Written by Gary
Stocks making the biggest moves midday: Eli Lilly, Caterpillar, Chegg, Harley-Davidson and more (SPY -0.2%). Pfizer earnings report touts coronavirus vaccine progress in 42,000-participant clinical trial.
Here is the current market situation from CNN Money | |
![]() | North and South American markets are lower today with shares in Brazil off the most. The Bovespa is down 0.80% while Mexico’s IPC is off 0.57% and U.S.’s S&P 500 is lower by 0.15%. |
What Is Moving the Markets
Here are the headlines moving the markets. | |
![]() | Mexican Energy Minister: Pemex Is Open To Working With Foreign Oil CompaniesThe Mexican government is ready to review offers for so-called farm-outs with Pemex if the projects proposed are feasible, Reuters has reported, quoting Energy Minister Rocio Nahle. This is a marked departure of Nahles previous skepticism about the benefits of Pemex working with foreign oil companies. In fact, just last month the Mexican government said it was working on a new infrastructure plan that, according to reports, would not include any new contract possibilities for oil and gas exploration and production. This has not helped troubled |
![]() | Gulf Of Mexico Drillers Shut In Production As Tropical Storm Zeta NearsOperators in the U.S. Gulf of Mexico have already shut in nearly 16 percent of the oil production in the area and are expected to shut down more offshore platforms as tropical storm Zeta continues its course north and is expected to make landfall at hurricane or near-hurricane strength late on Wednesday. As of late on Monday, operators in the Gulf had shut in 15.87 percent of the crude oil production, or 293,656 barrels per day, according to data from the Bureau of Safety and Environmental Enforcement (BSEE). Oil and gas operators in the area started |
![]() | Venezuelas Oil Stocks On The Rise As Exports FallOil inventories at the port of Jose have reached 11.8 million barrels, which is the highest since August, Reuters reports, citing a PDVSA document. The port is the largest export hub for Venezuelan oil. The reason inventories are on the rise is, once again, U.S. sanctions against Caracas. These have made buyers reluctant to risk importing Venezuelan oil now that a grace period is expiring for several commodity trading companies that Washington had allowed to continue buying Venezuelan oil for a while. The companies include Spains Repsol |
![]() | Saudi Energy Minister: The Worst Is Over For Oil MarketsThe worst of the oil market is behind us, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday at CERAWeek’s India Energy Forum. “We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May,” bin Salman added. But it is unclear what part of the worst is in the rearview. If the Energy Minister is referring to oil demand, the largest importer of crude oilChinais expected to slow its imports after the oil-thirsty nation bought extra crude |
![]() | China Sets Its Sights On Global EV DominanceThe worlds largest automotive market, China, is looking to become a dominant player in the rising global electric vehicle market. Chinese EV manufacturers are expected to start expanding overseas, while Beijing already controls a large part of the global EV supply chain, beginning with critical minerals processing. The United States has started to realize that China could dominate the future of transportationelectric transportationif it does not counter the current Chinese influence over critical parts of the EV |
![]() | Oil Prices Under Pressure Again As Supply ClimbsOil markets retained strength over the past week following the OPEC+ JMMC meeting which had sent positive signals to the oil markets. CFTC data shows that money managers increased their net-length in WTI crude contracts by 38.431 million barrels to 332.26 million barrels, the highest in two months, while also increasing their net-length positions in Brent crude contracts by 20.022 million barrels to 140.130 million barrels in the week ending October 20th, the highest in seven weeks. A cut extension in 2021 is now more likely A statement |
