BY NUMBERS
Futures of the Dow fell on Tuesday, after the FDA and CDC recommended a break in the use of the Johnson & Johnson single-injection Covid vaccine. Federal health agencies said they were examining the reports of six recipients who had rare and severe blood clotting problems. Dow J&J shares fell 2.5% in premarket trading. (CNBC)
The Dow and S&P 500 started the week lower, breaking the three-session winning series and breaking Friday’s records. Nasdaq broke a series of victories in two sessions. The technological index, at the end of Monday, was 1.7% compared to the closing of the record in February. (CNBC)
IN TODAY’S NEWS
In a statement, J&J said there was “no clear causal link” between the rare blood clotting events and the Covid vaccine. The US drug giant also said it was working with regulators. All six cases occurred in women between the ages of 18 and 48, with symptoms occurring six to 13 days after receiving the shot. (CNBC)
Treasury yields declined on Tuesday after the release of a key inflation report came in stronger than expected. The government said consumer prices rose 0.6%, with the ex-food rate and energy rising 0.3%. Year-on-year consumer prices increased by 2.6%, the highest since August 2018, gaining momentum through a strong economic recovery. (CNBC)
Bitcoin hit a record high of $ 63,000 on Tuesday as investors waited for the highly anticipated debut of the Coinbase cryptocurrency exchange on the stock market. Coinbase will go public on Wednesday through a direct list that could value the company up to $ 100 billion. (CNBC)
The Southeast Asian giant Grab will go public with a record SPAC merger with Altimeter Growth Corp., valued at nearly $ 40 billion. Grab, backed by Softbank, will receive about $ 4.5 billion in cash, which includes $ 4 billion in a private investment in public equity agreements. (CNBC)
VIEWING STOCKS
FedEx (FDX): The shares of the shipping company increased in premarket trading in connection with KeyBanc Capital Markets, which improved FedEx to “overweight”. The Wall Street firm also set a target price of $ 350 per share on FedEx. KeyBanc said FedEx can increase its volume, even with a return to in-person purchases.
JetBlue (JBLU), Spirit Airlines (SAVE): The shares of the airlines appeared in the premarket trading after Susquehanna Financial Group updated JetBlue and Spirit Airlines to “positive”. “With a recovery in domestic air travel in the US underway, we want to own low-cost carriers,” he told the company’s customer analyst.
Booking Holdings (BKNG): The tourism company won in premarket trading after Jefferies upgraded Booking to “buy” from “expect” a return of global travel. The former also raised its 12-month price target to $ 2,800 per share from $ 2,300 per share.
3M (MMM): The shares of the manufacturing giant fell in the premarket after Deutsche Bank added a “catalyst call” sale on 3M. The Wall Street firm said the shares had curiously exceeded in recent weeks, despite Deutsche Bank’s expectations of a loss of future revenue.
NortonLifeLock (NLOK): The security company fell in premarket trading after Bank of America launched the shares with an “underperformance” rating and a target price of $ 19 per share. “Last year’s Covid-related demand growth could relax in the coming quarters and the company could return to negative trends in churn and subscriber additions, with a negative impact on revenue growth,” the company said.
Honeywell (HON): Honeywell shares rose in the pre-market after Deutsche Bank gave a catalytic rating “buy” on shares. The company said investors are not enthusiastic about Honeywell, despite the recovery.
Bristol-Myers Squibb (BMY): The pharmaceutical company’s shares have risen in the premarket as Truist upgraded Bristol-Myers Squibb to “buy” from the “hold” at a price of $ 74 per share. The Wall Street firm said it likes the Bristol-Myers Squibb drug pipeline.