Here are five things you must know for Tuesday, Nov. 10:
1. -- Stock Futures Fluctuate Following Vaccine-Fueled Rally
Stock futures traded mixed Tuesday following a Wall Street rally that was fueled by optimism over a possible coronavirus vaccine.
Contracts linked to the Dow Jones Industrial Average rose 208 points, S&P 500 futures were down 6 points and Nasdaq futures fell 179 points, extending declines from Monday.
Stocks rose sharply Monday after Pfizer (PFE) - Get Report announced its coronavirus drug candidate being developed with partner BioNTech (BNTX) - Get Report prevented more than 90% of infections in a large-scale study.
The Dow rose 835 points, or 3%, to close at 29,157 but off the intraday record high of 29,933.83 it set during Monday's session. The S&P 500 rose 1.17% to close at 3,550.
The tech-heavy Nasdaq tumbled 1.53%, however, as stay-at-home stocks such as Amazon.com (AMZN) - Get Report and Netflix (NFLX) - Get Report that have thrived during the coronavirus pandemic fell on the Pfizer vaccine news.
Analysts cautioned that mass deployment of a vaccine remains months away. President-elect Joe Biden also issued a warning the same day he unveiled a new coronavirus task force and the U.S. recorded its 10 millionth coronavirus case.
“There’s a need for bold action to fight this pandemic. We’re still facing a very dark winter,” Biden said.
Stocks in Asia and Europe mostly rose Tuesday on hopes for progress toward a possible coronavirus vaccine.
For more on Asian markets read:
2. -- Eli Lilly Covid-19 Antibody Treatment Gets Emergency Use OK From FDA
Eli Lilly (LLY) - Get Report was rising more than 3% in premarket trading after it received emergency clearance from the Food and Drug Administration for an antibody treatment used in patients suffering mild to moderate cases of Covid-19, the disease caused by the coronavirus.
"This emergency authorization allows us to make bamlanivimab available as a Covid-19 treatment for recently diagnosed, high-risk patients," said David A. Ricks, Lilly's chairman and CEO, in a statement.
The medication is used in patients “at high risk for progressing to severe Covid-19 and/or hospitalization,” according to the statement. “Patients treated with bamlanivimab showed reduced viral load and rates of symptoms and hospitalization,” the company said.
The FDA authorized the treatment for patients who are 65 and older, and pediatric patients.
Lilly said it will begin shipping bamlanivimab immediately to AmerisourceBergen, a national distributor, which will distribute it as directed by the U.S. government's allocation program.
The U.S. government has purchased 300,000 doses of bamlanivimab for $375 million.
The stock was up 3.51% to $147.32 in premarket trading Tuesday.
3. -- Beyond Meat Sinks as Profit Bitten by Covid-19
Beyond Meat posted a third-quarter loss of 31 cents a share on revenue of $94.4 million, up 3% from a year earlier. Analysts were expecting earnings in the period of 5 cents a share on revenue of $132.8 million.
"Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of Covid-19 on our net revenues," said CEO Ethan Brown. "Unlike the second quarter where record retail buying and freezer loading by consumers offset the deterioration of our foodservice business as Covid-19 stay-at-home and related measures set in, the long tail of retail stockpiling by consumers ... led to Q3 results that were lower than we expected."
Beyond Meat said it was withholding guidance for the fourth quarter and fiscal year because of uncertainty around the coronavirus pandemic.
The stock dropped 17.85% to $123.63 in premarket trading.
4. -- Lyft and D.R. Horton Report Earnings
Earnings reports are expected Tuesday from Lyft (LYFT) - Get Report, D.R. Horton (DHI) - Get Report, Advance Auto Parts (AAP) - Get Report, Rockwell Automation (ROK) - Get Report, Eastman Kodak (KODK) - Get Report, Hain Celestial (HAIN) - Get Report, Datadog (DDOG) - Get Report and Rackspace Technology (RXT) - Get Report.
The economic calendar in the U.S. Tuesday includes the NFIB Small Business Optimism Index for October at 6 a.m. ET and the Job Openings and Labor Turnover Survey for September at 10 a.m.
5. -- Norwegian Posts Wider-Than-Expected Loss
Norwegian posted an adjusted loss of $2.35 a share vs. expectations that called for a loss of $2.25. Revenue fell to $6.5 million from $1.9 billion a year earlier “due to the complete suspension of voyages in the quarter” because of the restrictions related to the pandemic.
The stock was up 3.67% to $22.30 in premarket trading Tuesday after jumping nearly 27% in the previous session as Pfizer's positive vaccine news spurred hopes for a recovery in the cruise industry, which has been one of the hardest hit during the pandemic.