Stock market news live updates: Stock futures extend declines with stimulus deal still elusive

Yahoo Finance
Tesla blows away estimates as deliveries ramp up, targeting 500K by year's end amid coronavirus
Tesla reported third-quarter earnings results after market close on Wednesday.
Benzinga
Jim Cramer Likes These Stocks If Joe Biden Wins The Election
Jim Cramer discussed Tuesday on CNBC's "Mad Money" his "basket of winners" if former Vice President Joe Biden wins the presidential election.Cramer believes if Biden wins the election, the Democrats will be eager to throw money at the solar industry. Two solar stocks he likes: First Solar, Inc. (NASDAQ: FSLR) and Tesla, Inc. (NASDAQ: TSLA). Infrastructure is another industry Cramer believes will be a winner if Biden wins. If there is a democratic sweep, we could see an infrastructure package. Cramer likes these two infrastructure stocks: Caterpillar Inc. (NYSE: CAT) and Deere & Company (NYSE: DE).See Also: Trump, Biden To Have Microphones Muted In Final Debate When Rival Makes Opening RemarksCramer says the main difference between President Donald Trump and Biden is trade. He believes if Biden wins, there will be no more trade war with China. Cramer likes these Chinese play stocks: 3M Company (NYSE: MMM), Emerson Electric Co (NYSE: EMR) and Otis Worldwide Corporation (NYSE: OTIS).The biggest winners are the China consumer plays, which are Starbucks Corporation (NASDAQ: SBUX), Apple Inc. (NASDAQ: AAPL) and Nike, Inc. (NYSE: NKE) according to Cramer. He believes Nike will hit the $135 price range due to the company's Chinese business.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Container Store Surges On Big Q2 Sales Beat, Marie Kondo Partnership * Jason Snipe Gives His Bullish Thoughts On Wayfair, AutoZone(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
TechCrunch
Tesla is a chain of startups, Elon Musk explains
Today during a call with investors and journalists, Tesla CEO Elon Musk was asked to expand a tweet from yesterday. In it, he stated: "Tesla should really be thought of as roughly a dozen technology startups, many of which have little to no correlation with traditional automotive companies." In short, he explained there are over a dozen startups in Tesla, and he views every product line and plant as a startup.
Fox Business
Former North Carolina waitress sues employer after sex tape circulates, she receives threats: lawsuit
A former waitress for a North Carolina-based restaurant chain is suing the company after enduring months of alleged sexual assault and harassment including one instance when she received an anonymous threat after reporting that her private sex tape had been circulated amongst coworkers.
TechCrunch
Tesla wows on latest numbers
Tesla's latest quarterly numbers beat analyst expectations on both revenue and earnings per share, bringing in $8.77 billion in revenues for the third quarter. With the report that Tesla had already beaten Wall Street's expectations for deliveries earlier this month, the question for today's earnings call was how much efficiency (and by extension, profit) the electric car and battery company was able to wring out of its manufacturing processes. Now we have the answer, as Tesla reported net income of $331 million* on revenues of $8.77 billion for the third quarter.
TipRanks
2 “Strong Buy” Dividend Stocks Yielding at Least 9%
Markets have shown two themes in recent weeks, a combination of uncertainty and an upward trend. Day to day, it’s impossible to predict just what will happen, but the larger scale movement has been upwards. Looking ahead, all we know is that current events will reinforce the uncertainty.Earnings season has started. As the market’s publicly traded companies report their Q3 results, we’ll get a clearer idea as the nature of the economic recovery. Q1 was a disaster, the second quarter was better than expected; while Q3 is also expected to beat the expectations, no one will be surprised if it belly flops. So far, our first hint was the September jobs report, which fell short of the forecast but nevertheless showed some 661,000 new jobs last month.The big wild card, of course, is the national election, now just weeks away. President Trump is fighting for his political life and the Democrat opposition is fighting to regain control of the levers of government. It’s an environment that practically screams for investors to take protective action for their portfolios. And it’s possible; even in an uncertain time, there are dividend stocks that promise reliable returns and risk mitigation. Using the TipRanks database, we’ve pulled two stocks with Strong Buy ratings and high dividend yields. Wall Street’s analyst corps sees them as ripe for investment returns, while the dividend yield of 9% or better promises relief from today’s low-rate regime. Hoegh LNG Partners (HMLP)Hoegh operates floating gas services, including storage facilities and regasification units that can act as LNG import terminals in the absence of shore-based infrastructure.Late this past summer, Hoegh announced a new CEO, part of a normal transition of leadership in the company. The remarkable aspect was that the transition occurred during the COVID outbreak – and that the company showed positive revenues and earnings during that time, avoiding the heavy losses that have plagued some of its competitors. Hoegh’s EPS has varied quarter to quarter over the past two years, but the Q2 numbers were in-line with the long-term average, and the Q3 outlook, to be reported next month, is in the same range.Steady earnings usually mean a steady dividend, and HMLP delivers. The company has a 6-year history of dividend reliability, and the payment, of 44 cents per common share, has been held stable through 2020. The $1.76 annualized payment gives an impressively high yield of 15.5%. This is