Wall Street poised to rebound as Dow seeks another record

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BY THE NUMBERS

IN THE NEWS TODAY

The seven-day average of new daily coronavirus cases in the United States reached 72,790 on Friday, surpassing the peak seen last summer, when the country did not have a Covid vaccine, according to CDC data. On Monday, the seven-day average was 85,459. The CDC said 80% of all U.S. counties have high and substantial levels of Covid transmission. (CNBC)

To combat the peak, Louisiana on Monday became the second state to relaunch its mask mandate, joining Nevada. San Francisco and neighboring counties have reinstated mask warrants. McDonald’s (MCD), Target (TGT) and Kohl’s (KSS) were the latest companies to require masks for store workers in high-risk areas. (CNBC)

Clorox (CLX) predicts annual sales below Wall Street estimates as demand for its bleach, wipes and other surface cleaners moderates from pandemic highs, causing its shares to fall more than 11% in pre-marketing. The company’s latest earnings and quarterly earnings fell short of expectations. Sales of the company’s health and wellness division, its largest unit by sales and home to Clorox disinfectant wipes, fell 17%. (Reuters)

Eli Lilly (LLY) did not meet expectations for quarterly earnings and revenue, penalized by lower sales of its Covid therapies as vaccinations accelerated in the United States. Sales of its antibody treatments fell more than 80% in the quarter. Lilly in April lowered her expectations for sales of these drugs. Looking ahead, the drugmaker lowered its annual sales forecast. The shares lost around 1.5% in the pre-market. (Reuters)

Under Armor (UAA) second-quarter earnings and sales exceeded analysts’ estimates as its turnaround efforts took hold. The sportswear maker also upped its revenue outlook on Tuesday, saying 2021 revenue will grow to a low 20 percent, compared to a previous prospect of a high percentage increase. Shares jumped 6% in pre-market. (CNBC)

Simon Property Group (SPG) saw sales at its malls and factory centers rebound to pre-pandemic levels in its last fiscal quarter, as Americans purchased clothing, shoes and other items . America’s largest mall owner hopes the improved results will encourage retailers to sign new leases and help fill vacant spaces during the pandemic. Shares rose about 3% in Tuesday’s pre-market. (CNBC)

PepsiCo said on Tuesday it had agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm for $ 3.3 billion. The food and beverage giant will receive a 39% stake in a newly formed joint venture with PAI Partners and exclusive rights to distribute juice brands in the United States for certain channels, such as restaurants. PepsiCo shares edged up in pre-market. (CNBC)

A company backed by Blackstone Group (BX) and run by entertainment executives Kevin Mayer and Tom Staggs has agreed to buy a controlling stake in Reese Witherspoon’s media company Hello Sunshine. Terms of the deal were not disclosed, but someone familiar with the deal told CNBC’s Julia Boorstin that it was valued at around $ 900 million. (CNBC)

DHL Express on Tuesday announced the purchase of 12 electric cargo planes from start-up Eviation for use in delivering packages to the United States as part of a plan to cut carbon emissions. “We’re going to divide them between the west coast and the east coast. These Eviation electric planes will replace some of our current small refueling planes that we have in these markets, ”said Mike Parra, CEO of DHL Express Americas. (CNBC)

A Senate infrastructure measure unveiled on Sunday would end pandemic tax relief for businesses three months earlier to raise funds. Some companies can currently claim a refundable payroll tax credit on a portion of workers’ wages paid until January 1, 2022. (CNBC)

* Landlords and tenants are filling courts as federal moratorium on pandemic evictions ends (PA)

Two more Washington police officers died by suicide in the months following the defense of the U.S. Capitol in the Jan.6 riot by Trump supporters, bringing the death toll to four. Another officer, who collapsed in his office after reacting to the riot, died on January 7 of two strokes. About 140 police officers from the Capitol and the DC Department were injured in the melee. (CNBC)

Microsoft co-founder Bill Gates and Melinda French Gates have divorced after 27 years of marriage. A case filed in King County Superior Court in Washington on Monday formalized the decision, three months after the couple announced plans to separate. (CNBC)

Gymnastics Superstar Simone Bilès fought his fears and resumed competition on Tuesday, but failed in his quest to Olympic gold on beam and instead won a bronze medal. Biles now equals the record for most Olympic medals won by an American gymnast. (NBC News)

STOCKS TO MONITOR

French drug manufacturer Sanofi (SNY) has agreed to buy US biotech company Translate Bio (TBIO) for $ 3.2 billion, or $ 38 per share in cash. Translate Bio specializes in mRNA technology, the type that has been used to produce the Pfizer and Moderna Covid-19 vaccines. Translate Bio shares climbed 29% in pre-market trading.

Marriott (MAR) shares gained 1.8% in pre-market trading after reporting quarterly profit of 79 cents per share, against a consensus estimate of 45 cents per share. Revenue more than doubled from a year ago thanks to a rebound in travel demand, although it was slightly lower than Wall Street forecast.

Take-Two Interactive (TTWO) lost 4.3% of pre-market trade after posting weaker-than-expected outlook and announcing delays in new versions of some of its games. The video game producer broke estimates by 12 cents per share, with quarterly profit of $ 1.01 per share. Take-Two’s earnings also exceeded Wall Street forecasts.

BP (BP) jumped 6.3% in pre-market trading after posting better-than-expected quarterly earnings and earnings on the back of rising oil and gas prices. The energy producer also announced a 4% increase in its dividend and a boost to its share buyback program.

Stellantis (STLA), the company behind the Jeep and Dodge brands and others, raised its profit margin outlook for the full year after the automaker reported strong first half financial results , driven by record margins in North America. The good results came despite the impact of the global chip shortage which reduced production by 700,000 vehicles. The stock was up 5.3% on the pre-market.

Micron Technology (MU) instituted its first-ever dividend, with the chipmaker planning to pay 10 cents per share in cash payable on October 18. Micron also said it has updated its share buyback policy to buy more when prices are low and less when prices are high. Micron shares gained 1.9% in pre-letting.

SolarEdge Technologies (SEDG) reported better-than-expected earnings and revenue for its final quarter, with the solar power company also providing bullish guidance for the current quarter. SolarEdge jumped 11.4% in pre-release.

Reynolds Consumer Products (REYN) beat estimates of a penny a share, with quarterly profit of 39 cents a share. However, revenues were lower than Street expected. The maker of products such as the Hefty and Reynolds Wrap garbage bags has expressed satisfaction with the results in the face of supply chain issues of higher input costs. Reynolds lost 3.6% in the pre-market share.


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