NEWS: MARKETWATCH MARKETPULSE
Setup News Ticker
   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Jul 07, 2020

Paychex profit and revenue fall but beat estimates as pandemic weighs
Paychex Inc. said Tuesday it had net income of $220.7 million, or 61 cents a share, in its fiscal fourth quarter to May 31, down from $230.4 million, or 64 cents a share, in the year-earlier period. Adjusted per-share earnings also came to 61 cents, ahead of the 60 cents FactSet consensus. The human resources services provider said revenue fell 7% to $915.1 million, also ahead of the $911.0 million FactSet consensus. "In this changing work environment, our human capital management solutions and mobility applications have enabled our clients to function and maintain their businesses while working remotely," Chief Executive Martin Mucci said in a statement. The company ended the quarter with $1.0 billion in cash and $801.9 million in debt. "We currently anticipate that cash, restricted cash, and total corporate investments as of May 31, 2020, along with projected operating cash flows and available short-term financing, will support our business operations, capital purchases, share repurchases, and dividend payments for the foreseeable future," said the statement. The company is now expecting fiscal 2021 revenue to fall 2% to 5% and for adjusted EPS to fall 6% to 10%. Shares were slightly higher premarket and have fallen 9% in the year to date, while the S&P 500 has fallen 1.6%.

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 MarketPulse
Jul 07, 2020

Tripadvisor to offer $500 million of five-year bonds
Tripadvisor inc. said Tuesday it plans to offer $500 million of new senior notes that mature in 2025, joining the many companies raising capital during the coronavirus pandemic. Proceeds will be used for general corporate purposes. Shares were slightly higher premarket, but have fallen 36% in 2020, while the S&P 500 has fallen 1.6%.

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 MarketPulse
Jul 07, 2020

FDA alerts health care providers about false positives for one of BD's COVID-19 tests
Shares of Becton Dickinson & Co. were down 0.7% in premarket trading on Tuesday, the day after the Food and Drug Administration issued an alert about an increased risk of false-positive results for one of BD's COVID-19 diagnostic tests. In one study, 3% of the results were false positive for the BD Max System test, which received an emergency use authorization from the regulator in April. "Consider any positive result presumptive from tests using the BD SARS-CoV-2 Reagents for the BD Max System," the FDA said. "Consider confirming with an alternate authorized test." A spokesperson confirmed that BD had received reports of the false-positive results, saying that "the elevated rates represent a small subset of the positive results" and that the company is in discussions with the FDA about the issue. On Monday, BD had announced the launch of a point-of-care COVID-19 antigen test that can detect the coronavirus in 15 minutes, the third of its COVID-19 diagnostic test. BD's stock is down 7.9% since the start of the year. The S&P 500 has declined 1.5% year-to-date.

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 MarketPulse
Jul 07, 2020

Cloud company nCino launches IPO with plans to raise up to $182.4 million
nCino Inc. , a maker of cloud-based software for financial institutions, launched its initial public offering on Tuesday, with plans to offer 7.6 million shares priced at $22 to $24 each. The company would raise $182.4 million at the top of that range. nCino has applied to list on Nasdaq under the ticker 'NCNO.' There are seven banks underwriting the deal, led by BofA and Barclays. Proceeds of the deal will be used for general corporate purposes and working capital. "We empower banks and credit unions with the technology they need to meet ever-changing client expectations and regulatory requirements, gain increased visibility into their operations and performance, replace legacy systems, and operate digitally and more competitively," the company says in its prospectus.

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 MarketPulse
Jul 07, 2020

Nielsen accelerates transformation plan, to shed 3,500 jobs
Nielsen Holdings Plc said Tuesday it is accelerating a previously announced transformation plan and will exit smaller, underperforming markets and non-core businesses in the second half. The market research and audience measurement company expects to substantially complete the program in 2020 and to generate about $250 million in pretax annual run-rate savings. The New York-based Nielsen will cut 3,500 jobs worldwide and expects to book pretax restructuring charges of $150 million to $170 million, up from a prior range of $120 million to $140 million. "As discussed on our earnings call in April, we have increased our focus on platform consolidations, further automation, optimizing our global footprint, and ensuring that our resource allocation aligns with high-margin essential services," Chief Executive David Kenny said in a statement. "Today's plan encompasses, accelerates, and expands on those initiatives." The exits are expected to shave no more than 100 basis points off 2020 revenue growth. The company expects to book $40 million to $50 million of non-cash, pretax impairment charges int he second quarter. The company will released second-quarter earnings on Aug. 5. Shares were not active premarket, but have fallen 26% in the year to date, while the S&P 500 has fallen 1.6%.

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 MarketPulse
Jul 07, 2020

Regeneron's stock gains on $450 million manufacturing deal with U.S. for experimental COVID-19 treatment
Shares of Regeneron Pharmaceuticals Inc. gained 0.9% in premarket trading on Tuesday after the drugmaker said it received $450 million from the federal government to manufacture and supply its still investigational COVID-19 treatment. The agreement is with the Biomedical Advanced Research and Development Authority and the Department of Defense. Regeneron said Monday that the antibody cocktail candidate is being testing in two Phase 2/3 clinical studies as a treatment for COVID-19; the therapy is also in a Phase 3 trial evaluating whether or not it can prevent someone who has been exposed by a close contact from getting infected with the virus. The company said that if the Food and Drug Administration grants the experimental therapy an emergency use authorization or an approval, "the government has committed to making doses from these lots available to the American people at no cost and would be responsible for their distribution." Regeneron's stock has soared 67.0% since the start of the year, compared with the S&P 500 , which is down 1.5%.

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.



MarketWatch MarketPulse
Jul 07, 2020

Mesa Air June block hours fall 75.8% as schedules reduced in coronavirus pandemic
Mesa Air Group Inc. said Tuesday that block hours, a measure of aircraft utilization, fell 75.8% in June because of reduced schedules during the coronavirus pandemic. Block hours are counted from the moment an aircraft door closes at departure until the moment the aircraft door opens at the arrival gate on landing. The Phoenix, Az.-based regional airline has partnerships with American Airlines and United Airlines. It said block hours for American Airlines fell 81.9% in June, while hours for United fell 71.2%. Departures for both airlines were down 75.8%. Shares were not yet active premarket, but have fallen 62% in the year to date, while the US Global JETS ETF has fallen 46% and the S&P 500 has fallen 1.6%.

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 MarketPulse
Jul 07, 2020

Coronavirus tally: Global cases of COVID-19 hit 11.64 million; U.S. leads with 2.94 million as cases climb in 40 states
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 11.64 million on Tuesday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 2.94 million cases. The number of deaths grew to 538,539, while the number of people who have recovered reached 6.3 million. The U.S. death toll is 130,306, while 924,108 have recovered. Within the U.S., infections have climbed in 40 states and regions over the past 14 days, according to a New York Times tracker, with U.S. Virgin Islands, Idaho and Florida leading the way. Internationally, Brazil is second to the U.S. with 1.62 million cases and 65,487 deaths. India is third measured by cases at 719,664, followed by Russia with 693,215 and Peru with 305,703. The U.K. has 44,321 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 84,889 cases and 4,641 fatalities.

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 MarketPulse
Jul 07, 2020

Novavax shares soar 38% premarket on news of $1.6 billion in funding for COVID-19 vaccine candidate
Novavax Inc. said Tuesday it has received $1.6 billion in funding from the federal government's accelerated COVID-19 vaccine development program "Operation Warp Speed." The Gathersburg, Md.-based biotech said the funds will be used to complete late-stage clinical development of its vaccine candidate called NVX-CoV2373, including a Phase 3 trial, and to scale up manufacturing. The company is aiming to deliver 100 million doses of the vaccine, as early as late 2020. The trial will comprise up to 30,000 subjects and will start in the fall. A Phase 1/2 trial in 130 healthy participants was launched in Australia in May with initial immunogenicity and safety results expected to be available at the end of July. A Phase 2 trial is expected to start after that. The Phase 1/2 trial is being supported by up to $388 million in funding from international entity the Coalition for Epidemic Preparedness Innovations, or CEPI, an Oslo-based group. Novavax shares soared 38% premarket on the news. The stock has skyrocketed 1,895% in the year to date, while the S&P 500 has fallen 1.6%.

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 MarketPulse
Jul 07, 2020

Atlanta Fed president sees signs that economic recovery is stalling
Atlanta Fed President Raphael Bostic said in an interview the U.S. economy was levelling off. "There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise," Bostic said to the Financial Times. He said the regional central bank was trying to figure out "whether this levelling off is something that is a more sustained pattern, or just a pause."

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 MarketPulse
Jul 06, 2020

Solar company Sunrun to buy rival Vivint in $3.2 billion deal
Residential solar-panel installer Sunrun Inc. announced a deal Monday night to acquire rival Vivint Solar Inc. for about $3.2 billion, including debt. In a statement, the companies said Vivint shareholders would get 0.55 shares of Sunrun for every share held, leaving Vivint shareholders with about a 36% stake in the combined company. The merger will deliver an annual cost savings of about $90 million, the companies said. "Vivint Solar adds an important and high-quality sales channel that enables our combined company to reach more households and raise awareness about the benefits of home solar and batteries," Lynn Jurich, Sunrun's chief executive and co-founder, said in a statement. "This transaction will increase our scale and grow our energy services network to help replace centralized, polluting power plants and accelerate the transition to a 100% clean energy future." Sunrun shares have gained 55% year to date, while Vivint has risen 46%, compared to the S&P 500's 1.6% decline this year.

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 MarketPulse
Jul 06, 2020

U.S. stock futures slip after Wall Street's latest rally
U.S. stock index futures fell late Monday, after stocks on Wall Street continued to rally earlier in the day. As of 10:30 p.m. Eastern, Dow Jones Industrial Average futures were down about 100 points, or 0.4%, while S&P 500 futures slipped 0.3% and Nasdaq-100 futures were about flat. During regular trading, the Dow gained 459.67 points, or 1.8%, to close at 26,287.03. The S&P 500 climbed 49.71 points, or 1.6%, closing at 3,179.72 and booking its fifth straight sessions of gains, its longest streak since Dec. 17, according to Dow Jones Market Data. The Nasdaq Composite Index surged 226.02 points, or 2.2%, to 10,433.65, finished at another record high.

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 MarketPulse
Jul 06, 2020

Palantir confidentially files to go public
Palantir Technologies Inc. announced late Monday that it has confidentially filed paperwork to go public. In a news release, the data-analysis company co-founded by Peter Thiel said it had filed a draft registration statement with the Securities and Exchange Commission. The news release did not specify whether Palantir would go the IPO route or go public through a direct listing, and neither the number of shares nor potential share price was announced. "The public listing is expected to take place after the SEC completes its review process, subject to market and other conditions," Palantir said in the release. The highly secretive software company, last valued at around $20 billion in 2015, has been a top IPO candidate for years. It would likely face intense scrutiny for its sensitive data-mining work with the U.S. government.