more than 7x the average found among S&P listed dividend payers.Liam Burke, of B. Riley FBR, counts himself as a fan. He writes, “Despite near-term decline in global LNG consumption caused by the coronavirus, there is solid underlying demand for LNG, which is estimated to grow by more than 3% to 5% annually until 2030, which sets the stage for consistent demand for high return floating storage and re-gasification units (FSRU) beyond current contract periods. We continue to believe in the long-term strength of the LNG market and HMLP's underlying charters despite the inherent counter-party risks created by a near-term decline in LNG consumption related to COVID-19.”Burke rates HMLP shares a Buy, and his $17 price target indicates confidence in a 45.5% upside potential. (To watch Burke’s track record, click here)Overall, Wall Street has given HMLP 3 Buys and 1 Hold recently, for a Strong Buy consensus rating. The average price target is $13.67, suggesting a 19% upside from the current trading level of $11.41. (See HMLP stock analysis on TipRanks)Hess Midstream Operations (HESM)Next up on today’s list of dividend champs is Hess Midstream, a player in the US oil and gas industry. Hess provides infrastructure services for gathering, processing, storing, and transporting both crude oil and natural gas products in the Bakken formation of North Dakota.Production companies have kept the product flowing despite the coronavirus, which is one reason for the low prices in the oil markets – but it has also kept the midstreamers in demand. Hess has benefited from the continuing need for its technical knowledge of pipeline network, and the result has been that, while much of the oil industry had to retrench recently, Hess saw only modest losses in revenues while earnings remained in-line with their 2-year recent history. Second Quarter EPS was 29 cents; that was lower than Q1, but higher than 4Q19.Hess has turned its steady earnings to shareholders’ advantage, with a dividend that has been increased every quarter for the past 2 years. The last payment, sent in August, was 44 cents per common share. This gave a yield of 9.86%, strong by any standard.JPMorgan analyst Tarek Hamid says of Hess, “The unique pricing model underpinning core profitability remains unmatched and further helps to eliminate (to an extent) DAPL uncertainty overhang relative to peers. Longer-term growth prospects could come in the form of asset level acquisitions and potentially a framework tied to Hess’s GOM position, but management has conveyed a conservative approach with respect to corporate M&A… HESM will burn cash this year, though our modeling indicates a flip to FCF generation in FY21 on lower capital intensity and higher y/y profitability.”To this end, JPMorgan rates HESM an Overweight (i.e. Buy) along with a $23 price target. This figure suggests a 40% upside for HESM shares in the months ahead.Overall, this stock’s Strong Buy consensus rating is supported by 4 Buys and 1 Hold. Shares are selling for $16.46, and the average price target of $19.75 indicates a 20% upside potential. (See HESM stock analysis on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
MarketWatch
The stock market is set to fall over the next year — and is unprepared for 2 big risks, says Deutsche Bank’s wealth-management arm
There-is-no-alternative, or TINA, has been a pretty solid investment strategy for those who are riding the stock-market wave. But to Deutsche Bank's international private bank chief investment office, it has its limits.
MarketWatch
AT&T stock notches longest losing streak since 2002 after Verizon earnings
AT&T Inc. shares fell again in Wednesday's session after rival Verizon Communications Inc. reported earnings in the morning, notching AT&T's longest losing streak in more than 18 years.
Benzinga
Pfizer's COVID-19 Vaccine Candidate Primed For $3.5B In 2021 Sales: Analyst
The mRNA coronavirus vaccine in development by Pfizer Inc. (NYSE: PFE) and BioNTech SE - ADR (NASDAQ: BNTX) is poised for an emergency use authorization application, according to SVB Leerink. The Pfizer Analyst: Geoffrey Porges has a Market Perform rating on Pfizer shares.The Pfizer Thesis: Pfizer-BioNTech's vaccine candidate BNT162b2 will likely report interim efficacy results within the next few weeks and then advance to an emergency use filing, Porges said in a note.BNT162b2 has a high likelihood of achieving its efficacy and safety outcomes and advancing to at least initial emergency approval in November, the analyst said."We believe there is a high probability of BNT162b2 being granted an EUA for high risk populations in the fourth quarter." Related Link: The Week Ahead In Biotech: Spectrum Pharma FDA Decision, Biogen And Abbott Earnings, Cancer Conference SVB Leerink's vaccine market model assumes permanent risk from SARS-CoV-2, necessitating re-vaccination every two years to maintain protective immunity, Porges said. Relatively high vaccine penetration to the tune of 80% is likely in health care workers and high-risk adults such as the elderly and those with comorbidities, and low penetration is foreseen for low-risk adults and ultimately children, the analyst said."We also forecast an initial large bolus of vaccination in 2021-2022E given the size of the COVID naive population, followed by a stable re-vaccination trend into 2030Es," he said. Porges expects two initial doses for priming immunization, and then a single booster every two years.Given Pfizer's lead position in clinical development, strong immunogenicity data and seemingly clean safety profile, BNT162b2 is expected to take more than 50% of the market share initially, which would decrease over time to 25% as more products enter the market place, the analyst said.Pfizer's vaccine is expected to be priced at $30 per dose in the U.S. and $23 in regions outside of the