| What to watch today: Wall Street set for a mixed open after more records | | |  | WED, AUG 26, 2020 | | | | AS OF WED, AUG 26, 2020 • 08:36 ET | | Dow Jones Fut | | 28,248.44 | | Current: | 28,168.00 | | Change: | -25.00 | | Impl. Open: | -30.44 | | | S&P 500 Fut | | 3,443.62 | | Current: | 3,443.75 | | Change: | .75 | | Impl. Open: | 3.73 | | | NASDAQ 100 Fut | | 11,721.80 | | Current: | 11,744.50 | | Change: | 18.25 | | Impl. Open: | 27.70 | | | Russell 2000 Mini | | 1,571.21 | | Current: | 1,566.00 | | Change: | -3.60 | | Impl. Open: | -2.41 | | | S&P 500 and Nasdaq futures were pointing to gains at Wednesday's open, one day after both indexes closed at records again. Dow futures were pointing to an opening loss following Tuesday's modest decline. The S&P 500 and Nasdaq are closing the gap on the Dow Jones Industrial Average in terms of August performance, with the S&P 500 up 5.3%, the Nasdaq up 6.7% and the Dow up 6.9% for the month. (CNBC) | | | | Kansas City Federal Reserve President Esther George said, in an interview that ran on CNBC on Wednesday morning, that the recession that began in February could revisit the economy if the coronavirus pandemic intensifies. She also said, "I'm not an advocate of letting inflation run hot, because I'm not sure what people mean by that." | | | | Newly announced Dow-30 stock Salesforce was surging 13% in Wednesday's premarket, the morning after the business software company more than doubled estimates with adjusted second-quarter earnings of $1.44 per share. Revenue rose 29% to $5.15 billion, which also exceeded forecasts. Salesforce raised full-year guidance, crediting increases in work-from-home and e-commerce during the coronavirus pandemic. Salesforce replaces Exxon Mobil in the Dow industrials on Monday. (CNBC) | | | | Urban Outfitters shares were jumping about 16% in the premarket after the apparel retailer late Tuesday surprised analysts expecting a loss by reporting an adjusted second-quarter profit of 35 cents per share. The company behind the Urban Outfitters, Anthropologie and Free People benefited from an increase in digital sales. However, total revenue of $803 million dropped 16.5% for the quarter. (CNBC) | | | | Our friends over at CNBC Select reviewed the best credit card options for people who want luxury perks and premium benefits. You can see their August 2020 review here. | The Centers for Disease Control and Prevention has modified its guidelines for Covid-19 testing. The CDC site changed Monday, now saying, "If you have been in close contact (within 6 feet) of a person with a COVID-19 infection for at least 15 minutes but do not have symptoms ... you do not necessarily need a test unless you are a vulnerable individual or your health care provider or State or local public health officials recommend you take one."
Epidemiologists credit a more unified national health message for the downward trend in new daily coronavirus cases in the U.S. They also said that keeping some businesses closed helped slow the outbreak. Daily new cases, which peaked on July 16 at over 77,000, were around 38,000 on Tuesday. (CNBC & JHU)
Three reported cases of Covid-19 reinfections look like "outliers" compared with the millions who have been infected, a World Health Organization official said Wednesday. Two patients in Europe and one in Hong Kong were confirmed to have been reinfected with a different strain of the virus, according to Reuters. | | | | The National Hurricane Center expects rapidly intensifying Hurricane Laura to become a catastrophic Category 4 storm, bringing life threatening storm surge, extreme winds and flash flooding over eastern Texas and Louisiana later Wednesday. Through Friday, rainfall totals from Laura are expected in a range of 5 to 10 inches. Much of the U.S. energy operations along the Gulf Coast has been shut down, with nearly 300 oil platforms evacuated. (AP) | | Jefferies raised its price target on Tesla (TSLA) to a Wall Street-high pre-split $2,500 per share from $1,200, saying it's still early in the "transformation" of the auto industry but expects Tesla to keep challenging its peers. | | | | Wedbush raised its price target on Apple (AAPL) to a Wall Street-high $600 per share on a pre-split basis from $515 on expectations of what it calls an iPhone 12 "supercycle." Wedbush maintained its outperform rating. | | | | Toll Brothers (TOL) beat estimates by 19 cents a share, with quarterly earnings of 90 cents per share. The luxury home builder's revenue also exceeded consensus. Orders surged more than 26% during the quarter, and Toll also gave an upbeat forecast for home deliveries during the current quarter. | | | | Hewlett Packard Enterprise (HPE) reported quarterly earnings of 32 cents per share, 9 cents a share above estimates. Revenue beat Wall Street forecasts as well. The enterprise computing company also resumed forward guidance, giving a better-than-expected forecast for the current quarter and the full year. | | | | Intuit (INTU) reported quarterly profit of $1.81 per share, beating the consensus estimate of $1.05 a share. The financial software company's revenue also above Wall Street forecasts. The maker of TurboTax, QuickBooks and Mint saw an 83% sales surge, with activity picking up following the completion of a delayed tax season. | | | | The Justice Department charged Teva Pharmaceutical (TEVA) of conspiring with other pharma companies to raise prices for generic drugs. Reuters reports that the charges came after Teva refused a settlement that would have required it to admit wrongdoing and pay a penalty. Teva said it firmly rejects the allegations and will vigorously defend itself in court. | | | | Bed Bath & Beyond (BBBY) will cut about 2,800 jobs as part of a restructuring, in a move that the housewares retailer expects will save about $150 million per year. | | | | Carnival's (CCL) Princess Cruises unit canceled cruises scheduled for early 2021 for two of its ships, the Island Princess and Pacific Princess, citing Covid-19 related restrictions. This comes a day after Carnival's Cunard brand extended cancellations for that line's cruises through mid-May 2021. | |  | | |
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