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 MarketPulse
Jul 06, 2020

Ping Identity stock slips as secondary offering announced
Ping Identity Holding Corp. shares slipped in the extended session Monday after the cybersecurity company announced a secondary offering for existing shareholders to sell off stock. Ping shares declined 1.4% after hours, following a 1.1% rise in the regular session to close at $32.84. The company said shareholders registered 7.5 million shares for sale, with another 1.2 million to cover overallotments. About 80 million shares are outstanding, with Vista Equity Partners holding a 68% stake. Goldman Sachs, BofA Securities, RBC Capital Markets and Citigroup are among underwriters for the offering. Back in September, Ping launched its initial public offering, and shares are 119% above their $15 pricing.

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 MarketPulse
Jul 06, 2020

Nasdaq rings in another record close after stocks see last-gasp bidding
U.S. stocks closed higher on Monday to kick off the first week of full trading for July as the market saw broad-based gains in tech and financial shares despite worries around climbing COVID-19 infections across the country. The S&P 500 rose 1.6% to 3,180. The Dow Jones Industrial Average added 460 points, or 1.8%, to end at 26,287, based on preliminary numbers. The Nasdaq Composite advanced 2.2% to 10,434, stringing together a fifth consecutive gain. Equities managed to extend their upbeat tone even as investors held doubts about the ability of the U.S. to contain the viral outbreak and its further economic fallout. In economic data, the Institute for Supply Management reported its index of service sector companies jumped to 57.1 in June from 45.4 in May.

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 MarketPulse
Jul 06, 2020

U.S. oil futures end little changed, as ongoing demand worries offset signs of an improving economy
U.S. oil futures barely budged on Monday, settling with a slight loss. "Everything is pretty well priced in at this stage and unless we see a significant change on the economic outlook or these new waves of coronavirus," said Craig Erlam, senior market analyst at Oanda. "We may have to wait to see what's agreed on the output side before we see any further big moves," he said. August West Texas Intermediate oil fell 2 cents, or 0.05%, to settle at $40.63 a barrel on the New York Mercantile Exchange.

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 MarketPulse
Jul 06, 2020

China ETFs on pace for best day ever after government hints at market stimulus
China-focused exchange-traded funds were on pace for their best day on record after a state-owned newspaper urged investors to purchase equities, saying, according to a translation, that a "healthy bull market" is good for the world's second-largest economy, attempting to shake off the economic effects of the COVID-19 pandemic. The largest China ETF, the iShares MSCI China ETF [S: MCHI], was up 6.8% at midday, its best performance in its nine-year history. The SPDR S&P China ETF was 7.1% higher, and the Xtrackers Harvest CSI 300 China fund soared 10.6%, also an all-time high, back to 2013. Some funds that focus on particular sectors of the economy did even better: the Global X MSCI China Information Technology was nearly 12% higher. In the year to date, the iShares fund and the SPDR fund have both gained a little less than 14%, while the Xtrackers product is up 16.4%, compared to a 2% decline for the S&P 500 . On Monday, the Shanghai Composite Index closed 5.7% higher.

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 MarketPulse
Jul 06, 2020

Gold futures finish higher, near 1-week high
Gold futures moved higher on Monday, building on last week's climb to mark their highest finish in almost a week. "Seeing as dealers are keen to take on more risk today, it is likely that gold's positive move is almost exclusively down to the weakness in the dollar," said David Madden, market analyst at CMC Markets UK. The ICE U.S. Dollar Index was down 0.4% in Monday dealings, providing a boost to dollar-denominated gold prices. August gold rose $3.50, or 0.2%, to settle at $1,793.50 an ounce. That was the highest settlement since June 30, when prices ended above $1,800 for the first time since September 2011.

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 MarketPulse
Jul 06, 2020

Miami-Dade to shut down dining-in and gyms as COVID-19 cases surge
Miami-Dade County Mayor Carlos Gimenez said Monday that a new emergency order will shut down dining-in services at restaurants as well as party venues, gyms, and short-term rentals starting July 8 because of a spike in cornavirus cases. Gimenez is keeping open hotel pools, summer camps, daycare centers, retailers, and personal care services as long as people practice social distancing. "Beaches will be open on Tuesday," he said in a news release. "But if we see crowding and people not following the public health rules, I will be forced to close the beaches again." Florida is one of many states to face a surge in COVID-19 cases in recent weeks. In Dade County, there were 1,984 new cases of COVID-19 on Sunday, with a total of 48,243 cases and 4,146 deaths, according to the Florida Department of Health.

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 MarketPulse
Jul 06, 2020

Dick's Sporting Goods is Bank of America's 'solitary leisure' pick on spike in demand for bicycles
With demand for bicycles soaring due to the coronavirus, Dick's Sporting Goods Inc. is Bank of America's "solitary leisure" pick. With consumers shifting their dollars from entertainment like movies and amusement parks, analysts note a 103% year-over-year spike in dollars spent on bicycles in May, based on debit card activity. Despite states beginning to reopen, June sales remain up 68% compared to last year. Bank of America analysts led by Alexander Perry also note a rise in downloads for the Strava app, which offers GPS tracing to cyclists and runners. Dick's offers a variety of bike brands and a large percentage of its bikes are priced less than $500. Bank of America channel checks suggest a high number of out-of-stocks, however, analysts say the athletic retailer will raise inventory. Other factors that will give Dick's margin upside include a likely uptick for baseball gear, with the season delayed by the pandemic, and increasing favor from Nike Inc. due to Dick's capabilities both online and in stores. Bank of America also thinks Fox Factory Holding Corp. will benefit thanks to its mountain bike business. Bank of America has a $50 price objective on Dick's Sporting Goods, and $90 on Fox Factory. Dick's Sporting Goods stock has fallen 17% for the year to date, Fox Factory has rallied 25.4% and the S&P 500 index is down 1.7% 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.



MarketWatch MarketPulse
Jul 06, 2020

Cuomo says Trump is 'enabling the virus' as cases grow outside the U.S.
New York Gov. Andrew Cuomo on Monday criticized President Donald Trump's response to the COVID-19 pandemic, calling out his comments about COVID-19 testing on the Fourth of July and his decision not to wear a mask. Trump on Saturday tweeted, "if we didn't test so much and so successfully, we would have very few cases." "He is facilitating the virus, he is enabling the virus, by statements like that," Cuomo said during a news conference. "You're seeing the infection rate go up, and the economy suffer." New York was once the epicenter of the coronavirus epidemic in the U.S., and the most recent daily figures show the state now has 817 hospitalizations, 518 new cases, and nine deaths, with Cuomo noting that cases have continued to decline since the state began its reopening process on May 15. However, in the rest of the U.S., at least 38 states are reporting increasing infections rates.

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 MarketPulse
Jul 06, 2020

Trump niece's tell-all book publication date moved up to July 14
The publication date of a tell-all book by President Donald Trump's niece Mary Trump has been moved up to July 14 from July 28, publisher Simon & Schuster said, citing "high demand and extraordinary interest." The book has been the subject of a legal battle, with President Trump saying his niece is "not allowed" to write it. The book is titled "Too Much and Never Enough: How My Family Created the World's Most Dangerous Man."

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 MarketPulse
Jul 06, 2020

Lemonade stock squeezes out a second day of huge post-IPO gains
Lemonade Inc. shares had a second strong day of trading Monday following the mobile-based insurance startup launched its initial public offering late Wednesday. Lemonade shares recently touched an intraday high of $96.51 and were last up 31% at $91.17. On Thursday, Lemonade shares skyrocketed to close up nearly 140% on their debut on the New York Stock Exchange while U.S. markets were closed for the Independence Day holiday. The company fashions itself as a disruptor in the insurance industry that uses AI and data analytics and markets itself to tech-savvy, socially conscious millennials. SoftBank Group Corp. owns a nearly 22% stake in the company.

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 MarketPulse
Jul 06, 2020

Shares of Immunomedics jump on positive confirmatory data for its breast-cancer drug
Shares of Immunomedics Inc. gained 6.9% in trading on Monday after the drugmaker said a confirmatory Phase 3 clinical trial of its breast-cancer drug Trodelvy met its primary and secondary endpoints. The Food and Drug Administration in April had approved Trodelvy as a third-line treatment for patients with metastatic triple-negative breast cancer; the latest research supports the accelerated approval that the FDA had previously granted to the drug. "We intend to certainly dominate the triple-negative setting that we are now indicated in [it], and I think the data and the label should make that very much doable," Immunomedics board chair Behzad Aghazadeh told investors during a call on Monday, according to a FactSet transcript. Immunomedics' stock has soared 89.2% since the start of the year. In comparison, the S&P 500 is down 3.1%.

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 MarketPulse
Jul 06, 2020

Supreme Court rules against 'faithless electors'
The Supreme Court on Monday said states can require members of the Electoral College to cast their votes for the presidential candidate who won the state's popular vote. "A State may enforce an elector's pledge to support his party's nominee-and the state voters' choice-for President," the court said in a unanimous decision. The ruling is a blow to so-called "faithless electors," who vote differently from their state's voters.

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 MarketPulse
Jul 06, 2020

Churchill Downs re-suspends operations at Miami casino less than a month after it was reopened
Churchill Downs Inc. said Monday that it has temporarily suspended operations at Calder Casino in Miami as of July 3, less than a month after it was opened. The racing and gaming company said the suspension comes after an emergency order was issued by Miami Mayor Carlos Gimenez to close entertainment venues in an reaction to a rise in COVID-19 cases. New cases in Florida spiked up to 10,352 on July 3, a daily record for the state, according to data provided by Johns Hopkins University. Churchill Downs said it will work with Miami-Date county and state officials to reopen Calder "as soon as it is appropriate to do so." The company had reopened Calder Casino on June 12, after temporarily suspending operations on March 16, as a result of the COVID-19 pandemic. Shares of Churchill Downs rose 2.4% in morning trading. They have slipped 1.4% year to date, while the S&P 500 has lost 1.8%.