U.S. initially, with the price falling to $11-$15 per dose over time, he said. Incorporating BNT162b2 in SVB Leerink's Pfizer model with an 80% probability of success, Porges said he expects it to generate $3.54 billion in sales in 2021 and $1.57 billion in 2024.PFE Price Action: Pfizer shares were down 0.56% at $37.28 at last check Wednesday. Related Link: FDA's COVID-19 Vaccine Guidance Shows 'Substantial' Obligations For Developers: Analyst Latest Ratings for PFE DateFirmActionFromTo Oct 2020Atlantic EquitiesDowngradesOverweightNeutral Sep 2020BerenbergInitiates Coverage OnHold Jul 2020Morgan StanleyMaintainsEqual-Weight View More Analyst Ratings for PFE View the Latest Analyst RatingsSee more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * The Daily Biotech Pulse: Prothena Progress In Parkinson's Disease Pipeline, Fast Track For Xeris, Biogen Earnings * Moderna Nears Finish Line For Enrollment In Phase 3 Coronavirus Vaccine Study(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S.News & World Report
The 7 Best Biotech Stocks to Buy Today
Biotech companies utilize cutting-edge science to create medicines and treatments for a plethora of diseases, making them unique investment opportunities for investors looking to cash in on a cure. Smart investors will look for biotech stocks that have drug pipelines full of good prospects, as well as balance sheets strong enough to withstand any unforeseen problems. Here are seven biotech stocks to buy that fit the bill.
Bloomberg
If the Polls Are Wrong You Want to Be Hedged: Wall Street Votes
(Bloomberg) -- Traders may want to think about taking out some insurance, just in case the polls are wrong again.Global financial markets are increasingly pricing in the idea that Democratic challenger Joe Biden will not only unseat President Donald Trump at next month’s U.S. election, but that he will have a friendly Congress as well. U.S. stocks and Treasury yields have risen on the prospect that a Biden administration will usher in a bigger fiscal stimulus, while the dollar has fallen and measures of implied market turbulence -- aided in part by the support of the U.S. central bank -- have been subdued. Yet while opinion polls both nationally and in critical swing states have Biden leading, the memory of 2016’s shock presidential election result stands as a warning.Volatility markets “may have gotten a bit too complacent,” according to Ladislav Jankovic, global foreign-exchange derivatives strategist at JPMorgan Chase & Co. That backdrop, combined with favorable volatility pricing “make it prudent to put on cheap election hedges,” he said.The word cheap is key. While there is a possibility that Trump will win, the most likely outcome -- at least based on polls -- is that he will lose, and investors may therefore be reluctant to pay too much of a premium to guard against a so-called tail risk.With that in mind, Jankovic and his colleagues recommend option bets that stand to benefit from gains in the U.S. dollar.A win by Biden is seen by many observers as being more negative for the dollar, fueled in part by expectations that he would deliver a bigger fiscal stimulus package and that the resulting debt may weigh on the currency. It could also help boost investor risk sentiment and sap appetite for havens like the dollar. An upset win by Trump, on the other hand, could help buoy the greenback.According to JPMorgan, option strategies based on dollar calls -- the right to buy greenbacks at a particular price -- generally performed better in the wake of Hillary Clinton’s surprise 2016 loss than other “risk-off constructs,” such as those involving either euro or yen calls.This time around, they say that using options to bet that the dollar will climb against its Australian counterpart looks the best, while similar wagers on a declining offshore yuan are also worth considering. That’s because the Aussie’s spot price doesn’t have to move as much as its peers to trigger the option, while the renminbi has been in focus amid China’s trade spat with the U.S.More specifically, they recommend funding these positions with a dollar/rupee option structure so as to create a “near zero” cost for the trade. The rupee is not expected to react as much around the election event. The options strategy carries a two-month tenor to capture the risk into and after the election.Additional ReadingMARKETS OVERVIEW: On Wednesday, S&P 500 futures swung between losses and gains, while Treasuries dropped alongside the dollar amid speculation lawmakers have made some progress on a stimulus package to be financed by trillion-dollar borrowing.Biden Microtargets Hispanic Voters With New Ads: Campaign UpdatePelosi, Mnuchin Make Another Run at Stimulus McConnell OpposesU.S. Yields Hit Highest Since June as Election Bets Take OverBusiness Owners Speed Up Planned Sales Over Biden Tax Hike FearsShaken Up By Trump, Auto Lobby Eyes Impact of Biden PresidencyCourt-Packing Alternatives Start Gaining Traction With DemocratsFresh Treasuries Options Wagers Bet Against Election FireworksBiden Enters Last Stretch With $114 Million Cash Edge Over TrumpTrump Campaign Burned Through Almost Half Its Cash in SeptemberTrump ‘Has Zero Ties to China,’ Campaign Says on NYT Bank StoryTrump Says He May Release Contentious ‘60 Minutes’ InterviewTrump Nemesis Mary Nichols on Short List to Run Biden EPA “Wall Street Votes” is a column highlighting opportunities for investors deluged with political news. Click the button at the top to subscribe.(Updates to add “Additional Reading” section.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Reuters
U.S. investment bankers' new pitch: Biden's tax hike
