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MarketWatch MarketPulseOct 27, 2020
Cummins stock surges toward a record after profit and revenue beats, upbeat outlook
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.



MarketWatch MarketPulseOct 27, 2020
Pfizer cites $500 million impact in the third quarter as a result of the COVID-19 pandemic
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.



MarketWatch MarketPulseOct 27, 2020
Twitter's stock bounces after J.P. Morgan raises price target ahead of earnings
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.



MarketWatch MarketPulseOct 27, 2020
Coronavirus tally: Global cases of COVID-19 top 43.5 million, 1.16 million deaths and U.S. 7-day case tally sets record
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.



The Motley FoolOct 27, 2020
Better Buy: Amgen vs. Mirati Therapeutics
Which one of these biotech stocks has a better chance to provide market-beating gains?

Yahoo BusinessOct 27, 2020
Oppenheimer: These 3 Stocks Are Poised to Surge by at Least 60%
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

CNBC FinanceOct 27, 2020
Stocks making the biggest moves in the premarket: Xilinx, Merck, Caterpillar, 3M & more
The stocks making the biggest moves in premarket trading include Xilinx, Merck, Caterpillar, 3M, and more.

MarketWatch Breaking NewsOct 27, 2020
European stocks struggle as investors juggle earnings with COVID-19 resurgence
European stocks struggle as investors juggle earnings with COVID-19 resurgence

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Europe Markets: European stocks sluggish as investors balance earnings beats with COVID-19 wave (MarketWatch)

MarketWatch MarketPulseOct 27, 2020
Novavax's stock rises 3% as it announces plans to share Phase 2 vaccine data this week
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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Stocks rise at the open one day after Dow's worst day in 8 weeks (MarketWatch MarketPulse)

MarketWatch MarketPulseOct 27, 2020
Turning Point Brands shares jump premarket after earnings blow past estimates
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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Were These Hedge Funds Right About Warming Up to IBM? (Yahoo Business)
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