![]() | Covid hospitalizations rising in 36 states as U.S. hits another record for average new cases“I think hospitals are going to be very, very stressed this fall and winter,” Dr. Bill Schaffner, an epidemiologist at Vanderbilt University, said in a phone interview. |
![]() | What to look for when Boeing reports results as Covid keeps it in ‘no man’s land’Boeing is scheduled to report earnings before the market opens Wednesday. |
![]() | Tiffany, LVMH are in talks to reduce the value of their deal and settle dispute, sources sayThe companies are discussing new terms for their merger, which could help resolve an ongoing dispute between the two companies, CNBC’s David Faber reported Tuesday, citing people familiar with the discussions. |
![]() | Coronavirus antibodies decline after infection, study finds, raising questions about herd immunityThe findings could deal a blow to those pushing for so-called herd immunity. |
![]() | Postmates teams up with retailers on delivery in Los Angeles just in time for the holidaysPostmates’ new service will allow customers to get instant delivery from clothing, home, beauty and wellness retailers, while broadening the delivery company’s reach. |
![]() | New York City mayor asks residents to avoid traveling out of state during the holidaysTravelers arriving at New York City-area aiports will be encouraged to get tested for Covid-19 at New York City-area airports immediately, Mayor Bill de Blasio said. |
![]() | Op-ed: This legislation will create a retirement recovery plan for millions of AmericansNew comprehensive, bipartisan legislation to improve employer-provided retirement plans for workers by enhancing access and features is on the table. It’s the best way to help Americans impacted by the Covid pandemic, says Insured Retirement Institute president and CEO Wayne Chopus. |
![]() | Stocks making the biggest moves midday: Eli Lilly, Caterpillar, Chegg, Harley-Davidson and moreThese are the stocks posting the largest moves in midday trading. |
![]() | Supply chains will become more local in the pharmaceutical industry, says healthcare CEOAt the start of the pandemic some experts warned of a temporary drug shortage in the U.S. |
![]() | States will need billions to distribute the Covid vaccine as federal funding falls shortAs public health departments across the U.S. are racing to prepare for its distribution |
![]() | Crucial Covid vaccine data expected from Pfizer this week now unlikely to come before U.S. electionThe board, which will assess whether its trial with German drugmaker BioNTech has been successful, has not conducted an interim efficacy analysis yet, Pfizer said. |
![]() | Eli Lilly still confident in benefits of Covid antibody treatment despite end to hospital study“It’s disappointing, of course. We would have liked to have shown a benefit in the hospital,” Eli Lilly CEO Dave Ricks told CNBC. |
![]() | Pfizer’s late-stage coronavirus vaccine trial is near complete enrollment with 42,000 volunteersPfizer said nearly 36,000 volunteers have already received the second of its two-dose Covid-19 vaccine. |
![]() | David Einhorn: “This Is An Enormous Tech Bubble” And It Popped On September 2, 2020David Einhorn: “This Is An Enormous Tech Bubble” And It Popped On September 2, 2020 Tyler Durden Tue, 10/27/2020 – 12:38 For those who have not followed David Einhorn’s crusade against central bank money printing, and the epic bubble these cluless academic hacks have created, his views on the “enormous tech bubble” we are currently living through and published in his latest letter to investors of his Greenlight hedge fund (which returned 5.9% in Q3) will provide some unique perspective. To everyone else who is familiar with how his fund has been hammered by his tech short basket – and especially Tesla – over the years as the most overvalued tech stocks in history continued to rip higher year after year, we doubt his latest thoughts will come as a surprise, although his observations on the endgame are certainly remarkable, if for no other reason that he now declared the time of death of said “enormous tech bubble” as Sept 2, 2020.