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 MarketPulse
Jul 06, 2020

Dow surges 370 points, Nasdaq touches a record intraday high as U.S. stock market follows China's rally on Monday
U.S. stock benchmarks surged early Monday to kick off the first full week of trade in July, with investors pegging at least part of the bullishness emanating from Wall Street to a powerful rally in China. However, Monday's upbeat mood in the market contrasts with a continuing spike in cases of coronavirus in the U.S. The Dow Jones Industrial Average rose 370 points, or 1.4%, at 26,187, the S&P 500 index gained 1.4% at 3,172, while the Nasdaq Composite Index advanced 1.5% to a record intraday high at 10,369.05. A front-page editorial in state-owned paper, China Securities Journal, said fostering a "healthy bull market" is important, according to a translation, helping to propel China markets higher and rippling though the global market. The climb in U.S. stocks come amid more than 49,000 new cases on Sunday in the U.S., according to data compiled by Johns Hopkins University. Beyond the rise in infections, the optimism reflected in equities on Monday also comes as economists at Goldman Sachs led by Jan Hatzius lowered their forecast for gross domestic growth for a contraction in 2020 of 4.6%, versus a previous forecast for a 4.2% drop in economic growth

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 MarketPulse
Jul 06, 2020

WHO formally drops hydroxychloroquine, HIV drug from COVID-19 drug study
The World Health Organization (WHO) on Saturday said that it discontinued studies evaluating hydroxychloroquine and AbbVie's HIV drug Kaletra as potential treatments for COVID-19. The WHO has been conducting a multi-pronged clinical trial testing a handful of potential treatments in hospitalized COVID-19 patients since late March. "These interim trial results show that hydroxychloroquine and lopinavir/ritonavir produce little or no reduction in the mortality of hospitalized COVID-19 patients when compared to standard of care," the organization said in a news release. The WHO had previously halted the hydroxychloroquine arm over safety concerns, restarted it, and then stopped it again; however, there is mounting clinical evidence that hydroxychloroquine, a decades-old antimalarial, is not effective treatment for severely ill COVID-19 patients. The Food and Drug Administration on June 15 withdrew its emergency use authorization for hydroxychloroquine and chloroquine, and the National Institutes of Health also stopped its own study of the drug.

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 MarketPulse
Jul 06, 2020

Sina's stock shoots up after disclosing buyout bid for 12% premium from company controlled by CEO
Shares of Sina Corp. shot up 10.4% in premarket trading Monday, after the China-based online media company disclosed that it received a buyout bid from New Wave MMXV Ltd., in a deal that would value Sina at about $2.68 billion. Sina said New Wave proposed to buy the shares it didn't already own for $41 each, which is 11.8% above Thursday's closing price of $36.67. New Wave is a company controlled by Charles Chao, Sina's chairman and chief executive. Sina said it has formed a special committee to evaluate the proposed buyout. The stock has lost 8.2% year to date through Thursday, while the iShares MCHI China ETF has gained 6.5% and the S&P 500 has slipped 3.1%.

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 MarketPulse
Jul 06, 2020

Freeport-McMoRans' stock rises after upbeat copper, gold sales outlook
Shares of Freeport-McMoRan Inc. surged 5.2% in premarket trading Monday, after the copper and gold mining company provided upbeat sales guidance for the second quarter. The company said it expects copper sales to exceed previous guidance provided in April of 690 million pounds by approximately 8%, and gold sales are expected to exceed April guidance of 165,000 ounces by about 10%. In April, the company had cut its outlook for sales and production in an effort to mitigate the financial impact of the COVID-19 pandemic. On Monday, the company said its Lone Star project in North America is "substantially" complete, and is on track to produce 200 million pounds of copper per year, starting in the second half of 2020. The company also provided a liquidity update, saying it had not drawn on its $3.5 billion revolving credit facility, and had $9.9 billion in debt and $1.5 billion in cash as of June 30. The stock has lost 12.4% year to date through Thursday, while the S&P 500 has eased 3.1%.

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 MarketPulse
Jul 06, 2020

Nio's stock rockets toward a near 2-year high after upbeat report on June sales
Shares of Nio Inc. were vaulted 21% higher in premarket trading Monday, after DigiTimes reported that the China-based electric vehicle (EV) maker recorded a big jump in sales in June. The rally puts the stock on track for a fifth-straight gain, to the highest price seen during regular session hours since Sept. 14, 2018, which was Nio's third day as a public company; the stock's record close was $11.60 on Sept. 13, 2018. The stock rocketed 35.9% over the past four sessions through Thursday. DigiTimes reported Monday, citing industry sources, that Nio sold 3,740 EVs in June, up 179% from a year ago. The report follows rival Tesla Inc. reporting on Thursday second-quarter deliveries that were well above expectations. Nio's stock has more than doubled year to date through Thursday (up 133%), while Tesla shares have nearly tripled (up 189%) and the S&P 500 has slipped 3.1%.

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 MarketPulse
Jul 06, 2020

Uber confirms deal to buy Postmates in an all-stock deal valued at $2.65 billion
Shares of Uber Technologies Inc. ran up 9.4% in premarket trading Monday, after the ride-hailing giant confirmed a deal to buy food-delivery service Postmates Inc. for $2.65 billion in stock. Uber estimates that it will issue about 84 million shares of its common stock, representing about 4.8% of the shares outstanding, for 100% of Postmates's equity. After the deal's closing, which is expected in the first quarter of 2021, Uber plans to keep Postmates's app running separately from its own food-delivery service app Uber Eats. "Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery-they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19," said Uber Chief Executive Dara Khosrowshahi. Bloomberg and the New York Times reported over the weekend that a deal was expected to be announced as early as Monday. Uber's stock has gained 3.2% year to date through Thursday, while shares of rival Lyft Inc. has dropped 26.0% and the S&P 500 has lost 3.1%.

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 MarketPulse
Jul 06, 2020

Emergent BioSolutions inks coronavirus vaccine manufacturing deal with J&J
Shares of Emergent BioSolutions Inc. were up 1.1% in premarket trading on Monday after it announced a five-year deal with Johnson & Johnson to manufacture the drug substance for the drugmaker's still-investigational COVID-19 vaccine. J&J will pay $480 million for two years of Emergent's contract development and manufacturing services. The two companies had previously announced in April a deal to reserve manufacturing capacity for J&J's vaccine candidate. Emergent has also announced coronavirus vaccine manufacturing deals with AstraZeneca , Novavax and Vaxart Inc. as part of a new strategy to build out manufacturing capacity for COVID-19 vaccines before they have proven their efficacy or safety. Emergent's stock has gained 55.8% since the start of the year. The S&P 500 , in comparison, has declined 3.1%.

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 MarketPulse
Jul 06, 2020

BD's stock gains on launch of rapid COVID-19 diagnostic test
Shares of Becton Dickinson & Co. gained 3.6% in premarket trading on Monday after the diagnostics company announced the launch of a point-of-care COVID-19 antigen test that can detect the coronavirus in 15 minutes. It's the third BD COVID-19 diagnostic test to receive emergency use authorization from the Food and Drug Administration during the pandemic. "This will be a game-changer for frontline health care workers and their patients to be able to access a quick diagnostic test for COVID-19, offering results in real-time at convenient locations like retail pharmacies, urgent care centers and doctors' offices," Dave Hickey, president of BD's integrated diagnostic solutions business, said in a news release. BD's stock is down 9.9% year-to-date, while the S&P 500 has declined 3.1%.

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 MarketPulse
Jul 06, 2020

Coronavirus tally: Global COVID-19 cases rise to 11.5 million, U.S. to nearly 2.9 million
The global tally for confirmed cases of the coronavirus that causes COVID-19 climbed to 11.47 million on Monday, according to data aggregated by Johns Hopkins University, with the U.S. leading the way by far with 2.89 million cases. The number of deaths grew to 534,784, while the number of people who have recovered reached 6.19 million. The U.S. death toll is 129,947, while 906,763 have recovered. Within the U.S., infections have climbed in 38 states over the past 14 days, according to a New York Times tracker, with Idaho, Montana and Florida leading the way. Internationally, Brazil is second to the U.S. with 1.60 million cases and 64,867 deaths, but is first with 1.03 million recovered. India is third measured by cases at 697,413, followed by Russia with 686,777 and Peru with 302,718. The U.K. has 44,305 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 84,871 cases and 4,641 fatalities.

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 MarketPulse
Jul 06, 2020

Regeneron shares gain as the company launches Phase 3 trial for COVID-19 antibody treatment
Shares of Regeneron Pharmaceuticals Inc. gained 4.6% in premarket trading on Monday after the drugmaker said it had begun a Phase 3 clinical trial testing an antibody cocktail to prevent COVID-19. The study will specifically focus on the cocktail's efficacy preventing disease in 2,000 people who have been exposed to the virus by a close contact, such as a roommate. The trial is being operated by the National Institute of Allergy and Infectious Diseases. (A separate Phase 2/3 trial for the same antibody cocktail is testing the experimental therapy as a treatment in 2,900 COVID-19 patients who are being treated in hospitals and ambulatory settings. That trial is being run in the U.S. and in other countries like Brazil and Mexico.) On Thursday, Regeneron and Sanofi had announced that a study evaluating their rheumatoid arthritis treatment Kevzara had failed to meet a Phase 3 trial's primary or secondary endpoints in a study testing the drug as a COVID-19 treatment; that announcement sent down Regeneron's shares in after-hours trading. Regeneron's stock is up 65.7% year-to-date, while the S&P 500 is down 3.1%.

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 MarketPulse
Jul 06, 2020

Tesla's stock surges toward another record after the Street's most bearish analyst boosts price target
Shares of Tesla Inc. shot up 6.2% in premarket trading Monday, putting them on track to open at another record high, as even the most bearish Wall Street analyst got a little less bearish, after the electric vehicle maker's better-than-expected deliveries data released last week. The stock has soared 25.9% amid a 4-day win streak through Thursday, which included three-straight record closes. Analyst Ryan Brinkman at J.P. Morgan raised his stock price target to $295, which is 76% below Thursday's closing price of $1,208.66, from $275, as a result of the deliveries data, but his target remains the lowest of the 32 analysts surveyed by FactSet. Brinkman reiterated his underweight rating, citing a "lofty" valuation, and cautioned that any substantially better results could include items of a one-time nature, including credit sales and release of deferred revenue associated with autonomous driving features. Meanwhile, Deutsche Bank analyst Emmanuel Rosner raised his rating to $1,000 from $900, while keeping his rating at hold, citing the "robust" deliveries data. The average rating of the analysts surveyed by FactSet is now $774.98, or 36% below Thursday's closing price. The stock has now nearly tripled year to date (up 189%), while the S&P 500 has slipped 3.1%.

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 MarketPulse
Jul 06, 2020

Endologix's stock plunges toward record low after bankruptcy filing
Shares of Endologix Inc. plunged 41% toward a record low in premarket trading Monday, after the medical device maker filed for bankruptcy over the weekend, and announced a deal to be taken private by its largest creditor Deerfield Partners. The company said the reorganization will reduce debt by about $180 million. Endologix also expects $30.8 million in debtor-in-possession financing from Deerfield, an additional $30 million in exit financing from Deerfield and $50 million in rolled over debt. Endologix said it fully intends to meet its financial obligations during the reorganization, including paying its suppliers. The stock had rallied 20.3% over the past three months through Thursday but had tumbled 51.3% year to date, while the S&P 500 has lost 3.1%.

