We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Great news on Friday morning kept markets buoyant to end yet another strong week in the markets: a better-than-expected Employment Situation and Unemployment Rate — not to mention excellent progress on a new Covid pill from Pfizer (PFE - Free Report) — helped hoist the Nasdaq +0.20%, the S&P 500 +0.37% and the Dow +0.56% in the last full trading session. This capped off five solid weeks of strong market gains, and it continues into this Monday morning: the Dow is +140 points, the S&P 500 +10 and the Nasdaq +2 points in the pre-market.
The Covid news continues to bring positive surprises today: a new antibody treatment developed by Regeneron (REGN - Free Report) has proved nearly 82% effectiveness in reducing the risk of contracting Covid, and for longer periods of time. The trial tested immunocompromised subjects, and zero hospitalization s were recorded among those in the trial administered the drug, called REGEN-COV. The treatment had been authorized for use in the U.S. roughly a year ago to treat patients with advanced cases on Covid-19.
Regeneron, prior to the news, was already considered a Zacks Rank #1 (Strong Buy) ahead of this news, on a +56% positive surprise on Q3 earnings last week. Strength in REGEN-COV usage had provided a big boost to the company’s bottom line even before this new data hit the tape. Shares are up +1.4% in pre-trading this morning, and +26.6% year to date. Early September brought record closing highs to REGN stock before a pullback on softer market conditions later that month. The company is still roughly $60 per share of the record highs.
Later this week, we’ll see new inflation data — specifically, Producer Price Index (PPI) and Consumer Price Index (CPI) prints over the next two days. Steady increases in both metrics have also begun to slow down of late: last month’s PPI report saw +0.5% gains, which were the slowest of the year. Expectations are for +0.6% on PPI and +0.4% on CPI — double the September headline +0.2%. Now that the Fed has announced tapering of asset purchases forthcoming, it hopes to keep inflation reads from becoming unruly.
Q3 earnings continues today, as well. While most of the big marquee names already have calendar Q3 in the books, we expect to hear from companies like PayPal (PYPL - Free Report) and meme stock AMC (AMC - Free Report) after the bell today.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Markets Up on COVID Pill News
Great news on Friday morning kept markets buoyant to end yet another strong week in the markets: a better-than-expected Employment Situation and Unemployment Rate — not to mention excellent progress on a new Covid pill from Pfizer (PFE - Free Report) — helped hoist the Nasdaq +0.20%, the S&P 500 +0.37% and the Dow +0.56% in the last full trading session. This capped off five solid weeks of strong market gains, and it continues into this Monday morning: the Dow is +140 points, the S&P 500 +10 and the Nasdaq +2 points in the pre-market.
The Covid news continues to bring positive surprises today: a new antibody treatment developed by Regeneron (REGN - Free Report) has proved nearly 82% effectiveness in reducing the risk of contracting Covid, and for longer periods of time. The trial tested immunocompromised subjects, and zero hospitalization s were recorded among those in the trial administered the drug, called REGEN-COV. The treatment had been authorized for use in the U.S. roughly a year ago to treat patients with advanced cases on Covid-19.
Regeneron, prior to the news, was already considered a Zacks Rank #1 (Strong Buy) ahead of this news, on a +56% positive surprise on Q3 earnings last week. Strength in REGEN-COV usage had provided a big boost to the company’s bottom line even before this new data hit the tape. Shares are up +1.4% in pre-trading this morning, and +26.6% year to date. Early September brought record closing highs to REGN stock before a pullback on softer market conditions later that month. The company is still roughly $60 per share of the record highs.
Later this week, we’ll see new inflation data — specifically, Producer Price Index (PPI) and Consumer Price Index (CPI) prints over the next two days. Steady increases in both metrics have also begun to slow down of late: last month’s PPI report saw +0.5% gains, which were the slowest of the year. Expectations are for +0.6% on PPI and +0.4% on CPI — double the September headline +0.2%. Now that the Fed has announced tapering of asset purchases forthcoming, it hopes to keep inflation reads from becoming unruly.
Q3 earnings continues today, as well. While most of the big marquee names already have calendar Q3 in the books, we expect to hear from companies like PayPal (PYPL - Free Report) and meme stock AMC (AMC - Free Report) after the bell today.