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![]() | Sorority Apologizes For Congratulating Amy Coney BarrettSorority Apologizes For Congratulating Amy Coney Barrett Tyler Durden Tue, 10/27/2020 – 12:25 Authored by Ben Zeisloft via Campus Reform, The Kappa Delta sorority deleted and apologized for a congratulatory message for Amy Coney Barrett, who was a member of the sorority during her time at Rhodes College. The sorority tweeted an image of a statement, saying œKD alumna Amy Coney Barrett was nominated to serve on the Supreme Court. While we do not take a stand on political appointments, we recognize Judge Coney Barrett’s significant accomplishment. We acknowledge our members have a variety of views and a right to their own beliefs. |
![]() | NHTSA Is Supposedly Watching Tesla’s Full Self-Driving Beta Very CloselyNHTSA Is Supposedly Watching Tesla’s Full Self-Driving Beta Very Closely Tyler Durden Tue, 10/27/2020 – 12:15 Today in news we find to be highly unlikely, federal regulators at the NHTSA are supposedly watching Tesla’s roll out of its “Full Self Driving” beta closely, according to The Verge. Though, we’re not sure this means anything at all, since this is the regulatory agency that has sat idly by and watched one Tesla on Autopilot after another wreak havoc on city streets and highways, sometimes resulting in fatal consequences. Regardless, the NHTSA has commented that it would œmonitor the new technology closely and will not hesitate to take action to protect the public against unreasonable risks to safety. |
![]() | Stocks Can No Longer Pretend 2020 Will Be A One-OffStocks Can No Longer Pretend 2020 Will Be A One-Off Tyler Durden Tue, 10/27/2020 – 11:55 By Bloomberg macro strategist and former Lehman trader, Mark Cudmore Monday’s global equity losses were a preview of the coming months rather than just a case of pre-election jitters. Investors are finally realizing that the coronavirus is a 2021 story too. After the initial weeks of fear, it was easy for many wealthy people to dismiss the pandemic as an overblown threat. There have been fewer than two Covid-19 fatalities for every 10,000 people on the planet, meaning it’s unlikely any random individual knows someone personally who has died from the disease. The majority of those who contract the virus experience relatively mild symptoms or even none at all. On top of that, the financial elite saw their savings and investments bolstered by extraordinary stimulus packages and were most likely to be be able to easily transition to a remote-working lifestyle, supported by their employer. And then there’s been the constant promises of a vaccine being ready by year end. All this combined to mean that unless they experienced the trauma of personal loss, the most accessible narrative was that the pandemic was a one-off shock to earnings that would soon be recovered as life normalized again. But the world i … |
![]() | Woolworths High-Street ‘relaunch’ proves a hoaxThe Twitter account @UKWoolworths, which now has more than 4,000 followers, misspelled the shop’s name. |
![]() | Row over social media ad attacking Rishi Sunak’s ‘celebrity lifestyle’Tory MPs say the chancellor is being unfairly singled out in a video by a new pro-Labour campaign group. |
![]() | Coronavirus: People ‘rediscovering books’ as lockdown sales jumpThe publisher Bloomsbury, best known for the Harry Potter titles, has seen profits rocket since March. |
![]() | Diversified portfolio to reduce Covid impact on chemical players: IcraThe global chemical industry has been dealt a series of blows from closures related to Covid-19 pandemic, demand destruction and logistical challenges, the report said. |
![]() | TaMo Q2 takeaways: Surprise growth in JLR cuts expected losses, outlook positiveThe company said cash flow was extremely encouraging and business outlook remains positive. As the situation normalises and festive season starts, the company expects gradual pickup in demand. |
![]() | Wabco India shares will remain under pressure. Here’s whyPromoters of Federal-Mogul Goetze last week failed to reduce their stake through an offer for sale despite a floor price of Rs 342, which was 25% discount to the prevailing market price. |
![]() | October 2020 Conference Board Consumer Confidence Decreased Slightly in October
The latest Conference Board Consumer Confidence Index’s headline number declined slightly in October, after increasing sharply in September. The Index now stands at 100.9 (1985=100), down from 101.3 in September. A quote from the Conference Board: “There is little to suggest that consumers foresee the economy gaining momentum in the final months of 2020, especially with COVID-19 cases on the rise and unemployment still high”. |
![]() | : The ECB is meeting ” here’s what analysts say to expectThe eurozone economy seems destined to contract in the fourth quarter, as a spike in COVID-19 cases has caused governments to once again tighten restrictions on activity. But the European Central Bank is not seen as riding the rescue with more stimulus — at least not at Thursday’s meeting. |
![]() | : 2 of Europe’s biggest banks are taking the ax to costs. They just reported estimate-beating performanceAfter Barclays kicked off earnings season for European banks late last week with forecast-beating profits, it’s now HSBC and Santander’s turn. |
![]() | Key Words: ‘Don’t sell!’ The man who wrote ‘A Random Walk Down Wall Street’ urges calm amid market volatilityBurton Malkiel, Princeton economist, has some advice for skittish investors. |
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