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Tuesday, November 02, 2021 12:10:12 PM

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CNBC

U.S. stock futures were relatively flat Tuesday, one day after the Dow, the S&P 500 and the Nasdaq all rallied to more record closes to start November. So far in 2021, as of Monday's close, the Dow was up 17.3%; the S&P 500 was up 22.8%; and the Nasdaq was up 21%. (CNBC)

Investors are waiting to see whether the Federal Reserve announces the start of tapering its bond purchases following its two-day meeting, which begins Tuesday. The Fed's decision could test Wall Street's bullish trend heading into the seasonably strong year-end stretch for the market. (CNBC)

* Fed expected to announce taper of bond-buying as investors seek clues on first hike (CNBC)

Pfizer (PFE) rose nearly 3% in Tuesday's premarket after better-than-expected quarterly earnings and revenue. The American drugmaker raised its full-year sales outlook for its Covid vaccine by 7.5% to $36 billion. (Reuters)

Pfizer and its German partner BioNTech (BNTX) hope that Tuesday's meeting of an advisory panel to the CDC will be the next stop on the road to full agency approval for their Covid vaccine for kids 5-11. The FDA cleared smaller-dose shots for the younger children Friday. (AP)

IN THE NEWS TODAY

Tesla CEO Elon Musk said Monday night that his electric vehicle company has yet to sign a contract with rental car company Hertz. The tweet from Musk seemingly contradicted a prior announcement and advertisement released by Hertz last week. (CNBC)

Tesla (TSLA) is recalling nearly 12,000 U.S. vehicles sold since 2017 because of an error that may cause a false forward-collision warning or unexpected activation of the automatic emergency braking system. Tesla shares dropped more than 4% in the premarket. (Reuters)

The EPA on Tuesday will propose rules to plug methane gas leaks at hundreds of thousands of oil and gas wells in the U.S., marking its most aggressive action yet to curb climate-warming greenhouse gas emissions. President Joe Biden will formally announce the proposals during the second day of the COP26 climate summit in Glasgow, Scotland. (CNBC)

* Jeff Bezos pledges $2 billion to protect the environment (CNBC)

* World leaders, including China's Xi and Brazil's Bolsonaro, pledge to end deforestation by 2030 (CNBC)

At home, Biden faces more uncertainty around his social spending bill. Centrist Democrat Sen. Joe Manchin on Monday demanded more time to evaluate the $1.75 trillion package. Manchin accused fellow Democrats of playing "shell games" with the cost. He also urged the House to pass an infrastructure bill that has already passed the Senate. (CNBC)

Voters in Virginia go to the polls Tuesday to decide a close off-year race between former Democratic Gov. Terry McAuliffe and Republican Glenn Youngkin, former CEO of private equity giant The Carlyle Group. Roughly a fifth of Virginia's 5.9 million electorate cast early ballots, nearly six times more than in 2017. The Virginia governor's race has been a reliable bellwether ahead of midterm elections. (CNBC)

About half the flights to and from Beijing's two airports were cancelled Tuesday as China's capital tightened travel restrictions after a trickle of new Covid cases in the city and other parts of the country in the last few days. China has a strict "zero tolerance" policy for controlling the coronavirus. (CNBC)

The Chinese version of Fortnite, "Fortress Night," will shut down on Nov. 15. Fortress Night was launched in 2018 through a partnership between Epic Games and Tencent. China, already known for its tight grip over video games, introduced even more stringent controls earlier this year. (CNBC)

* ByteDance CFO steps down to focus on role as TikTok CEO as part of major reorganization (CNBC)

STOCKS TO WATCH

Under Armour (UAA) surged 9.2% in premarket trading after it more than doubled the 15 cents a share consensus estimate, with quarterly earnings of 31 cents per share. Under Armour also raised its full-year outlook, as consumers maintain a high interest in comfortable daily wear.

McKesson (MCK) earned $6.15 per share for its latest quarter, easily beating estimates. Revenue topped estimates as well, driven by strong delivery numbers for more expensive specialty drugs as well as its government contract to distribute Covid vaccines. Shares gained 3.4% in the premarket.

Chegg (CHGG) shares tanked 31.5% in the premarket after the online education company reported lower-than-expected quarterly sales and merely matched Street estimates, with quarterly earnings of 20 cents per share. Chegg said enrollment did not bounce back as it had expected.

Generac (GNRC) slid 5.5% in the premarket after beating bottom-line estimates but reporting lower-than-expected quarterly sales. Separately, the maker of home and commercial generators announced it is buying Canada-based smart thermostat maker Ecobee in a cash-and-stock deal that could be worth up to $770 million, depending on whether Ecobee reaches certain performance targets.

DuPont (DD) 1.9% in premarket action after the chemical maker beat estimates but cut its full-year outlook citing decelerating orders from customers due to the worldwide chip shortage. DuPont came in 3 cents a share above estimates, with third-quarter profit of $1.15 per share. Separately, DuPont announced the acquisition of materials technology company Rogers Corp. (ROG) in a $5.2 billion deal, with Rogers soaring 27% following news of the deal.

Estee Lauder (EL) dropped 1.9% in the premarket, as it beat Street forecasts but cut its annual sales outlook due to inflation and supply chain disruptions. Estee Lauder earned $1.86 per share for the quarter, compared to a $1.70 share consensus estimate.

Avis Budget (CAR) reported quarterly earnings of $10.74 per share, well above the $6.52 a share consensus estimate. Revenue also topped Wall Street forecasts. Heavy demand for rental cars and higher rental rates gave a significant boost to Avis Budget's results. The stock rallied 7% in premarket trading.

Simon Property (SPG) nearly doubled the $1.09 per share consensus estimate, with quarterly earnings of $2.07 per share. The mall operator's revenue also came in above analysts' projections. Simon saw improved occupancy rates for its shopping malls during the quarter as well as an increase in shopper traffic. Simon shares rallied 4.1% in premarket action.

Clorox (CLX) beat estimates by 18 cents a share, with quarterly earnings of $1.21 per share. The household products maker posted better-than-expected revenue as well, and Clorox backed its prior full-year forecast. Its stock was up 2.2% in the premarket.

CONTRIBUTORS

Matthew J. Belvedere
@Matt_Belvedere

Peter Schacknow
@peterschack

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