CNBC Nasdaq futures pointed to a gain at Tuesday's open as seemingly coronavirus-proof tech stocks rallied again. U.S. stocks also cheered the European Union's deal for an $857 billion Covid-19 recovery fund.
The Nasdaq, heavily weighed in technology shares, surged 2.5% on Monday to another record close. The S&P 500 turned positive for the year with Monday's 0.8% advance. (CNBC)
Coca-Cola, the latest Dow-30 component to report second-quarter earnings, said this morning it made 42 cents per share on revenue of $7.2 billion. Earnings beat estimates and revenue matched forecasts. Coca-Cola shares rose in premarket trading. (CNBC)
Shares of Dow-stock IBM jumped more than 5% in Tuesday's premarket, a day after the company delivered better-than-expected quarterly profit and sales. IBM earned $2.18 per share on $18.12 billion in the second quarter. United Airlines and Snap issue their quarterly earnings after Tuesday's closing bell on Wall Street. (CNBC)
Shares of Amazon, Tesla, Microsoft, Apple, Google-parent Alphabet,
Facebook and Netflix started the week by adding nearly $300 billion in combined market value. Tech stocks have been among the top performers during the pandemic, with many reaching all-time highs in recent weeks despite a broad economic downturn across the globe. (CNBC)
Amazon (AMZN) officially delayed its "Prime Day" shopping event due to the pandemic. It's usually held in mid-July. While a new date has not been set, Amazon told third-party sellers that "Prime Day" would most likely be in early October. (CNBC)
Microsoft's professional networking service LinkedIn said it's cutting about 960 jobs, or 6% of its global workforce, blaming the coronavirus crisis' sustained impact on demand for its recruitment products. (Reuters)
IN THE NEWS TODAY
The U.S. saw its new daily coronavirus cases increase by the smallest number in a week, with just over 60,000 infections Monday after two record-breaking 70,000-plus days on Thursday and Friday. Florida had its sixth day of over 11,000 new cases. Texas had its third day of more than 10,000 new infections. (Johns Hopkins University)
Total U.S. Covid-19 cases of over 3.8 million account for about a quarter of all cumulative global infections. Later today, Novavax (NVAX) presents a progress report on its Covid-19 vaccine candidate at the second International Society For Vaccines Virtual Congress.
On Tuesday, Treasury Secretary Steven Mnuchin and acting chief of staff Mark Meadows are expected to talk with Democratic leaders about what to include in a new Covid-19 economic stimulus bill. Mnuchin and Meadows, along with Trump and Vice President Mike Pence, met with Senate and House Republican leaders Monday. (AP)
STOCKS TO WATCH
Logitech (LOGI) raised its 2020 outlook after reporting an over 75% increase in quarterly operating income. Logitech's results were boosted by greater demand for webcams, headsets, and video conferencing products as more people worked remotely during the pandemic.
Luxury goods maker Tapestry (TPR) said that CEO Jide Zeitlin has stepped down for personal reasons. CFO Joanne Crevoiserat will serve as interim CEO while a search is conducted for a permanent replacement. Tapestry, whose brands include Coach and Kate Spade, also said its fiscal fourth-quarter results exceeded internal expectations.
Hibbett Sports (HIBB), the athletic apparel and footwear retailer, said second-quarter comparable sales were likely to be up by more than 70%, with first-half comparable sales up about 20%.
Lockheed Martin (LMT) beat estimates by 7 cents a share, with quarterly profit of $5.79 per share. Revenue came in above estimates as well, and the company raised its 2020 full-year forecast.
Philip Morris (PM) earned $1.29 per share, beating estimates by 19 cents a share. Revenue came in above estimates as well. Philip Morris also gave a full-year outlook that is mostly above Street forecasts, as overall industry volume rebounds.
UBS (UBS) reported better-than-expected profit for its latest quarter, helped by strength in investment banking, and the Zurich-based bank said the strong performance raised the possibility that it could resume share buybacks later this year.
Novartis (NVS) cut its 2020 sales outlook, pointing to an "extremely disruptive environment" prompted by the coronavirus pandemic. Second-quarter sales were impacted by a drop in ophthalmology and dermatology treatments.
Starbucks (SBUX) expanded its partnership with China's Alibaba (BABA), with Chinese customers now able to order Starbucks beverages on Alibaba's Taobao marketplace and its Amap mobile app.
Ford (F) unveiled today a racing version of its upcoming all-electric Mustang Mach-E crossover with 1,400 horsepower and a top speed that's not street legal. The struggling automaker is investing more than $11.5 billion in electric vehicles worldwide including the Mustang Mach-E, through 2022. (CNBC)
CONTRIBUTORS
Matthew J. Belvedere
@Matt_Belvedere
Peter Schacknow
@peterschack
