| What to watch today: S&P 500 to add to Tuesday's record close | | |  | WED, AUG 19, 2020 | | | | AS OF WED, AUG 19, 2020 • 08:46 ET | | Dow Jones Fut | | 27,778.07 | | Current: | 27,728.00 | | Change: | 11.00 | | Impl. Open: | 16.93 | | | S&P 500 Fut | | 3,389.78 | | Current: | 3,386.75 | | Change: | -.25 | | Impl. Open: | 1.47 | | | NASDAQ 100 Fut | | 11,399.03 | | Current: | 11,381.00 | | Change: | -28.25 | | Impl. Open: | -11.03 | | | Russell 2000 Mini | | 1,569.77 | | Current: | 1,571.00 | | Change: | 1.70 | | Impl. Open: | 4.93 | | | U.S. stock futures were higher as Target and Lowe's reported blowout earnings Wednesday morning, one day after Walmart and Home Depot did the same. The S&P 500 was pacing to add to Tuesday's record close, which wiped out all the coronavirus stock market losses. It was the shortest bear market ever. The index on Tuesday also hit an all-time intraday high. (CNBC) | | | | Minutes from the Fed's latest policy meeting, out this afternoon, are likely to shed more light on how central bank officials will wrap up their yearlong strategy review by effectively abandoning their past practice of preemptively lifting interest rates to head off higher inflation. (WSJ) | | Shares of Momenta Pharmaceuticals surged 70% in the premarket after Johnson & Johnson said it agreed to buy the biotech company for about $6.5 billion in cash. The deal gives J&J's Janssen unit access to Momenta's experimental therapy to treat a neuromuscular disease that causes weakness in muscles. J&J shares were basically flat after the announcement. (Reuters) | | | | U.S.-based Regeneron and Swiss drugmaker Roche are teaming up on an investigational antibody cocktail against Covid-19. If the drug were to get regulatory approval, Regeneron will sell it in America and Roche will sell it elsewhere. The stocks were higher on Wednesday's news. (Reuters) | | | | Oracle (ORCL) received verbal support from President Donald Trump in its efforts to buy the U.S. operations of Chinese video-sharing app TikTok. Microsoft (MSFT) is also in negotiations with TikTok parent ByteDance, and The Wall Street Journal previously reported Twitter (TWTR) was also exploring a bid. (CNBC) | | | | Gilead Sciences (GILD) experimental treatment for moderately to severely active rheumatoid arthritis will not be approved in its current form, according to a complete response letter from the Food and Drug Administration to Gilead. The letter asks for more data and expresses certain concerns about the treatment, but Gilead said it would address the FDA's issues and it still believes in the benefit/risk profile of the treatment. | | | | Southwest Airlines (LUV) said its cash burn rate during July was about $17 million per day, smaller than its previous $18 million forecast. The airline now estimates its third-quarter burn rate at $20 million per day compared with a prior $23 million estimate. The airline attributes the smaller cash burn to recent modest improvements in revenue trends. | | | | Hedge fund Third Point sold its entire holdings of Sony's American depositary receipts (SNE), according to a Securities and Exchange Commission filing. Third Point still owns a large amount of Sony's Japanese shares, however, a person familiar with the fund told Reuters. | | | | Blackstone (BX) is set to buy the over-the-counter drug business of Japan's Takeda Pharmaceutical for $2.37 billion, according to multiple published reports in Japan. Takeda is seeking to reduce debt following its $59 billion acquisition of Irish drugmaker Shire, which was completed in early 2019. | | | | Sorrento Therapeutics (SRNE) fired Chief Financial Officer Jiong Sharo, effective immediately. The California-based biotech company did not give a reason for Sharo's departure. | | | | Uber (UBER) and Lyft (LYFT) are considering moving to a licensing model in California, according to The New York Times. By licensing their brands to vehicle fleet operators in that state, the ride-hailing companies would avoid having to reclassify their drivers as employees. | | | | La-Z-Boy (LZB) reported a profit of 18 cents per share, compared to forecasts of an 18 cents per share loss. The furniture maker's revenue did come in below analysts' estimates, however, amid a pandemic-induced 31% drop in sales. La-Z-Boy said sales have picked up as the summer has progressed. | |  | | |
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