Biden has proposed raising the capital gains tax rate from 20% to 39.6% for those making over $1 million. Biden would have to win the presidency and his Democratic Party would have to gain control of the Senate and keep control of the House of Representatives in the Nov. 3 election for his tax proposals to become law. The Biden campaign did not immediately respond to a request for comment.
Reuters
Monsanto loses final appeal over French farmer's weedkiller accident
Bayer's <BAYGn.DE> Monsanto division on Wednesday lost a final appeal in a long-running French legal battle in which the crop chemical maker has been held liable for the accidental inhalation of a weedkiller by a crop farmer. Monsanto had been trying to overturn a decision by an appeals court in 2019 that had found the company's product safety information to have been inadequate in relation to the accident involving farmer Paul Francois in 2004. France's highest court rejected Monsanto's latest appeal in a ruling published on Wednesday, opening the way for another court to decide on what damages should be awarded to Francois.
Benzinga
Here's How Much Investing $1,000 In Wells Fargo At Great Recession Lows Would Be Worth Today
Despite an extremely volatile, difficult and unpredictable 2020, the S&P 500 has managed to gain significant ground to new all-time highs in 2020.Investors who bought the dip during the sell-off early in the year have been rewarded with a fast market recovery.Buying the dip was also a great move during the 2008 Great Recession, when the S&P 500 lost roughly 50% of its value, ultimately bottoming at 666.79 on March 9, 2009.Since the bottom, the SPDR S&P 500 ETF Trust (NYSE: SPY) has generated a total return of 553% over the last 11-plus years.Wells Fargo's Difficult Decade: One market laggard in the last decade was big bank Wells Fargo & Co (NYSE: WFC).Like other U.S. banks, Wells Fargo took a big hit during the financial crisis, but the back actually stepped in to help stabilize the financial system by buying the assets of Wachovia for $14.8 billion in 2008.Unfortunately for Wells Fargo investors, the company has been plagued with a series of scandals, including a 2016 scandal involving employees creating fraudulent accounts on behalf of customers.Wells Fargo shares dropped as low as $5.67 during the financial crisis but had recovered back above $27 by the beginning of 2010. The 2011 Eurozone debt crisis pulled the stock back down to below $23, but the back was back making new all-time highs above $40 by mid-2013. The rally continued mostly interrupted until the big bank hit $58.76 in mid-2015.After four years of trading in a range between around $45 and $60, Wells Fargo shares broke out to the upside in the opening weeks of 2018, surging to their decade high of $66.31.The stock has since stalled thanks in large part to a Federal Reserve cap on the bank's assets as part of the regulatory fallout from the account scandal.Related Link: Here's How Much Investing ,000 In JPMorgan At Great Recession Lows Would Be Worth TodayWells Fargo In 2020, Beyond: Wells Fargo dipped as low as $22 during the 2020 COVID-19 sell-off and hasn't gained back much ground since.Despite the difficult decade, brave investors who bought at the financial crisis bottom have been rewarded. In fact, $1,000 worth of Wells Fargo stock bought on the day the S&P 500 bottomed in 2009 would be worth about $3,096 today, assuming reinvested dividends.Looking ahead, analysts expect additional upside for Wells Fargo in the next 12 months. The average price target among the 23 analysts covering the stock is $27, suggesting 18.1% upside from current levels.Photo via Wikimedia. See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * This Day In Market History: FDIC Seizes Wachovia(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Investor's Business Daily
Nikola Stock Jumps As GM Backs Electric Truck Deal While Talks Continue
GM appeared to reaffirm its partnership agreement with electric truck maker Nikola while talks to finalize terms drag on.
Fox Business
Biden's tax plan could create rates as high as 62% for New Yorkers, Californians
Wealthy Americans living in New York, New Jersey and California could face one of the steepest tax rates in decades if Democratic presidential nominee Joe Biden wins the November election.
MarketWatch
What Trump and Biden tax policies could mean for your paycheck, tax return, investments and retirement savings
President Donald Trump says the American Dream is on the line this election, while Democratic challenger Joe Biden says his campaign is locked in a “battle for the soul of this nation.” How might the candidates affect the things you can see and hold, like a paystub, an income tax return or a portfolio statement? The focus on finances puts tax policy front and center.
MarketWatch
These are the 3 best dividend yield investments for 2021
This is one of the worst ways to invest for yield in the stock market heading into what may be the best year for economic growth in 20 years — 2021. Classic dividend payers like Procter & Gamble (PG) Colgate-Palmolive (CL) General Mills (GIS) and Campbell Soup (CPB) are called “noncyclicals.” Instead, I’m telling income investors who subscribe to my stock letter to own cyclical names that pay dividends.
Reuters
Kinder Morgan profit falls as pandemic hits demand for refined products
A pandemic-driven drop in energy demand has freed up some capacity at pipeline companies, forcing them to offer discounts to customers for moving crude, gas and refined products. Kinder Morgan said earnings from its product pipelines, which move gasoline, jet fuel and diesel, fell 20% in the reported quarter. The company also forecast fourth-quarter volume for refined products to be off by about 10% from a year earlier.
Investor's Business Daily
Tesla Beats With 5th Straight Quarter Of Profits; Musk Sees Production Improvements
Tesla earnings for Q3 beat forecasts, helped by an unexpected spike in revenue generated from the sale of regulatory credits.