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 MarketPulse
Jul 06, 2020

Lloyds Banking Group chief executive announces he will step down next year
António Horta-Osório, the long-time chief executive of Lloyds Banking Group , will step down next year in what will be his tenth year in the position, the U.K. bank said Monday. Horta-Osório said he plans to leave in June. No successor was named. The bank also said that Robin Budenberg will take over as chairman next year, replacing Norman Blackwell who had already announced he was retiring. Budenberg helped manage the U.K. government's investment in U.K. banks as chief executive, and then chairman, of UK Financial Investments.

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 MarketPulse
Jul 06, 2020

Uber to buy Postmates for $2.65 billion: reports
Uber Technologies Inc. has agreed to purchase food-delivery service Postmates for around $2.65 billion, according to media reports Sunday night. Bloomberg News and the New York Times both reported the deal, which is expected to be formally announced as soon as Monday. Postmates would be absorbed into the Uber Eats service, with Uber Eats chief Pierre-Dimitri Gore-Coty running the combined company, the reports said. Reports of a pending deal first surfaced last week, after Uber failed in a bid earlier this year to acquire rival food-delivery company GrubHub.

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 MarketPulse
Jul 05, 2020

U.S. stock futures rise as coronavirus cases continue to surge
U.S. stock index futures steadily gained late Sunday, ahead of Wall Street's return from a three-day holiday weekend. As of 10:30 p.m. Eastern, Dow Jones Industrial Average futures were up around 260 points, or 1%, while S&P 500 futures rose 0.9% and Nasdaq-100 futures advanced 1.2%. The number of coronavirus cases continued to surge in the U.S., with at least 120,000 new cases reported over the weekend. U.S. financial markets were closed Friday for the observance of Independence Day. For the holiday-shortened week, the Dow rose 3.3%, the S&P 500 gained 4%, while the Nasdaq advanced 4.6%.

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 MarketPulse
Jul 05, 2020

U.S. stock futures rise slightly as coronavirus cases continue to surge
U.S. stock index futures rose slightly late Sunday, ahead of Wall Street's return from a three-day holiday weekend. As of 8 p.m. Eastern, Dow Jones Industrial Average futures were up around 40 points, or 0.2%, while S&P 500 futures inched up 0.2% and Nasdaq-100 futures rose 0.4%. The number of coronavirus cases continued to surge in the U.S., with at least 120,000 new cases reported over the weekend. U.S. financial markets were closed Friday for the observance of Independence Day. For the holiday-shortened week, the Dow rose 3.3%, the S&P 500 gained 4%, while the Nasdaq advanced 4.6%.

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 MarketPulse
Jul 05, 2020

U.S. stock futures flat as coronavirus cases continue to surge
U.S. stock index futures were little changed late Sunday, ahead of Wall Street's return from a three-day holiday weekend. As of 6:15 p.m., Dow Jones Industrial Average futures were about flat, while S&P 500 futures were flat and Nasdaq-100 futures rose fractionally. The number of coronavirus cases continued to surge in the U.S., with at least 120,000 new cases reported over the weekend. U.S. financial markets were closed Friday for the observance of Independence Day. For the holiday-shortened week, the Dow rose 3.3%, the S&P 500 gained 4%, while the Nasdaq advanced 4.6%.

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 MarketPulse
Jul 03, 2020

Fauci says coronavirus may be mutating to become more infectious
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said in an interview with the Journal of American Medicine on Thursday that the virus may be mutating to become more transmissible, with high viral loads. "We don't have a connection between whether an individual does worse with this or not. It just seems that the virus replicates better and may be more transmissible. But this is still at the stage of trying to confirm that," said Fauci. The study he references, released by researchers affiliated with the Sheffield COVID-19 Genomics Group, states that the new strain "has become the most prevalent form in the global pandemic," and that it differs from the one that struck Wuhan, China earlier this year.

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 MarketPulse
Jul 03, 2020

Gilead granted conditional approval for Covid-19 treatment remdesivir in Europe
Gilead Sciences, Inc. on Friday said the European Commission has granted conditional marketing authorization for remdesivir, also known as veklury, as a treatment for Covid-19. The authorization was based on a rolling review of supporting data that began in April 2020. Remdesivir is used to treat Covid-19 in adults and adolescents aged 12 years and older and weighing at least 40 kg, with pneumonia requiring supplemental oxygen. A European conditional marketing authorization is initially valid for one year but can be extended or turned into unlimited marketing authorization after the submission and assessment of additional confirmatory data.

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 MarketPulse
Jul 02, 2020

U.S. stock futures little changed headed into holiday weekend
U.S. stock index futures were flat late Thursday, ahead of the Fourth of July holiday weekend. As of 8:30 p.m. Eastern, Dow Jones Industrial Average futures were down about 20 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures were off fractionally. U.S. stock markets will be closed Friday for the Fourth of July. Earlier in the day, stocks finished a choppy trading session with slight gains, as rising coronavirus cases dampened enthusiasm after a positive jobs report. The Dow closed 92.39 points, or 0.4%, higher to finish at 25,827.36, while the S&P 500 index added 14.15 points, or 0.5%, to close at 3,130.01. The Nasdaq Composite Index gained 53 points, or 0.5%, close at 10,207.63, booking its second straight record close.

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 MarketPulse
Jul 02, 2020

FedEx calls on Washington Redskins to change name
FedEx Corp. , which pays for naming rights to the Washington Redskins' stadium in Maryland, has asked the team to change its controversial name. "We have communicated to the team in Washington our request that they change the team name," FedEx said in a statement to the media Thursday. FedEx Chief Executive Fred Smith is also a minority owner of the team. The team name has been criticized as racist for years, but team owner Daniel Snyder has been under increasing pressure recently amid the national reckoning on race relations. Earlier this week, AdWeek reported that nearly 90 investment firms and shareholders have asked FedEx, Nike Inc. and PepsiCo Inc. to cancel their business relationships with the team until it agrees to change its name, and the Washington Post reported Wednesday that Snyder will not be permitted to build a new stadium in Washington unless the team name is changed.

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 MarketPulse
Jul 02, 2020

Delta Air amends revolving-credit line, term loan
Delta Air Lines Inc. has amended its $2.65 billion revolving-credit line to extend it and turn into secured debt, it said in a filing Thursday. The newly amended instrument includes a $1.325 billion three-year facility, $1.25 billion of which Delta extended for one additional year to April 2022, a $1.325 billion five-year facility, which matures in April 2023, and a new $216 million standby letter of credit, which matures in April 2022. The amended revolving-credit facility, previously unsecured, is now secured by liens on certain routes and other related assets, with the option of pledging aircraft, among other assets, as additional collateral, the company said. Delta also amended an one-year term loan, and both the revolving-credit line and the term loan require Delta to have a minimum of $2 billion liquidity. Shares of Delta rose 0.6% in the extended session Thursday after ending the regular trading day up 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 MarketPulse
Jul 02, 2020

Tax software company Vertex files for initial public offering
Vertex Inc. said late Thursday it plans to go public after 40 years as a private company. The King of Prussia, Penn.-based tax software company said it plans to raise up to $100 million in the offering, although that amount is usually used as a placeholder and revised in later filings. Proceeds will be used to help pay down debt and for general corporate purposes, the company said. The company reported $173.8 million in debt as of March 31. The company reported $321.5 million in revenue and net income of $31.1 million in 2019, compared with $272.4 million in revenue and a loss of $67.1 million in 2018. Vertex plans to trade under the ticker "VERX" on the Nasdaq . Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and Jefferies are listed among the underwriters.

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 MarketPulse
Jul 02, 2020

Regeneron, Sanofi halt trial for experimental coronavirus drug, shares fall
Shares of Regeneron Pharmaceuticals Inc. were down 2.4% and Sanofi's stock declined 1.7% in after-hours trading on Friday after the companies halted a Phase 3 clinical trial testing their rheumatoid arthritis drug Kevzara as a COVID-19 treatment. The drug, which was being tested in 194 hospitalized COVID-19 patients receiving mechanical ventilation, did not meet the primary or key secondary endpoints in the study. The findings will be published in a peer-reviewed medical journal later this year. Sanofi is continuing to evaluate Kevzara using a different dose in a trial of COVID-19 patients taking place outside of the U.S. Since the start of the year, Regeneron's stock is up 65.7%, shares of Sanofi are up 2.6%, and the S&P 500 is down 3.5%.

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.



MarketWatch MarketPulse
Jul 02, 2020

Luckin Coffee board fails in attempt to oust chairman
Disgraced Chinese coffee chain Luckin Coffee Inc. disclosed Thursday afternoon that the board of directors' attempt to oust its chairman had failed. The board announced the previous Thursday that it would hold a vote to dismiss Charles Zhengyao Lu as a member of the board and the chairman, but said the vote failed to hit the two-thirds threshold needed to actually take the action. Luckin said at the time that the effort was a result of its investigation into the company, which has already dismissed a number of top executives including the chief executive. The company completed its internal investigation earlier in the week, disclosing that revenue was inflated by roughly $300 million in 2019. The stock was delisted from the Nasdaq and currently trades over the counter.

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 MarketPulse
Jul 02, 2020

Tesla stock ends at new record, tops $1,200
Tesla Inc. shares rose 8% to close at a record $1,208.66 on Thursday, on the heels of better-than-expected second-quarter sales for the electric-car maker. It was the stock's third consecutive all-time high and fourth straight session in the black. Earlier Thursday, the company said that it delivered 90,650 vehicles in the second quarter, above the 72,000 deliveries that analysts surveyed by FactSet had been predicting. The stock has gained 189% this year, contrasting with losses of 3% and 10% for the S&P 500 index and the Dow Jones Industrial Average .

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 MarketPulse
Jul 02, 2020

Nasdaq closes at record for second straight session ahead of July 4th holiday
U.S. stocks clung to their gains at the end of Thursday after a stronger-than-expected employment report confirmed the labor market's rapid recovery at the end of the second-quarter. Wall Street will be shuttered on Friday in honor of the Independence Day holiday. The S&P 500 gained 0.5% to 3,130. The Dow Jones Industrial Average advanced 92 points, or 0.4%, to end around 25,827, based on preliminary numbers. The Nasdaq Composite added 0.5% to 10,208, booking an all-time closing high for a second straight day. The U.S. added 4.8 million jobs in June compared with expectations for a rise of 3.7 million and the unemployment rate fell for the second straight month to 11.1%. Still, analysts worry the resurgence of new coronavirus cases across the U.S. could hold back further improvements in the broader U.S. economy.

