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MarketWatch MarketPulseOct 21, 2020
Abbott Labs tops Q3 profit and sales estimates, offers upbeat guidance despite pandemic
Abbott Laboratories posted stronger-than-expected third-quarter earnings Wednesday and offered upbeat guidance for the full year, despite the uncertainty created by the pandemic. The company posted net income of $1.232 billion, or 69 cents a share, in the quarter, up from $960 million, or 53 cents a share, in the year-earlier period. Adjusted per-share earnings came to 98 cents, well ahead of the 91 cents FactSet consensus. Sales rose 9.6% to $8.853 billion from $8.076 billion, also ahead of the $8.539 billion FactSet consensus. The company received FDA emergency use authorization for is rapid COVID-19 test in August, with the test delivering results in 15 minutes. The company is now expecting full-year EPS of at least $2.35 and adjusted EPS of at least $3.55, compared with a current FactSet consensus of $3.34. "Our strong results and increased guidance are a direct reflection of our ability to innovate and deliver despite challenging conditions," during the pandemic, CEO Robert B. Ford said in a statement. Shares rose 1.4% premarket and have gained 25% in the year to date, while the S&P 500 has gained 6.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.

KiplingerOct 21, 2020
Stock Market Today: Snap Soars, Netflix Nosedives as Stocks Sit and Wait
Stocks largely remained in limbo Wednesday as Washington continued negotiating to pass a stimulus bill ahead of the Nov. 3 elections.

The Federal Reserve kept the pressure on, insisting yet again that the economy needs another relief measure. "Apart from the course of the virus itself, the most significant downside risk to my outlook would be the failure of additional fiscal support to materialize," Fed Governor Lael Brainard said to the U.K.'s Society of Professional Economists on Wednesday. "Too little support would lead to a slower and weaker recovery."

SEE MORE 50 Top Stock Picks That Billionaires Love But the market wasn't light on action.

Social app Snap (SNAP, 28.3%) rocketed higher following a surprise adjusted quarterly profit. Its report also signaled a "bonanza for online advertising," according to Deutsche Bank, that lifted competitors such as Facebook (FB, 4.2%) and Pinterest (PINS, 9.0%).

"We continue to like Snap shares, despite the (large stock-price move Wednesday), and see upside potential to the company's 47-50% growth comments for 4Q given the improving ad environment and the company's strong positioning into 4Q," writes Lloyd Walmsley, who upgraded his price target from $32 per share to 440.

Netflix (NFLX, -6.9%)

Yahoo BusinessOct 21, 2020
Peloton Slides After Goldman Downgrade on 458% Share Price Rally
(Bloomberg) -- Peloton Interactive Inc. slid in extended trading Wednesday after Goldman Sachs issued a rare downgrade of the stock to a hold-equivalent rating, citing a more than fivefold share-price rally over the past year.The 458% gain in Peloton shares since it was added to a Goldman buy list in 2019 suggests that "much of the near term opportunity is priced in," analyst Heath Terry wrote in a research report cutting the rating to neutral from buy. Peloton fell as much as 3.9% in postmarket trading.Shares of the New York-based company surged this year as Covid-19 lockdowns led to major growth in the home fitness market, as consumers look for ways to stay fit with many gyms across the U.S. remaining closed. Of the 27 analysts tracked by Bloomberg who cover the stock, now only three have a hold rating with one sell.Terry also warned that Peloton's forecast for the quarter ended in December could disappoint when the company reports results on Nov. 5 due to shipping delays caused by congestion at the Port of Los Angeles.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

KiplingerOct 21, 2020
There's Never Been a Better Time for Business Owners to Make a Move
The future is uncertain. COVID proves that.

SEE MORE Audit Alert: Why Business Owners Shouldn't Be Spooked by Captive Insurance Not only that, this election year is filled with unpredictability, especially for owners of small and midsize businesses. We are simultaneously navigating the uncertain waters of the Paycheck Protection Program as well as planning for possible changes in the business tax code.

2020 has been particularly brutal. According to MarketWatch, 55% of Yelp-listed businesses that closed due to COVID will stay closed permanently.

It's easy to see why many would assume a wait-and-see approach. Let's see who gets elected and how the tax code will change. Let's see how COVID stimulus is going to play out.

If you've found yourself saying things like this, let me be clear: This is anything but the moment to wait. I'm telling my clients that not only is it the right time to plan at least two years into the future, it's the right time to think big and consider whether an even bigger move makes sense.

Here's what you need to know to start making those plans:

Business taxes Small and midsize businesses should be building contingency plans now for whoever ends up winning the White House, as well as which party controls the House and Senate. Yes, it will take time before any legislation is passed regarding business taxes, but as COVID-19 has taught us, building those plans now and thinking at least two years ahead will set your business up for success regardless of the outcome on election night.

First, let's think about the most drastic scenario: a Democratic president and Senate. This is where I'd expect

KiplingerOct 21, 2020
The Best Fidelity Funds for 401(k) Retirement Savers
Fidelity is all about good stock picking. The firm's culture centers on it, and it's why so many Fidelity funds remain popular among retirement savers.

It stems from the company's early days, when firm founder Ned Johnson would tell his fund managers, "Here's your rope. Go ahead and hang yourself with it." It gave Fidelity's portfolio managers and analysts the freedom to choose good stocks, whatever their approach. And it worked. The firm is home to some of the industry's best fund managers ever, including Peter Lynch and Will Danoff, as well as some of the most popular funds in 401(k) plans across the country.

In this year's survey of popular 401(k) funds, which comes courtesy of financial data firm BrightScope, 17 funds from Fidelity rank among the top 100. Four are index funds: Fidelity 500 Index (FXAIX), Extended Market Index (FSMAX), International Index (FSPSX) and US Bond Index (FXNAX). But the remaining 13, seven of which are from the firm's Freedom target-date series, are actively managed.

Read on as we look at some of the best Fidelity funds for your 401(k) plan (and weed out some of the lesser options). We'll review all of the actively managed funds, including Fidelity's target-date series, and rate them Buy, Sell or Hold

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