Moderna, Coronavirus, Disney and Vroom - 5 Things You Must Know Thursday

Stock futures are mostly lower amid a resurgence of the coronavirus; data from Moderna's vaccine trial ready to be analyzed; Walt Disney, Cisco and Applied Materials report earnings.
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Here are five things you must know for Thursday, Nov. 12:

1. -- Stock Futures Mixed as Coronavirus Infections Surge

Stock futures were mostly lower Thursday and a rally in global stocks decelerated as a resurgence of the coronavirus has Wall Street worried that new restrictions aimed at curbing the pandemic will lead to a halt in the economic recovery.

Contracts linked to the Dow Jones Industrial Average fell 249 points, S&P 500 futures were down 17 points and Nasdaq futures rose 11 points.

Hospitalizations from Covid-19, the disease caused by the coronavirus, have jumped in the U.S., particularly in the Midwest. New daily cases of the virus set a record of more than 146,000 this week, according to data analyzed by Bloomberg.

In New York, private gatherings statewide will be limited to 10 people and gyms, restaurants and bars will have to close nightly at 10 p.m. 

“Fact of the matter is, progress on vaccine development is at worst two steps forward one step back, and not one step forward and two steps back on a sustained basis,” said Mizuho Bank.

Stocks finished mixed Wednesday as the Dow closed flat and tech shares lifted the Nasdaq after investors earlier this week moved into more cyclical names that would benefit from an economic recovery.

Asian stocks finished Thursday's trading session mostly lower while European shares declined for the first time in four days.

For more on Asian markets read:

China’s Makers of Lockdown Goods Eyeing Next Windfall as Coronavirus Shutdowns Return to the West

2. -- Moderna's Vaccine Trial to Be Analyzed

Moderna  (MRNA) - Get Report was rising in premarket trading after the biotech company said its trial of a coronavirus vaccine had accumulated more than 53 infections, enough patients with Covid-19 to allow for analysis of the vaccine's effectiveness.

“Moderna has seen a significant increase in the rate of case identification across sites in the last week,” the company said in a statement. “As a result, the company expects the first interim analysis will include substantially more than 53 cases, the targeted trigger point for the analysis.”

Moderna’s vaccine candidate is believed to be similar to one being developed by Pfizer PFE and its German partner BioNTech  (BNTX) - Get Report, which reported preliminary data earlier this week showing 90% effectiveness.

The company said it was preparing to send data from the trial to an independent monitoring committee, adding it thinks efficacy results could be known by the end of November.

Moderna shares rose 3.83% to $85.60.

3. -- Disney, Cisco, Applied Materials and Palantir to Release Earnings

Earnings reports are expected Thursday from Walt Disney  (DIS) - Get Report, Cisco Systems  (CSCO) - Get Report, Applied Materials  (AMAT) - Get Report, Dillard's  (DDS) - Get Report, Farfetch  (FTCH) - Get Report and Palantir Technologies  (PLTR) - Get Report.

Disney Earnings Preview: What the Charts Say

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4. -- Thursday's Calendar: Consumer Price Index and Jobless Claims 

The economic calendar in the U.S. Thursday includes the Consumer Price Index for October at 8:30 a.m. ET, weekly Jobless Claims at 8:30 a.m. and Oil Inventories for the week ended Nov. 6 at 11 a.m. 

Federal Reserve Chairman Jerome Powell will join European Central Bank President Christine Lagarde and Bank of England Gov. Andrew Bailey in addressing the ECB's annual forum on Thursday. Powell is expected to speak at 9:30 a.m.

5. -- Vroom Stalls on Disappointing Guidance

Vroom  (VRM) - Get Report shares were dropping 12.5% in premarket trading Thursday after the online seller of used cars issued disappointing fourth-quarter guidance.

For the fourth quarter, Vroom said it expects a loss of 35 cents to 41 cents a share on revenue of $372 million to $414 million.

Analysts expect the company to report a loss in the period of 36 cents a share on revenue of $403 million.

Vroom, which went public in June, posted a third-quarter loss of 29 cents a share on sales of $323 million. Analysts were a loss of 37 cents a share on revenue of $310.6 million.

The company said consumer demand for used vehicles has returned to pre-Covid-19 levels.

"After the initial disruption in our e-commerce operations due to the Covid-19 pandemic, consumer demand for used vehicles has returned to pre-Covid-19 levels and, in the three months ended Sept. 30, 2020, we experienced continued strong consumer demand for our e-commerce solutions and contact-free delivery," Vroom said in a statement.