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 MarketPulse
Jul 02, 2020

Best week in nearly 3 months for Amazon, Microsoft pushes work-from-home ETF ahead of broader market
A hotly anticipated exchange-traded fund with a timely theme has outpaced the broader market in its first week in existence, even as recent flare-ups of COVID-19 may have bolstered its investment case. The Direxion Work From Home ETF has gained 4.5% since it launched on June 25, edging the 3.4% gain in the S&P 500 and the 3.8% gain in the Nasdaq Composite Index during that time. As previously reported, the fund contains 40 stocks that allow investors to tap into the technologies that enable many office workers to stay home: remote communications, cyber security, project and document management, and cloud technologies. Those companies include lesser-known names like Ping Identity Holding - but also pandemic darlings like Zoom Video Inc. and heavyweights like Amazon.com Inc and Microsoft Inc. [s:MSFT], both of which are on track for their best weekly gain since April 17.

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 MarketPulse
Jul 02, 2020

Oil futures end higher, with U.S. prices at their highest since March
Oil futures settled higher on Thursday, buoyed by a hefty decline in last week's U.S. crude supplies and better-than-expected domestic jobs growth in June. August West Texas Intermediate oil rose 83 cents, or 2.1%, to settle at $40.65 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since March 6, according to FactSet data. There will be no regular trading for Nymex oil futures Friday because of the Independence Day holiday. Prices were up 5% from last Friday's settlement.

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 MarketPulse
Jul 02, 2020

Moderna's stock falls following report that the Phase 3 coronavirus vaccine trial has been delayed
Shares of Moderna Inc. declined 6.2% in trading on Thursday after people familiar with the matter told Stat News the start date for the company's Phase 3 clinical trial for its experimental COVID-19 vaccine has been delayed. The sources attributed the delay to protocol changes ?- a common issue with clinical studies ?- not a problem with the vaccine candidate. Following publication of the story, Moderna tweeted that the Phase 3 trial is still set to begin in July. "We have worked closely with [the National Institutes of Health/Operation Warp Speed] to align on the final protocol in order to begin the trial on time," it said. Moderna's stock has soared 197.7% year-to-date, while the S&P 500 is down 3.5%.

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.



MarketWatch MarketPulse
Jul 02, 2020

Gold settles with a gain for the session and shorter week
Gold futures climbed on Thursday, also posting a gain for the holiday-shortened week, as concerns over the increase in COVID-19 cases in part of the world provided safe-haven support for the metal. Some of that support lacked in the U.S., where data showed better-than-expected jobs growth in June. "The employment numbers are spectacular but an 11% unemployment rate is still elevated," said Jeff Wright, executive vice president of GoldMining Inc. "COVID cases are back on rise and numerous states have slowed down reopen plans." August gold rose $10.10, or 0.6%, to settle at $1,790 an ounce. There will be no regular trading for gold futures Friday, which marks the Independence Day holiday. Based on the most-active contract, prices were up about 0.5% from last Friday's settlement.

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 MarketPulse
Jul 02, 2020

Nio shares rally 16% after electric-car company's above-expectations sales
American depositary shares of Nio Inc. rallied more than 16% Thursday after the Shanghai-based electric-car maker reported second-quarter and June sales above its forecast. Nio said it delivered 3,740 vehicles in June, a 179% increase year-over-year, including 2,476 of ES6s, Nio's small SUV and its most popular vehicle. The company sold 10,331 vehicles in the second quarter, an increase of 191% from the previous-year period. As of June 30, Nio has delivered a total of 46,082 vehicles, with 14,169 delivered in 2020. A close around current levels would be Nio's highest since March 2019 and a fourth straight session of gains for the ADRs.The shares have gained 130% for the year, contrasting with losses of about 3% and 9% for the S&P 500 index and the Dow Jones Industrial Average . Earlier Thursday, Tesla Inc. reported standout quarterly delivery and production numbers, mainly relying on the U.S. company's new Shanghai-based factory.

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 MarketPulse
Jul 02, 2020

Tech posted job gains in the U.S. in June
American companies added about 227,000 information technology workers to their payrolls in June and layoffs by technology companies slowed during the month, according to an analysis by CompTIA, a nonprofit trade association for the global tech industry. Tech sector employment had a net decline of 5,600 positions in June, including both technical and non-technical occupations. California, Texas, Colorado, New York, and Pennsylvania were the states with the highest month-over-month increase in IT job postings. The unemployment rate for IT occupations stood at 4.3% for June, compared to the national rate of 11.1%.

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 MarketPulse
Jul 02, 2020

Lemonade stock more than doubles following IPO
Lemonade Inc. shares more than doubled soon after their debut Thursday as the mobile-based insurance start-up launched its initial public offering. Late Wednesday, Lemonade priced its IPO at $29 a share, above an already elevated range, and on Thursday shares skyrocketed as much as 120% to an intraday high of $63.87 as trading on the New York Stock Exchange began. The company is offering 11 million shares, with underwriters getting the option for another 1.7 million to cover overallotments. The rally sent Lemonade's valuation to $3.39 billion. That places Lemonade well above the $1.7 billion valuation resulting from a $300 million investment round led by SoftBank Group Corp. in April 2019.

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 MarketPulse
Jul 02, 2020

U.S. factory orders rise for first time in three months
Factory orders rose 0.8% in May, the first gain in three months, the Commerce Department said Thursday. Economists surveyed by MarketWatch were expecting a 9.7% gain. Orders fell a revised 13.5% in the prior month and 11% in March as the economy was locked down from the pandemic. In May, durable goods orders rose 15.7%, only slightly down from last week's initial reading of a 15.8% increase. Orders for nondurable goods were up 2% in the month. Orders for nondefense capital goods, excluding aircraft rose 1.6% in May, down from the prior estimate of a 2.3% rise.

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 MarketPulse
Jul 02, 2020

Dow jumps 400 points and Nasdaq hits a fresh record Thursday as jobs report for June shows 4.8 million jobs created ahead of Independence Day holiday
U.S. stock benchmarks opened sharply higher Thursday morning after a closely followed report on the health of the labor market showed that the U.S. added 4.76 million jobs in June and the unemployment fell to 11.1% from 13.3% in May, suggesting that the employment picture is improving after a stunning collapse due to the COVID-19 pandemic. Economists polled by MarketWatch had predicted 3.7 million jobs were created or restored in June, with some estimates ranging as high as 8 million. Meanwhile, a separate report showed that Americans filed for 1.43 million new unemployment claims in the latest week. The Dow Jones Industrial Average rose 356 points, or 1.4%, at 26,085, the S&P 500 index added 36 points, or 1.2%, at 3,152, while the Nasdaq Composite Index opened at an intraday record at 10,272, and was trading 1.2% higher. In corporate news, shares of Tesla Inc. were trading sharply higher after a Wedbush analyst boosted his stock price target to $2,000 and after the electric-vehicle maker released a better-than-expected sales report. U.S. financial markets will be closed on Friday and the bond market will close an hour early at 2 p.m. Eastern time on Thursday with the Independence Day holiday observed on Friday instead of July 4th.

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 MarketPulse
Jul 02, 2020

Alexion to pay $21 million to resolve SEC charges
Shares of Alexion Pharmaceuticals Inc. were up 0.1% in trading on Thursday after the Securities and Exchange Commission said the drugmaker would pay more than $21 million to resolve charges that it paid officials in Russian and Turkey to promise its immunosuppressive drug Soliris. The company allegedly paid government officials between 2010 and 2015 to encourage prescriptions of Soliris and secure "favorable regulatory treatment" for the drug. There are also allegations that subsidiaries in Brazil and Colombia failed to main accurate records. Alexion did not admit fault or deny the SEC's findings. Soliris is Alexion's top-selling drug, bringing in about $3.9 billion in sales in 2019. Alexion's stock has gained 3.9% year-to-date, while the S&P 500 is down 3.5%.

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.



MarketWatch MarketPulse
Jul 02, 2020

Dow futures surge 400 points after jobs report for June shows 4.8 million jobs added, unemployment falls to 11.1%
U.S. stock-index futures added to gains on Thursday after a closely followed report on the health of the labor market showed that the U.S. added 4.76 million jobs in June and the unemployment fell to 11.1% from 13.3% in May, suggesting that the employment picture is improving after a stunning collapse due to the COVID-19 pandemic. Economists polled by MarketWatch had predicted 3.7 million jobs were created or restored in June, with some estimates ranging as high as 8 million. Futures for the Dow Jones Industrial Average rose 438 points, or 1.7%, at 26,013 those for the S&P 500 index added 40.65 points, or 1.3% at 3,144, while Nasdaq-100 futures were 106.25 points, or 1%, higher at 10,375. Meanwhile, a separate report showed that Americans filed for 1.43 million new unemployment claims in the latest week.

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 MarketPulse
Jul 02, 2020

Tesla shares soar 9% premarket on stronger-than-expected Q2 deliveries
Tesla Inc. shares soared 9% in premarket trade Thursday, after the electric car maker posted far stronger-than-expected quarterly deliveries, its proxy for sales. The Palo Alto, Calif-based company said it delivered about 90,650 vehicles in the second quarter, well ahead of the FactSet consensus of 72,000. The Tesla factory in Fremont, Calif., was closed roughly half the quarter under regional shutdown orders designed to slow the spread of the coronavirus. The company said production is now back to pre-pandemic levels. The company said it delivered 80,050 Model 3s and Model Ys in the quarter, compared with a FactSet consensus of 61,000. It delivered 10,600 of its Model S luxury sedan and Model X SUVs. Tesla stock closed at a fresh record of $1,133.36 on Wednesday, boosting its valuation to more than $207 billion and above, at least for now, Japan's Toyota Motor Corp.'s $203 billion market value. Toyota, which makes more than 8 million vehicles a year, long has been the No. 1 global car maker by market capitalization.

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 MarketPulse
Jul 02, 2020

Alaska Air secures $1.2 billion in private funding and a subsidiary receives $30 million from CARES Act
Alaska Air Group Inc. said Thursday that it has secured $1.2 billion in private funding while a subsidiary, McGee Air Services, a ground services company that operates independently, has received $30 million in loans from the Payroll Support Program (PSP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Alaska Airlines and Horizon Air have also received $992 million, including a $725 million grant and a $267 million loan, that that companies can use exclusively for employee wages and benefits through September 30. Alaska Air's private loan will be funded on or around July 2, with the company using 61 of its planes as collateral. Series A, a $966 million portion of the loan, will be repaid by Aug. 15, 2027, and the $208 million in Series B will be repaid by Aug. 15, 2025. Alaska Air stock rose 3.8% in Thursday premarket trading, but has fallen 47.3% for the year to date. The S&P 500 index is down 3.6% for 2020 so far.

