BY THE NUMBERS
US futures rose on Tuesday, adding to Friday’s record close for the Dow Jones, S&P 500 and Nasdaq industrial average. The US stock exchange was closed on Monday for Presidents’ Day. The three benchmark stock indices ended higher last week, in a continuation of the February strength. During the year, at the close on Friday, the Dow, the S&P 500 and the Nasdaq rose nearly 2.8%, 4.8% and 9.4%, respectively. (CNBC)
The 30-year Treasury yield remained above 2% early Tuesday, as investors watched advances in the $ 1.9 trillion Covid stimulus package proposed by President Joe Biden on Capitol Hill and the impetus for a wider distribution of coronavirus vaccines in the United States. more than 1.26%. (CNBC)
Bitcoin hit a new record on Tuesday, surpassing $ 50,000 per unit for the first time, before matching some of those gains. Major companies announced support for digital currencies last week. Bitcoin quadrupled in 2020 and is up more than 60% this year. (CNBC)
* MicroStrategy shares rise after company unveils plans to sell convertible debt to buy more bitcoins (CNBC)
IN THE NEWS TODAY
More than 3.8 million homes in Texas were in the dark on Tuesday morning as record low temperatures increased electricity demand that pushed the state’s power grid to its limits. In Texas, blackouts were imposed, typical of hot summer days. The cold weather was part of a massive winter explosion that brought snow, sleet and icy rain to the southern plains, through parts of the Ohio Valley and the northeast. (AP)
The power shortage was so great that wholesale electricity spot prices on the Texas power grid rose more than 10,000% Monday. Natural gas futures jumped more than 6% Tuesday morning. However, RBC analysts said: “Some regional natural gas prices have risen ten to a hundred times in a matter of days.” U.S. oil prices also rose to a pandemic high above $ 60 a barrel as drilling and refineries closed due to the cold. (CNBC and Reuters)
House Speaker Nancy Pelosi said Monday that Congress will establish an independent 9/11-style commission to examine last month’s deadly insurgency at the U.S. Capitol. Investigations into the riot were already planned, and Senate hearings were scheduled for later this month in the Rules Committee. (CNBC)
* Republican Senate Party leader McConnell opined: Absolution vindicated constitution, not Trump (WSJ)
* Social media platform Parler is back online with “independent technology” (Reuters)
* New York prosecutors investigating Trump’s properties in Manhattan (WSJ)
Trying to go beyond Trump’s acquittal at last week’s impeachment trial, Biden will make his first official national trips under his presidency, starting with a CNN town hall in Wisconsin on Tuesday and a tour of an installation Covid vaccine against Pfizer (PFE) in Michigan on Thursday. (AP)
* Israeli study detects 94% drop in symptomatic cases of Covid-19 with Pfizer vaccine (Reuters)
* Covid-linked syndrome in children grows and cases are more severe (NY Times)
Marriott International (MAR) announced Tuesday the death of its CEO, Arne Sorenson, who was in treatment for pancreatic cancer. Two weeks ago, Marriott said Sorenson would temporarily reduce his schedule to facilitate more demanding treatment. Sorenson became the third CEO in the history of Marriott) in 2012, and the first without the surname Marriott. (CNBC and press release)
STOCKS TO SEE
CVS Health (CVS): The pharmaceutical company reported quarterly earnings of $ 1.30 per share, 6 cents above estimates. Revenue also exceeded Wall Street forecasts, helped in part by Covid-19 testing and vaccinations at its locations.
Palantir Technologies (PLTR): The shares of the business analysis company sank 6.2% in the pre-market after reporting a quarterly loss, although revenue exceeded street estimates by a jump in the new contracts.
AutoNation (AN): The auto retailer surpassed estimates by 42 cents per share, with a quarterly profit of $ 2.43 per share. Revenue was also above estimates, as demand remains high amid tight inventories. AutoNation announced the addition of $ 1 billion to its stock repurchase program.
Constellation Brands (STZ): AB InBev Brewery (BUD) sues Constellation for its use of the Corona brand for its hard seltzer. AB InBev argues that a 2013 agreement between the two involving the brand did not allow Constellation to use it for non-beer products.
CoreLogic (CLGX): CoStar Group (CSGP) has submitted a new bid to acquire rival real estate data provider CoreLogic worth $ 95.76 per share, following the CoreLogic deal on Feb. 4 that will be acquired by private equity Stone Capital and Insight Partners for $ 80 per share in cash.
Southwest (LUV): The airline said it continues to experience a significant impact year after year on passenger demand due to the Covid-19, although it said it expects an improvement from February to March.
Progressive (PGR): The insurer signed an agreement to acquire Protective Insurance (PTVCB) for $ 23.30 per share in cash, compared to the closing of $ 15.01 per share of Protective on Friday. Protective actions increased by approximately 47% in premarket trade.
Apple (AAPL): Automaker Nissan said it is not in talks with Apple about a possible joint venture. A Financial Times report said the two companies briefly discussed the matter, but those talks faltered.
Toyota Motor (TM): The automaker will suspend production at nine factories in Japan after an earthquake hit the northeastern region of Japan last week. Toyota did not specify the impact on production.
Facebook (FB): Facebook is designing a smartwatch that includes messaging features and provides information about health and fitness, according to technology website The Information, which cites people familiar with the issue. According to the report, sales of the device would begin next year.
Nvidia (NVDA): The FTC has opened an investigation into the agreement of the graphics chip maker to buy Arm Holdings, a chip designer based in the United Kingdom, for up to $ 40 billion. According to reports, the deal had been the subject of protests from regulators by Alphabet (GOOGL), Qualcomm (QCOM) and Microsoft (MSFT).
Bristol-Myers Squibb (BMY): Bristol and French partner Sanofi (SNY) will pay more than $ 834 million in Hawaii in a case related to the anticoagulant drug Plavix. The state had accused drug manufacturers of warning patients that they were not targeted by the risks associated with the drug. Bristol and Sanofi said the sentence was inconsistent with the evidence and vowed to appeal.
Cintas (CTAS): The uniformed and construction services provider offered a better-than-expected current quarter earnings outlook, saying it now has a clearer picture of the impact of Covid-19 on its business and that its balance sheet remains solid.