| What to watch today: Dow set to drop as stimulus talks stall | | |  | FRI, DEC 11, 2020 | | | | AS OF FRI, DEC 11, 2020 • 08:57 ET | | Dow Jones Fut | | 29,999.26 | | Current: | 29,756.00 | | Change: | -156.00 | | Impl. Open: | -145.26 | | | S&P 500 Fut | | 3,668.10 | | Current: | 3,636.00 | | Change: | -24.75 | | Impl. Open: | -24.10 | | | NASDAQ 100 Fut | | 12,401.74 | | Current: | 12,325.75 | | Change: | -75.00 | | Impl. Open: | -77.99 | | | Russell 2000 Mini | | 1,922.70 | | Current: | 1,902.30 | | Change: | -17.40 | | Impl. Open: | -13.20 | | The Dow Jones Industrial Average was set to open lower Friday as difficulties in Washington over reaching a new Covid-19 stimulus package before the end of the year outweigh Pfizer's (PFE) vaccine taking a step closer to FDA emergency use approval. (CNBC)
While the Dow and S&P 500 saw modest declines Thursday and Nasdaq had a slight gain, all three were tracking to snap multiweek winning streaks. However, heading into Friday trading, the Dow, S&P 500 and Nasdaq were still near their record high closes of earlier this week. (CNBC) | | The House has adjourned until at least Tuesday, pending any agreements on pandemic aid and full-year government funding as efforts on each remained elusive. Meanwhile, a one-week funding measure that passed the House needs to clear the Senate before midnight to avoid a partial government shutdown. (CNBC & AP) | | | Shares of Dow-stock Walt Disney surged more than 7% in Friday's premarket to about $167 each, one day after the entertainment giant said its streaming service, Disney+, now has 86.8 million subscribers. The company expects between 230 million and 260 million subscribers to Disney+ by 2024. (CNBC)
Disney announced a $1 price hike for Disney+ in the U.S. to to $7.99 per month. The company also unveiled a slate of new streaming shows, including Marvel and Star Wars series for Disney+ and drama series and Kardashians content on Hulu. Disney hit an intraday all-time high of $157.46 per share Wednesday. (Reuters) | | | | In a blockbuster week of IPOs, home rental marketplace Airbnb (ABNB) skyrocketed more than 112% in Thursday's debut after food delivery service DoorDash (DASH) surged over 85% on its first trading day Wednesday. While both stocks were giving back a fraction of those gains in Friday's premarket, their market values were off the charts. (CNBC) | | Qualcomm (QCOM): Apple (AAPL) has begun building its own cellular modem to be used in future devices, according to a Bloomberg report quoting Apple senior VP of hardware technologies Johny Srouji. Such a move would replace components currently made by Qualcomm. | | | | Nio (NIO): The China-based electric car maker plans to sell up to 69 million new U.S. shares to raise capital. That follows similar moves by Tesla (TSLA) and other electric vehicle companies. | | | | Lululemon (LULU): Lululemon earned $1.16 per share for its latest quarter, compared to a consensus estimate of 88 cents a share. The athletic apparel maker's revenue came in above estimates as well. Lululemon also raised its holiday quarter revenue and profit outlook. | | | | Costco (COST): Costco beat estimates by 24 cents a share, with quarterly earnings of $2.29 per share. The warehouse retailer's revenue also exceeded Wall Street forecasts. Comparable sales jumped 15.4% as the pandemic fueled demand for groceries and other items. | | | | Oracle (ORCL): Oracle came in 6 cents a share above consensus, with quarterly profit of $1.06 per share. The business software giant's revenue matched Street projections. The jump in remote work helped fuel demand for cloud-related offerings. | | | | Broadcom (AVGO): Broadcom reported quarterly earnings of $6.35 per share, 10 cents a hare above estimates. The chip maker's revenue came in slightly above consensus as well. Broadcom also issued a cautious outlook, however, and shares slid. | | | | Ferrari (RACE): Ferrari Chief Executive Officer Louis Camilleri has stepped down, citing personal reasons. Chairman John Elkann will lead the luxury carmaker on an interim basis. | | | | MetLife (MET): MetLife sold its U.S. property and casualty insurance business to Zurich Insurance and its Farmers Exchanges unit for $3.94 billion. MetLife shares were up 1.4% in premarket trading. | | | | Vail Resorts (MTN): The resort operator reported a quarterly loss of $3.82 per share, wider than the loss of $3.54 a share that analysts were predicting. Revenue also came in short of estimates. The company's results were impacted by capacity limitations and closures prompted by the Covid-19 pandemic. | | |
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