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 MarketPulse
Jul 02, 2020

U.S. trade deficit widens in May to $54.6 billion
The U.S. trade deficit widened by 9.7% in May to $54.6 billion, the government said Thursday. Economists surveyed by MarketWatch had predicted the deficit would widen to a seasonally adjusted $53.1 billion. Exports in May fell 4.4% to $144.5 billion, while imports declined 0.9% to $199.1 billion. Total exports are down 32% from May 2019, while imports are down 25%, as the coronavirus pandemic slows global trade.

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 MarketPulse
Jul 02, 2020

E.L.F. Beauty agreement with Marathon Partners includes vote on 'say-on-pay' proposals
E.L.F. Beauty Inc. said Thursday that it has entered into an agreement with investment firm Marathon Partners, which owns about 5.2% of the company's outstanding stock. As part of the agreement, E.L.F. has included a "say-on-pay" proposal as well as a proposal on the frequency of future "say-on-pay" votes to the upcoming 2020 annual meeting. Shareholders will be able to vote on the proposals as well. E.L.F. Chief Executive Tarang Amin's salary is about $7.5 million, according to FactSet. The agreement also includes a reduction in the automatic annual increase of shares under the Equity Incentive Award Plan to 2% from 4%. E.L.F. has also expanded its board to nine members from eight with the addition of Lori Keith, portfolio manager of Parnassus Investments $5 billion Mid Cap Fund. Six of E.L.F.'s board members are women, making it one of the few U.S. publicly-traded companies with a board comprised of more than 60% women, according to the cosmetics company. E.L.F. stock has soared more than 102% over the past three months while the S&P 500 index has rallied 23.3% 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.



MarketWatch MarketPulse
Jul 02, 2020

E.L.F. Beauty partnership with Marathon Partners includes vote on 'say-on-pay' proposals
E.L.F. Beauty Inc. said Thursday that it has entered into a partnership with investment firm Marathon Partners, which owns about 5.2% of the company's outstanding stock. As part of the agreement, E.L.F. has included a "say-on-pay" proposal as well as a proposal on the frequency of future "say-on-pay" votes to the upcoming 2020 annual meeting. Shareholders will be able to vote on the proposals as well. E.L.F. Chief Executive Tarang Amin's salary is about $7.5 million, according to FactSet. The agreement also includes a reduction in the automatic annual increase of shares under the Equity Incentive Award Plan to 2% from 4%. E.L.F. has also expanded its board to nine members from eight with the addition of Lori Keith, portfolio manager of Parnassus Investments $5 billion Mid Cap Fund. Six of E.L.F.'s board members are women, making it one of the few U.S. publicly-traded companies with a board comprised of more than 60% women, according to the cosmetics company. E.L.F. stock has soared more than 102% over the past three months while the S&P 500 index has rallied 23.3% 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.



MarketWatch MarketPulse
Jul 02, 2020

Forterra prices upsized $500 million offering of 5-year bonds
Forterra Inc. , the maker of water and drainage pipes, priced an upsized bond deal on Thursday, joining the many companies issuing debt during the coronavirus pandemic. The Irving, Tx.-based company issued $500 million of senior secured notes that mature in 2025 at an interest rate of 6.50%. The original plan was to issue just $400 million of bonds. Proceeds will be used to repay part of the sum outstanding under a term loan facility. The company earlier this week issued guidance for the second quarter that was higher than expected. Shares were up 11.6% premarket, and have gained 2.6% in the year to date through Wednesday, while the S&P 500 has fallen 3.6%.

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 MarketPulse
Jul 02, 2020

Tesla stock price target boosted to $2,000 by Wedbush, making it the highest among FactSet analysts
Wedbush analyst Dan Ives raised his stock price target for Telsa Inc. to $2,000 from $1,250 on Friday, making it the highest among analysts on FactSet. "We believe with demand for Model 3's ramping stronger than expectations in China heading into the summer timeframe, the lockdown easing in the US/Europe, and some potentially "game changing" battery developments on the horizon (Battery Day another key catalyst) that Tesla's stock likely has room to run further," Ives wrote in a note to clients. The move comes a day after Tesla stock closed at a fresh record of $1,133.36, boosting its valuation to more than $207 billion and above, at least for now, Japan's Toyota Motor Corp.'s TM, -1.18% $203 billion market value. Toyota, which makes more than 8 million vehicles a year, long has been the No. 1 global car maker by market capitalization. Tesla is expected to report second-quarter sales this week, with analysts polled by FactSet expecting the sale of 72,000 vehicles in the quarter, of which 61,000 are Model 3s. "While the stock has been roaring higher, we believe the main fundamental catalyst continues to be the massive China market which is showing clear signs of a spike in demand for Musk & Co. heading into the rest of this year," Ives wrote. The analyst is expecting Tesla to reporter stronger second-quarter deliveries than the market is expecting, and could hit 450,000 for the year. Tesla shares jumped another 6.5% premarket to bring its year-to-date gain to 168%, while the S&P 500 has fallen 3.6%.

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 MarketPulse
Jul 02, 2020

Coty names former L'Oreal executive Sue Y. Nabi as CEO effective September
Cosmetics company Coty Inc. said Friday it hs named Sue Y. Nabi as chief executive effective September. Nabi is founder and CEO of luxufry skincare line Orveda and a former worldwide president of L'Oreal ad Lancome. The company said it has named its current CEO Peter Harf to the role of executive chairman. Shares were up 1.9% premarket, but have fallen 62% in the year to date, while the S&P 500 has fallen 3.6%.

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 MarketPulse
Jul 02, 2020

Coronavirus tally: Global cases of COVID-19 above 10.7 million and U.S. cases top 50,000 in a day for first time
The global tally for confirmed cases of the coronavirus that causes COVID-19 rose above 10.7 million on Thursday, according to data aggregated by Johns Hopkins University, and the U.S. recorded more than 50,000 new cases in a single day for the first time since the start of the outbreak. The number of deaths globally climbed to 516,552, while the number of people who have recovered reached 5.5 million. The U.S. continues to lead the world, with a case tally of 2.69 million and death toll of 128,062. Within the U.S., infections have climbed in 38 states over the past 14 days, according to a New York Times tracker, with Idaho, Florida and Nevada leading the way. Brazil is next with 1.44 million cases and 60,632 deaths. Russia is third measured by cases at 660,231, followed by India with 604,641 and the U.K. with 314,992. The U.K. has 43,991 fatalities, the highest in Europe and third highest in the world. China, where the illness was first reported late last year, has 84,816 cases and 4,641 fatalities.

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 MarketPulse
Jul 01, 2020

Twitter removes image from Trump tweet for copyright violation
Twitter Inc. on Wednesday removed an image tweeted by President Donald Trump for copyright violations. "This image has been removed in response to a report from the copyright holder," a message says in the Tuesday post in place of the image. Axios reported Wednesday night that the image was from the New York Times, which reportedly complained to Twitter. Twitter reportedly told Axios that the image was a meme that Trump had tweeted.

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 MarketPulse
Jul 01, 2020

U.S. stock futures flat after mixed day on Wall Street
U.S. stock index futures were little changed Wednesday night, after a mixed day on Wall Street that saw the Nasdaq close at a record high. As of 9 p.m. Eastern, Dow Jones Industrial Average futures were down about 30 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures were down fractionally. Earlier, stocks started the second half of the year mixed, as growing coronavirus fears mixed with signs of an economic recovery. The Dow fell 77.91 points, or 0.3%, to close at 25,734.97, snapping a two-day win streak. The S&P 500 rose 15.57 points, or 0.5%, to end at 3,115.86, while the Nasdaq Composite gained 95.86 points, or 1%, closing at a record 10,154.63.

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 MarketPulse
Jul 01, 2020

Lemonade prices IPO at $29 a share, higher than raised range
Lemonade Inc. , a mobile-based insurance start-up that seeks to court millennials, priced its initial public offering above the expected range Wednesday. After the close Wednesday, Lemonade priced 11 million shares at $29 apiece, above the already increased range of $26 to $28 from earlier in the day. Underwriters have another 1.7 million shares to cover overallotments over the next 30 days. The stock is expected to begin trading under the ticker "LMND" on the New York Stock Exchange on Thursday. The IPO price values the company at $1.64 billion should all options be exercised, just shy of the $1.7 billion valuation calculated from a $300 million investment led by SoftBank Group Corp. in April 2019.

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 MarketPulse
Jul 01, 2020

CEOs of Alphabet, Amazon, Apple and Facebook to testify before Congress in late July: report
The chief executives of Google parent Alphabet Inc. , Amazon.com Inc. , Apple Inc. , and Facebook Inc. have agreed to testify before Congress on antitrust issues in late July, Rep. David Cicilline, D-R.I., chairman of the House Judiciary Antitrust Subcommittee, told tech journalist Kara Swisher late Wednesday. The office of Rep. Jerry Nadler, D-N.Y., confirmed the hearing with NBC News. Cicilline's office was not immediately available for comment. Amazon has previously said it would make CEO Jeff Bezos available to testify this summer. Facebook declined comment. Alphabet and Apple were not immediately available for comment. The four companies are the subject of investigations by the Department of Justice and Federal Trade Commission into their business practices and the substantial clout they wield over the tech industry and the economy.

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 MarketPulse
Jul 01, 2020

Tailored Brand misses interest payment on bonds
Tailored Brands Inc. subsidiary Men's Wearhouse Inc. has not made interest payments due Wednesday of about $6.1 million on its 2022 senior notes, Tailored Brands said in a filing late Wednesday. Instead, the subsidiary and Tailored Brands have chosen to enter a 30-day grace period and could make the payment within that time frame, the company said. At the end of the grace period, a non-payment becomes an "event of default." Tailored Brands did make interest payments on its credit facilities, it said. Shares of Tailored Brands, which also sells apparel under store brands such as Jos. A. Bank and Joseph Abboud, fell more than 2% in the extended session Wednesday after ending the regular trading day down 4% and under $1. The company in early June said it had taken "decisive actions" to manage its liquidity and requested an extension to file quarterly results because of the "disruption" caused by the coronavirus pandemic. Some 44% of its stores, which include Men's Wearhouse and Jos. A. Bank, have reopened, it said. As of June 5, Tailored Brands had $201 million in cash and|NEW] and requested an extension to file quarterly results because of the "disruption" caused by the coronavirus pandemic.

