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MarketWatchOct 23, 2020
NewsWatch: GE stock is on a tear ahead of earnings, as analysts tout it as a COVID-19 vaccine play
Shares of General Electric Co. surged to the highest price seen in four months before pulling back, as Wall Street has gotten a little more optimistic on the outlook ahead of the industrial conglomerate's earnings report.

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Earnings Outlook: GE stock is on a tear ahead of earnings, as analysts tout it as a COVID-19 vaccine play (MarketWatch)

MarketWatch MarketPulseOct 23, 2020
Gold futures post a second weekly loss in a row
Gold futures settled slightly higher on Friday, paring their weekly loss to less than 0.1%. "It is not exactly a coincidence that volatility in the U.S. dollar has been low [Friday] and so has volatility in gold," said David Madden, market analyst at CMC Markets UK. Traders saw little progress toward a coronavirus financial aid package in Washington Friday, ahead of the presidential election on Nov. 3. December gold rose by 60 cents, or 0.03%, to settle at $1,905.20 an ounce. For the week, most-active contract prices lost less than 0.1%.

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 23, 2020
Outback Steakhouse parent shares sink, presenting a 'buying opportunity,' analysts say
Bloomin' Brands Inc. sank 8.3% in Friday trading, which presents a "buying opportunity," according to Raymond James analysts. Before the opening bell, the restaurant company reported a third-quarter net loss of $17.6 million, or 20 cents per share, after net income of $9.2 million, or 11 cents per share, last year. An adjusted loss of 12 cents per share was narrower than the 32-cents-per-share loss FactSet forecast. Revenue of $771.3 million was down from $967.1 million last year and ahead of the $753.0 million FactSet consensus. U.S. comparable sales at Outback Steakhouse were down 10.4%, Carrabba's Italian Grill fell 9% and Bonefish Grill sank 22.5%. Bloomin' didn't furlough its workers during the first stages of the coronavirus pandemic, a decision that David Deno, the company's chief executive said was "paying off" in a statement. "Across the U.S. portfolio, we experienced consistent weekly sales momentum throughout the third quarter as we adapted to this evolving environment," he said, highlighting that the company was able to hold on to 50% of the off-premise volume it had when restaurants were closed even as dining rooms reopening during the third quarter. Bloomin' did not provide guidance due to the uncertainty of the pandemic. "[S]ales concerns seem to overlook the better-than-expected recovery in absolute sales volumes, which continued to grow sequentially in October," analysts said. Raymond James rates Bloomin' shares strong buy with a $21 price target. Bloomin' stock has fallen 26.4% for the year to date while the S&P 500 index is up 7.2% for the period.

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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