Mixed markets; Moderna lowers sales prospects for Covid-19 vaccines
After the market opened on Thursday, the Dow was down 0.20% to 36,086.70 while the NASDAQ rose 0.83% to 15,942.06. The S&P also rose, up 0.40% to 4,679.39.
The US has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,105,460 cases with around 770,850 deaths. India confirmed a total of at least 34,320,140 cases and 459,660 deaths, while Brazil reported over 21,835,780 cases of COVID-19 with 608,300 deaths. In total, there have been at least 248,961,210 cases of COVID-19 worldwide, with more than 5,039,820 deaths, according to Johns Hopkins University.
Leading and trailing sectors
Consumer discretionary stocks rose 1.7% on Thursday. Now top winners in the sector included Etsy, Inc. (NASDAQ: ETSY), up 14% and Houghton Mifflin Harcourt Company (NASDAQ: HMHC) up 16%.
In Thursday’s trading, financial stocks fell 1.2%.
Modern (NASDAQ: MRNA) reported weaker-than-expected third-quarter results and lowered its full-year sales forecast for its Covid-19 vaccine.
Moderna posted adjusted earnings of $ 7.70 per share for the third quarter, falling short of analysts’ estimate of $ 9.05 per share. The company’s quarterly revenue was $ 4.969 billion versus expectations of 6.2 Billion dollars.
Moderna lowered its full-year sales forecast for its Covid-19 vaccine to $ 15 billion to $ 18 billion from its previous forecast of $ 20 billion.
Stock trading UP
Evaxion Biotech A / S (NASDAQ: EVAX) Shares shot 129% to $ 14.87 after falling over 10% on Wednesday.
Shares in Cassava Sciences, Inc. (NASDAQ: SAVA) received a boost, rising 56% to $ 88.48. Cassava Sciences was informed of a new approach to treating Alzheimer’s disease in an article published in July 2012 by the Journal of Neuroscience that there was no evidence of data tampering.
NeoPhotonics Corporation Shares (NYSE: NPTN) also rose 34% to $ 15.44 after the company agreed to be acquired by Lumentum for $ 16.00 per share in cash.
Check out these great movers and shakers of the day
Stock trading DOWN
Lightspeed Commerce Inc. (NYSE: LSPD) shares fell 30% to $ 69.63 after the company released second quarter results.
Shares in Rimini Street, Inc. (NASDAQ: RMNI) fell 26% to $ 8.40 on its third quarter results.
Vimeo, Inc. (NASDAQ: VMEO) was down, falling 24% to $ 26.70 after the company released third quarter results.
On the commodity news, oil rose 1.5% to $ 82.09 while gold rose 0.8% to $ 1,778.50.
Silver rose 2.1% on Thursday to $ 23.725 while copper rose 1.1% to $ 4.3685.
European stocks were higher today. The STOXX 600 in the Eurozone rose by 0.5%, the Spanish Ibex index by 0.5% and the German DAX 30 by 0.4%. The London FTSE 100 rose 0.2%, the French CAC 40 rose 0.4% and the Italian FTSE MIB rose 0.3%.
The IHS Markit PMI for Eurozone Services was revised down from a preliminary estimate of 54.7 to 54.6 in October, while the composite PMI was revised down from a preliminary estimate of 54.3 to 54.2. New car registrations in Great Britain fell by 24.6% year-on-year to 106,265 units in October.
The purchasing managers’ index for German services fell from 56.2 in September to 52.4 in October, while factory orders rose 1.3% in September. The PMI for services in France rose from 56.2 to 56.6 in October. Italy’s services PMI fell to 52.4 in October from 55.5 in the previous month, while Spain’s services PMI fell to 56.6 in October.
US-based employers reported 22,822 job cuts in October.
The US trade deficit widened to a new record high of $ 80.9 billion in September.
Initial US jobless claims fell to 269,000 for the week ended October 30, down from a revised 283,000 in the previous period.
Unit labor costs rose 8.3% annualized in the third quarter, while US non-agricultural labor productivity fell 5.0%.
The Energy Information Administration’s weekly report on natural gas reserves in underground storage will be released at 10:30 am ET.
The Treasury Department will auction 4 and 8 week tickets at 11:30 a.m. ET.
Randal Quarles, Federal Reserve Vice Chairman of Oversight, will speak at 1:50 p.m. ET.
View the full economic calendar here
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