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 MarketPulse
Jul 01, 2020

Nu Skin stock rallies 11% after company's better Q2 sales outlook
Shares of Nu Skin Enterprises Inc. jumped more than 11% in the extended session Wednesday after the maker of supplements and personal care products estimated that its second-quarter sales will be between $603 million and $608 million, above its previous forecast. That is due to "strong global customer growth with particular strength in the Americas and Europe," with online sales accounting for 80% of volume, Nu Skin said. The company had called for second-quarter sales between $520 million and $550 million previously. Nu Skin said it would report results and provide a full-year outlook on Aug. 5 after the bell. Analysts polled by FactSet expect Nu Skin to report adjusted earnings of 49 cents a share on sales of $541 million.

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 MarketPulse
Jul 01, 2020

FormFactor stock rallies as coronavirus does little to hamper sales
FormFactor Inc. shares rose in the extended session Wednesday after the chip-maker testing and equipment company said that the COVID-19 pandemic did not hurt sales as expected. FormFactor shares rallied 9% after hours, following a less-than-0.1% decline to close the regular session at $29.32. FormFactor said it expects second-quarter revenue of between $157 million and $161 million. Analysts surveyed by FactSet expect quarterly revenue of $145.1 million, or a 9.8% sequential decrease. "Our original May 6th estimate that revenue in the second quarter would be approximately 10% lower than in our first quarter contemplated some level of Covid-19 disruption in our manufacturing operations and our suppliers' logistics chains," said Mike Slessor, chief executive of FormFactor, in a statement. "We experienced no major disruptions in either, and as a result, we expect to report revenue higher than what we had originally anticipated." The company is scheduled to report earnings on July 29.

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 MarketPulse
Jul 01, 2020

Tesla stock hits fresh record as Wall Street awaits Q2 sales
Tesla Inc. shares gained 5% Wednesday to end at $1,133.36, a fresh record, as investors await the company's second-quarter sales numbers. The rally boosted Tesla's market valuation to more than $207 billion and above, at least for now, Japan's Toyota Motor Corp.'s $203 billion market value. Toyota, which makes more than 8 million vehicles a year, long has been the No. 1 global car maker by market capitalization. Tesla is expected to report second-quarter sales this week, with analysts polled by FactSet expecting the sale of 72,000 vehicles in the quarter, of which 61,000 are Model 3s. Tesla shares have gained 171% this year, contrasting with losses of 4% and 9% for the S&P 500 index and the Dow Jones Industrial Average .

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 MarketPulse
Jul 01, 2020

Walmart partners with Tribeca to bring temporary drive-in theaters to 160 stores
Walmart Inc. said Wednesday it is partnering with Tribeca Enterprises to temporarily turn 160 of its U.S. store parking lots into drive-in movie theaters as the COVID-19 pandemic spoils summer plans for many. The retail giant said it will have a combined 320 family-friendly showings beginning in early August and running through October. Walmart said it will help with concessions as it will "make it easy for families to fill their picnic baskets by ordering their drive-in essentials online for curbside pickup on the way to their movie." There are an estimated 315 drive-in movie theaters in the U.S., down from a peak of about 4,000 in the late 1950s, according to driveinmovie.com.

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 MarketPulse
Jul 01, 2020

Nasdaq notches record close to start July after Fed minutes, but Dow slumps as Boeing, Exxon shares weigh
The Nasdaq Composite on Wednesday closed at a record high to kick off July but the Dow industrials lagged behind, after minutes from the Federal Reserve's meeting last month indicated that policy makers would aim to provide more explicit guidance on the outlook for benchmark interest rates amid the coronavirus pandemic. Improving data on employment and the manufacturing sector buttressed markets in the first trading day of the month even though about a dozen American states have paused or halted plans to allow more businesses to reopen. The Nasdaq ended up 1% at around 10,155, finishing handily above its last record close on June 23 as gains in electric-vehicle maker Tesla Inc. , Netflix Inc. and Facebook Inc. helped to propel the technology-laden benchmark. The S&P 500 index finished up 0.5% at 3,116, while the Dow Jones Industrial Average closed down 0.3%, pressured lower by declines in components Boeing Co. and Exxon Mobil . Early in the session, stocks got a boost from another Dow component Pfizer Inc. , which reported positive results from its clinical trial for a COVID-19 vaccine candidate. An upbeat report on manufacturing activity from the Institute for Supply Management and a private-sector report from ADP also helped to stoke the buying mood on Wall Street, ahead of a highly anticipated nonfarm-payrolls report due on Thursday due to the July 4th holiday in the U.S.

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 MarketPulse
Jul 01, 2020

Apple to temporarily shutter 30 more retail stores, bringing total to 77 in U.S.
Citing a spike in the coronavirus pandemic, Apple Inc. on Wednesday said it has decided to temporarily re-close 30 of its retail stores in the U.S., bringing the nationwide total to 77. The stores affected are in Alabama, California, Florida, Georgia, Idaho, Louisiana, Mississippi, Nevada, Oklahoma, Texas, and Utah. "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas," an Apple spokesperson said in a statement. "We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible." Apple shares are flat in late-afternoon trading. Apple has 271 stores in the U.S.

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 MarketPulse
Jul 01, 2020

China-based BlueCity looks to raise $90.1 million in IPO
BlueCity Holdings Ltd. set terms for its initial public offering, as the China-based online LGBTQ community looks to raise up to $90.1 million. The company is offering 5.3 million American depositary shares (ADS), representing 2.65 million Class A ordinary shares, which are expected to price between $15.00 and $17.00. The stock is expected to list on the Nasdaq exchange under the ticker symbol "BLCT." The lead underwriters of the IPO are AMTD, Loop Capital Markets, Tiger Brokers, Prime Number Capital and R.F. Lafferty & Co. The company recorded a net loss of RMB7.6 million ($1.08 million) on revenue of RMB207.5 million ($29.3 million) for the three months ended March 31, after a loss of RMB26.4 million on revenue of RMB145.3 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 60.4% over the past three months, the iShares MSCI China ETF has climbed 19.5% and the S&P 500 has advanced 26.2%.

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 MarketPulse
Jul 01, 2020

Apple to shutter 30 more retail stores, bringing total to 77 in U.S.
Citing a spike in the coronavirus pandemic, Apple Inc. on Wednesday said it has decided to re-close 30 of its retail stores in the U.S., bringing the nationwide total to 77. The stores affected are in Alabama, California, Florida, Georgia, Idaho, Louisiana, Mississippi, Nevada, Oklahoma, Texas, and Utah. "Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas," an Apple spokesperson said in a statement. "We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible." Apple shares are flat in late-afternoon trading. Apple has 271 stores in the U.S.

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 MarketPulse
Jul 01, 2020

Oil futures score a gain for the session as U.S. supplies show biggest weekly drop of the year
Oil futures settled higher on Wednesday after U.S. government data showed that domestic crude supplies fell by 7.2 million barrels last week, the largest weekly decline so far this year. The fall in stockpiles also followed three consecutive weeks of increases. August West Texas Intermediate oil rose 55 cents, or 1.4%, to settle at $39.82 a barrel on the New York Mercantile Exchange.

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 MarketPulse
Jul 01, 2020

Gold futures end lower a day after highest finish since 2011
Gold futures pulled back Wednesday, after settling a day earlier at their highest since 2011. "Gold remains in an uptrend but some fatigue may be kicking in," said Lukman Otunuga, senior research analyst at FXTM. Data from Automatic Data Processing Inc. Wednesday showed that U.S. private-sector employers added 2.37 million jobs in June, less than analysts expected. Still, "some optimism may return over the U.S. economy recovering quicker than expected," something that may hit haven gold, he said. August gold fell $20.60, or 1.1%, to settle at $1,779.90 an ounce. Prices settled at $1,800.50 on Tuesday, the highest finish for a most-active contract since Sept. 2011, according to Dow Jones Market Data. Prices ended the second quarter with a gain of nearly 13%.

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 MarketPulse
Jul 01, 2020

Match Group adds Ryan Reynolds to board following IAC separation
Match Group Inc. announced the "successful completion" of its separation from IAC/InterActiveCorp. Wednesday morning and added four new members to its Board of Directors including actor Ryan Reynolds. "Most millennials and Gen Z can't remember what dating was like before the advent of Tinder, OkCupid and Hinge," Reynolds said in a release, adding that he would "roll up [his] sleeves and work with the team on their future growth and success." Match is also adding Stephen Bailey, Melissa Brenner, and Wendi Murdoch to its board. Bailey is the founder of Exec Online, a digital leadership development company, while Brenner is the executive Vice President for digital media at the National Basketball Association. Murdoch is the co-founder of Artsy, a digital platform for collectors. She is a former wife of Rupert Murdoch, chairman of News Corp., parent company of MarketWatch publisher Dow Jones. Match shares are down more than 8% in Wednesday trading. They've gained 57% over the past three months as the S&P 500 has risen 26%.

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 MarketPulse
Jul 01, 2020

Centene to invest $1 billion, hire 6,000 employees in Charlotte in the coming years
Centene Corp. said it will create 6,000 new jobs and invest $1 billion in the Charlotte, North Carolina community over time, as the health care company builds a new East-Coast headquarters in the city. The company said construction of the new campus will begin in August. The first phase of construction is expected to be completed in the second half of 2022, and will accommodate about 3,000 employees. The next phase of construction will begin in 2024, and accommodate an additional 3,000 employees. Centene said it currently has nearly 600 employees in North Carolina. The stock rose 2.9% in midday trading. It has gained 4.0% year to date, while the SPDR Health Care Select Sector ETF has slipped 0.9% and the S&P 500 has eased 3.5%.

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.



MarketWatch MarketPulse
Jul 01, 2020

FedEx delivers its best day since 1986, and transportation ETFs rally
Exchange-traded funds with heavy exposure to delivery giants jumped Wednesday after FedEx reported better-than-expected earnings, sending the stock up more than 13% and on track for its best day since 1986. Shares of United Parcel Service, Inc. were 4.1% higher midday as well. The iShares Transportation Average ETF , with nearly 17% of its portfolio in the two names, was nearly 0.4% higher, beating the 0.2% gain for the Dow Jones Industrial Average . The Direxion Daily Transportation Bull 3x ETF, a leveraged product with more than 11% of its holdings in the two companies, was up 1.5%. A pure-play transportation fund, the SPDR S&P Transportation ETF, fell, despite having more than 5% of its holdings in those two companies, while the American Customer Satisfaction ETF , with just 4.5%, was up 1.3%. In the year to date, shares of the iShares transportation ETF and the SPDR fund have both lost roughly 17%.