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Stock market news live updates: Stock futures extend declines with stimulus deal still elusive

6:08 p.m. ET Wednesday: Stock futures point higher

Latest Stories

Tesla blows away estimates as deliveries ramp up, targeting 500K by year's end amid coronavirus

Jim Cramer Likes These Stocks If Joe Biden Wins The Election

Tesla is a chain of startups, Elon Musk explains

Former North Carolina waitress sues employer after sex tape circulates, she receives threats: lawsuit

Tesla wows on latest numbers

2 “Strong Buy” Dividend Stocks Yielding at Least 9%

The stock market is set to fall over the next year — and is unprepared for 2 big risks, says Deutsche Bank’s wealth-management arm

AT&T stock notches longest losing streak since 2002 after Verizon earnings

Pfizer's COVID-19 Vaccine Candidate Primed For $3.5B In 2021 Sales: Analyst

The 7 Best Biotech Stocks to Buy Today

If the Polls Are Wrong You Want to Be Hedged: Wall Street Votes

U.S. investment bankers' new pitch: Biden's tax hike

Monsanto loses final appeal over French farmer's weedkiller accident

Here's How Much Investing $1,000 In Wells Fargo At Great Recession Lows Would Be Worth Today

Nikola Stock Jumps As GM Backs Electric Truck Deal While Talks Continue

Biden's tax plan could create rates as high as 62% for New Yorkers, Californians

What Trump and Biden tax policies could mean for your paycheck, tax return, investments and retirement savings

These are the 3 best dividend yield investments for 2021

Kinder Morgan profit falls as pandemic hits demand for refined products

Tesla Beats With 5th Straight Quarter Of Profits; Musk Sees Production Improvements