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Dow futures fell on Tuesday after the FDA and CDC recommended a pause in the use of Johnson & Johnson’s one-shot Covid vaccine. Federal health agencies said they were reviewing reports from six recipients who experienced rare and severe blood clotting problems. Shares of Dow J&J fell 2.5% in premarket trading. (CNBC)
The Dow and S&P 500 started the week bearish, breaking victory lines in three sessions and falling from Friday’s record high. The Nasdaq broke a two-session winning streak. The heavy technology index, at the end of Monday, was 1.7% since the record close in February. (CNBC)
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In a statement, J&J said “there is no clear causal relationship” between the rare events of blood clotting and his Covid vaccine. The American drug giant also said it works with regulators. All six cases occurred in women 18 to 48 years of age, with symptoms that developed six to 13 days after receiving the shot. (CNBC)
Treasury yields fell on Tuesday after the release of a key inflation report came in stronger than expected. The government said consumer prices rose 0.6%, with a basic food and energy index up 0.3%. Year-on-year consumer prices rose by 2.6%, the highest since August 2018, gaining momentum for a strong economic recovery. (CNBC)
Bitcoin hit a record high of more than $ 63,000 on Tuesday as investors expected the long-awaited stock market debut of cryptocurrency exchange Coinbase. Coinbase will be made public on Wednesday through a direct listing that could value the company up to $ 100 billion. (CNBC)
The Southeast Asian giant Grab will be made public through a record SPAC merger with Altimeter Growth Corp., valued at about $ 40 billion. Grab, backed by Softbank, will receive about $ 4.5 billion in cash, which includes $ 4 billion in a private investment in a public capital agreement. (CNBC)
STOCKS TO SEE
FedEx (FDX): The shipping company’s shares rose in premarket trading on KeyBanc Capital Markets which FedEx upgraded to “overweight”. The Wall Street firm also set a target of $ 350 per share on FedEx. KeyBanc said FedEx can still increase volume even with the return on face-to-face purchases.
JetBlue (JBLU), Spirit Airlines (SAVE): The shares of the airlines appeared in the premarket trade after Susquehanna Financial Group upgraded JetBlue and Spirit Airlines to “positive”. “With a recovery of U.S. domestic air travel underway, we want to own low-cost airlines,” he told analysts at the firm.
Booking Holdings (BKNG): Travel company won in premarket trade after Jefferies upgraded Booking to “buy” from “hold back” a rise in 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 went down in the pre-market after Deutsche Bank added a sale of “catalytic call” to 3M. The Wall Street firm said shares have curiously outperformed in recent weeks despite Deutsche Bank’s expectation of losing the next gains.
NortonLifeLock (NLOK): The security company fell pre-market trading after Bank of America launched the shares with a rating of “low yield” and a target of $ 19 per share. “Last year’s Covid-related demand increase may relax in the coming quarters and the company may return to negative trends in the incorporation of subscriptions and subscriptions, negatively affecting revenue growth,” the firm said. .
Honeywell (HON): Honeywell shares rose in premarket trading after Deutsche Bank put a “catalyst” buyout. The firm said investors are not enthusiastic about Honeywell, despite the recovery.
Bristol-Myers Squibb (BMY): The pharmaceutical company’s shares rose in the market before Truist upgraded Bristol-Myers Squibb to “buy” from “hold” with a target price of $ 74 per share. The Wall Street firm said it likes the Bristol-Myers Squibb drug pipeline.