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 MarketPulse
Jul 01, 2020

Peloton app comes to Roku devices, stock gains
Peloton Interactive Inc. said Wednesday that its app is now available on Roku devices in the U.S. and Canada and will soon come to the U.K. A Peloton spokesman said in an email to MarketWatch that the Roku announcement means Peloton's app is now "on all of the major streaming TV platforms." That includes Apple Inc.'s Apple TV, Amazon.com. Inc.'s Fire TV, Alphabet Inc.'s Android TV, and "many" set-tip boxes from AT&T Inc. . Peloton has sought to capitalize on the rising interest in home fitness as the COVID-19 outbreak has kept people out of gyms. The company said in conjunction with its last earnings report that it saw "a significant increase in demand" toward the end of the March quarter and at the time the company faced an extended backlog as it sought to meet this new demand. Peloton shares have gained 115% over the past three months as the S&P 500 has risen 26%.

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 MarketPulse
Jul 01, 2020

Workhorse's stock set to snap record win streak, while BTIG analyst nearly doubles price target
Shares of Workhorse Group Inc. are down 4% in Wednesday trading, putting them on track to snap a record 9-day winning streak in which they rocketed more than 4-fold (up 321%). Analyst Gregory Lewis at BTIG reiterated his buy rating on the electric van maker's stock but boosted his price target to $26, which is 77% above current levels, from $10. Lewis said a key takeaway from a call he hosted with management on Tuesday was that the company has "first-mover" advantage, which was solidified when the Series C van received final regulatory safety approvals, giving the company a 1-to-2-year head start on other electric vehicle (EV) last-mile delivery competitors. He said this should allow the company to secure a revolving credit facility, which would allow it to scale up operations. Lewis said a major potential catalyst could be a $6 billion to $8 billion contract from the U.S. Postal Service, in which bids are due later this month, and an announcement of the winner is expected later this year. He said another bullish factor is the optionality around the company's 10% equity stake in Lordstown Motors Corp., which unveiled its EV Endurance pickup truck last week. The stock has skyrocketed 881% over the past three months. Among its EV rivals, shares of Tesla Inc. have run up 133% the past three months and Nikola Corp. have climbed 537%, while the S&P 500 has gained 26%.

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 MarketPulse
Jul 01, 2020

FTC sees record 34,000 complaints about online shopping items that are not delivered during pandemic
The Federal Trade Commission said Wednesday it received a record number of complaints in April and May about online shopping, most of which concerned items that were ordered but never delivered. The agency said it received 34,000 complaints in April and May, and the May number alone was greater than the number received in December of 2019, the last big holiday shopping season. The most common items to fail to show up were face masks, followed by hand sanitizer, toilet paper, thermometers, and gloves, all products that are in high demand during the pandemic. "With COVID-19, scammers quickly launched opportunistic websites," the FTC said in a statement. There were also complaints about electronics that failed to show up and even of puppies that were ordered online but never materialized. "Scammers often used pandemic-related pretexts for supposed shipping delays, sometimes - in the puppy scam - even charging extra fees for COVID-related "regulations." Then they just stopped responding. This stalled people who might otherwise have posted negative reviews," said the statement. The FTC advises consumers to confirm a seller's physical address and phone number and to run a quick search of the name, using terms like "scam" and "complaint." Consumers should beware of unfamiliar sites or ones selling items that are in short supply at discounts. Paying with a credit card gives a consumer recourse to challenging a charge if the item does not show up. The Securities and Exchange Commission has also urged investors to beware of scams linked to the coronavirus pandemic, and to carefully consider claims relating to treatments, therapies and equipment that promise big investor returns.

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 MarketPulse
Jul 01, 2020

Pinterest stock rises after Facebook shuts down rival app
Pinterest Inc. shares are up 5% in Wednesday trading after Facebook Inc. confirmed that it plans to shut down Hobbi, a rival app that let users track progress on creative hobbies like crafts and cooking. "We expect to have to shut down apps when they're not catching on, but we also hope to learn from these experiments so that we can build better, more interesting apps in the future," A Facebook spokesperson said of apps developed by Facebook's New Product Experimentation team. Also on Wednesday, Deutsche Bank analyst Lloyd Walmsley boosted his price target on the stock. He sees room for the company to benefit from "multiple advertising product cycles" and enhanced abilities for users to shop through the platform. "Our call here is not about near-term upside for 2Q but more optimism that around the next six to 12 months, which we view as far more important than near-term risk around COVID lockdowns," wrote Walmsley, who has a buy rating on the stock. Pinterest shares have surged 64% over the past three months as the S&P 500 has added 26%.

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 MarketPulse
Jul 01, 2020

Dun & Bradstreet's stock debuts 14% above upsized IPO's price
Shares of Dun & Bradstreet Holdings Inc. surged in their public debut, after the data and analytics company's upsized initial public offering priced above its expected range. The stock's first trade was at $25 at 11:34 a.m. Eastern for 7.6 million shares. That was 13.6% above the $22 IPO price, which was above the previously expected range of $19 to $21. The stock has added slightly to those gains, to be up 14.3% at $25.16. The company sold 78.30 million shares to raise $1.72 billion in the IPO, up from a previously expected 67.75 million shares. The company went public as the Renaissance IPO ETF has run up 59.7% over the past three months, while the S&P 500 has gained 26.0%.

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 MarketPulse
Jul 01, 2020

GM's U.S. vehicle deliveries fall 34% in Q2
General Motors Co. said Wednesday that second-quarter deliveries fell 34.0% from a year ago to 492,489 vehicles, weighed down by the effects of the COVID-19 pandemic. Retail sales for the quarter fell 24%, as a 35% drop in April was followed by 20% declines in May and June. The auto maker said it will keep most of its U.S. plants operating, including all of its truck and sport-utility vehicle plants, during the traditional two-week summer shutdown period, as the company looks to restock inventory. GM said most of the increased output will be to restock retail channels, with capacity made available by lower rental volumes. Among deliveries for GM vehicle brands, total Chevrolet deliveries fell 33.6%, GMC declined 32.9%, Buick dropped 35.9% and Cadillac slid 41.4%. Within Chevrolet, the top models delivered were the Silverado LD, which fell 18.6% to 89,465 vehicles, while the top GMC model delivered was Sierra LD at 38,825 vehicles, down 9.5%. GM's stock slipped 0.4% in morning trading. It has gained 30.9% over the past three months, while the Dow Jones Industrial Average has rallied 23.3%.

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 MarketPulse
Jul 01, 2020

Maxim downgrades Inovio, saying coronavirus opportunity is already 'priced in'
Shares of Inovio Pharmaceuticals Inc. declined 15.3% in trading on Wednesday after Maxim Group downgraded the stock to hold from buy. Inovio, which is developing a COVID-19 vaccine, had announced some limited, clinical data about how the candidate performed in a Phase 1 trial on Monday. Maxim analysts said it appears that the COVID-19 "opportunity" is already baked into the valuation as shares of Inovio have soared 593.0% year-to-date. "In our opinion, the success of INO-4800 is priced into the shares," they wrote in a note to investors on Wednesday. The company's stock hit a record high of $31.69 on Monday, the day it released the positive, yet limited data about its vaccine candidate. Inovio said Monday that the full trial data will be published in a peer-reviewed medical journal. The stock then tumbled, closing at $26.95 on Tuesday. The S&P 500 is down 4.0% year-to-date.

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 MarketPulse
Jul 01, 2020

EIA reports first weekly U.S. crude supply decline in a month
The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 7.2 million barrels for the week ended June 26. That followed three consecutive weeks of increases and compared with a forecast by analysts polled by S&P Global Platts for an average decline of 2.7 million barrels. The American Petroleum Institute on Tuesday reported a decrease of 8.2 million barrels. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by about 200,000 barrels for the week. Gasoline supply rose by 1.2 million barrels, while distillate stockpiles fell by 600,000 barrels. The S&P Global Platts survey had shown expectations for a supply decline of 2.7 million barrels for gasoline and an increase of 900,000 barrels for distillate inventories. August West Texas Intermediate crude rose 28 cents, or 0.7%, at $39.55 a barrel on the New York Mercantile Exchange. Prices traded at $39.71 before the supply data.

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 MarketPulse
Jul 01, 2020

New York City Mayor Bill de Blasio says indoor dining to remain closed in next phase of reopening
Indoor dining will remain closed in New York City when it enters the next phase of reopening next week, Mayor Bill de Blasio announced on Wednesday morning. The decision comes as a spike in daily cases nationwide indicates the potential for the coronavirus to spread more easily within indoor settings, including eateries. Only about 6,600 of the city's 27,000 restaurants have opened for outdoor dining. by Beckie Strum

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.



TRENDING TAGS
Stockrally market Today China Half
Coronaviruscases Dr airborne Fauci immunity
Covid-19cases Atlanta Mayor Keisha Lance
LoansPPP Small-business got firms paycheck
marketstock Dow China stocks surge
Chinastocks Market rally surge Stock
HongKong Facebook Requests TikTok Twitter
KongHong Facebook Requests TikTok Twitter
Stocksrally China Chinese surge optimism
RallyStock stocks futures China optimism

NEWS SOURCES
Top News (Business News)
Accounting Today
AdWeek News
Banking Business Review
Barron's This Week Magazine
Barron's Up and Down Wall Street Daily
Brad Ideas
Chicago Tribune Business News
CNBC Business
CNBC Economy
CNBC Finance
CNN/Money
CNN/Money Real Estate News
Dismal.com: Analysis
Dismal.com: Indicators
Enterprise Application News
Entrepreneur.com
Forbes Headlines
Forbes Social Media News
FT.com - China, Economy & Trade
FT.com - Financial Markets
FT.com - Hedge Funds
FT.com - Telecoms
FT.com - US
Google Business News
Google Market News
HBS Working Knowledge
Inc.com
INSEAD Knowledge
International Tax Review
Kiplinger
Knowledge@Wharton
L.S. Starrett News
MarketWatch
MarketWatch Breaking News
MarketWatch MarketPulse
McKinsey Quarterly
MSNBC.com: Business
Nielsen Trends
NonProfit Times
NPR Topics: Business
NYTimes Business
OpinionJournal.com
Private Equity Breaking News
Reuters Business
Reuters Company News
Reuters Money
SEC.gov Updates: News Digest
SHRM HR News
Tax Policy News
The Economist International News
The Motley Fool
USA Today Money
Wall Street Journal US Business
Wall Street Transcript
Washington Post Business
WSJ Asia
WSJ Europe
WSJ MoneyBeat
WSJ Opinion
WSJ US News
WSJ World Markets
Yahoo Business
  • CEOExpress
  • 1 Boston Place | Suite 2600
    Boston MA 02108
  • 617 482 1200
    617 299 8649 (fax)
  • Contact
  • As an Amazon Associate
    CEOExpress earns from
    qualifying purchases.

©1999-2020 CEOExpress Company LLC