million, or 31 cents a share, in the year-earlier period. Adjusted per-share earnings came to 75 cents, well ahead of the 32 cents FactSet consensus. Sales rose 7.6% to $104.2 million, also ahead of the $91.7 million FactSet consensus. "Smokeless saw continued same store sales momentum in MST and newfound strength in loose leaf chewing tobacco. Smoking (Zig-Zag) saw its highest growth rate in recent history driven by product and channel growth initiatives behind rolling papers, the benefits of greater control of our MYO cigar wraps business after the Durfort transaction closed in the second quarter, and a burgeoning e-commerce presence," Chief Executive Larry Wexler said in a statement. "Overall, we are seeing ongoing benefits from re-shaping our business towards a more growth-oriented mindset and are able to raise our outlook once again for the remainder of the fiscal year." The company is now expecting sales to range from $395 million to $401 million, up from prior guidance of $370 million to $382 million. The current FactSet consensus is for full-year sales of $401.1 million. Sales of cannabis in those states that have legalized it for medical or recreational pur0oses have held up during the pandemic. Turning Point shares have gained 15% in the year to date, while the S&P 500 has gained 5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 823 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile […]
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