Tesla, Moderna, Zillow, Qualcomm, Qorvo: What to Watch in the Stock Market Today

The S&P 500 and the Nasdaq Composite opened higher, putting them on course to extend gains that followed the Federal Reserve’s move to scale back its bond purchases. Here’s what we’re watching in Thursday’s trading:

  • Moderna lowered its outlook for full-year revenue. The company now expects product sales of $15 billion to $18 billion this year. Previously, it had said its advance purchase agreements could account for sales of $20 billion this year.
  • Tesla and Hertz Global Holdings are negotiating over how quickly Hertz will receive deliveries from a bulk order of 100,000 Tesla electric cars for its rental fleet, according to people familiar with the matter.
  • Qualcomm  posted record quarterly sales and forecast further growth amid surging demand for 5G smartphones in the face of supply-chain constraints.
  • Zillow shares were clawing back a bit of losses that came earlier in the week after the company abandoned algorithmic house flipping. A prominent name had bought the dip: Cathie Wood’s flagship exchange-traded fund bought roughly $25 million worth of shares on Tuesday.
  • U.K. health regulators cleared a Covid-19 drug developed by Merck with its partner Ridgeback Biotherapeutics. The approval makes the U.K. the first country to authorize the pill that can be taken at home.
  • Roku reported a slowdown in new active accounts for its services in the latest quarter and guided for lower-than-expected revenue for the holiday quarter.
  • ViacomCBS third-quarter profit matched expectations and its revenue beat forecasts.
  • Mobile-games platform Skillz reported a 70% increase in revenue during the third quarter over the year-ago period.
  • Allstate  reported a 55% drop in net income.
  • Qorvo gave a holiday revenue forecast that came in below expectations amid supply constraints in the semiconductor sector, and Wells Fargo cut its share-price target.
  • Hyatt Hotels said its revenue more than doubled for the third quarter, though lower than Wall Street estimates.
  • Grand Theft Auto publisher Take-Two Interactive reported quarterly sales growth despite the easing of social-distancing restrictions that greatly benefited it last year.
  • Etsy ’s quarterly results exceeded Wall Street expectations, but its fourth-quarter revenue guidance fell shy of analysts’ forecasts.
  • Earnings are due from Airbnb , Novavax ,   Square ,   Dropbox ,   Expedia ,   American Homes 4 Rent ,   GoPro ,   Hanesbrands and  Yelp  after the close.
Chart of the Day

Write to James Willhite at james.willhite@wsj.com

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

scroll to top