| What to watch today: Dow futures turn positive after positive data on a potential Covid-19 treatment | | |  | FRI, JUL 10, 2020 | | | | AS OF FRI, JUL 10, 2020 • 09:05 ET | | Dow Jones Fut | | 25,706.09 | | Current: | 25,591.00 | | Change: | 20.00 | | Impl. Open: | 5.91 | | | S&P 500 Fut | | 3,152.05 | | Current: | 3,146.50 | | Change: | 5.50 | | Impl. Open: | 3.45 | | | NASDAQ 100 Fut | | 10,754.59 | | Current: | 10,746.75 | | Change: | 19.25 | | Impl. Open: | 4.16 | | | Russell 2000 Mini | | 1,398.92 | | Current: | 1,400.70 | | Change: | 6.70 | | Impl. Open: | 9.98 | | Dow futures turned positive after Gilead Sciences said its antiviral remdesivir was "associated with an improvement in clinical recovery and a 62% reduction in the risk of mortality" in Covid-19 patients. Shares of Gilead were higher in the premarket. (CNBC)
Wall Street was lower earlier, one day after the U.S. saw a record-high 63,200 new daily Covid-19 cases. The Dow Jones Industrial Average on Thursday fell 360 points, or 1.4%, on renewed concerns about slowing business reopenings and in some cases reclosures in hot-spot states. However, the Nasdaq rose 0.5%, closing at another record as investors continued to buy what they perceive as coronavirus-proof tech stocks. (CNBC) | | | | BioNTech's (BNTX) U.S.-listed shares rose about 2% in the premarket after CEO Dr. Ugur Sahin told The Wall Street Journal its coronavirus vaccine candidate could be ready for approval by December. | | | | The Big Ten will play conference-only schedules in all fall sports, including football, should the American college league be able to participate in athletic events at all in the face of the ongoing coronavirus pandemic. The Big Ten's move could portend similar changes across the highest level of college sports. (USA Today) | | | | Amazon (AMZN) plans to create at least $100 million in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it offered to buy last month, and can walk away from the deal if large numbers of them turn down job offers from the technology giant. (Reuters) | | | | Tropical Storm Fay is quickly moving up the East Coast. While not a major storm, it will bring the threat of locally heavy rain, gusty winds and poor beach conditions through early Saturday to parts of the Northeast. Flash flood watches have been issued from the Delmarva Peninsula to southern New England, including the entire New York City metro area. (The Weather Channel) | | An analyst at Susquehanna upgraded Foot Locker (FL) to positive from neutral and hiked his price target on the stock to $34 per share from $25 per share. The new price target implies an upside of 21.5% over the next 12 months. The upgrade reflects young customers "heading to Foot Locker Inc.'s store banners and websites to spend the newfound money in their pockets to a greater degree than what was reflected in our prior estimates," the analyst said. | | | | RBC Capital Markets downgraded Redfin (RDFN) to sector perform from outperform, citing a high valuation after the stock skyrocketed 400% from its mid-March low. "Valuation has crept up to an extent we see the risk-reward reasonably balanced, given larger macro uncertainties," RBC said. | | | | Wells Fargo (WFC) was upgraded to outperform from hold by an analyst at Baird, who said the stock's decline this year is an opportunity "to add bank exposure." The analyst also said Wells Fargo has a "highly attractive" valuation when looking at a number of metrics. | | | | Citigroup initiated Beyond Meat (BYND) with a sell rating and a price target of $123 per share, which implies a downside of 12% from Thursday's close of $141.22 per share. Citi expects the meatless meat maker to face long-term pressure as competition in the space grows as well as near-term struggles "as a result of its exposure to the foodservice segment." Shares of Beyond Meat dropped 2.6%. | | | | An analyst at Rosenblatt Securities hiked his price target on Nvidia (NVDA) to $500 per share from $400, implying an upside of 18.9% from Thursday's close. The analyst said a "secular shift" into data-processing units and the company's "entrance into new markets" will drive revenue growth for Nvidia in the years ahead. | | | | Citigroup raised its price target on Amazon (AMZN) to a Street high of $3,550 per share from $2,700. The new price target implies an upside of more than 11% from Thursday's close of $3,182.63. The analyst said Amazon's share price will keep rising as the e-commerce market continues to grow. | |  | | |
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