Analytics, News, and Forecasts for CFD Markets: stock news — 05-11-2020.

U.S. stock-index futures surged on Thursday, as investors digested the 2020 U.S. election results, while awaiting the Fed's policy decision.

Global Stocks:

(company / ticker / price / change ($/%) / volume)

Verizon (VZ) upgraded to Overweight from Neutral at JP Morgan; target raised to $65

General Motors (GM) reported Q3 FY 2020 earnings of $2.83 per share (versus $1.72 per share in Q3 FY 2019), beating analysts’ consensus estimate of $1.43 per share.

The company’s quarterly revenues amounted to $35.480 bln (0.0% y/y), roughly in line with analysts’ consensus estimate of $35.350 bln.

GM rose to $37.17 (+5.48%) in pre-market trading.

FXStreet notes that the S&P 500 has gapped sharply higher above price/gap and moving average resistance at 3390/95 to add further weight to the view the index is seeing the construction of a large bull “triangle”, with key resistance seen at 3525/50, per Credit Suisse.

“The strong recovery in the S&P 500 continues with the market gapping higher to clear key flagged resistance test at 3390/95 - the 13 and 63-day averages and the top of the price gap from Wednesday last week – and this adds weight to our broader view we are seeing the formation of a large bullish ‘triangle’ continuation pattern.” 

“We look for the strong tone to be maintained for now for a move to 3502 next, then the top of the ‘triangle’, seen starting at 3525 and stretching up to the 3550 October high. Our bias would be for this to then cap again for now for a fresh swing lower in the ‘triangle’. Above 3550 is needed to suggest the ‘triangle’ is already completed for a move back to the 3588 record high.”

Alibaba (BABA) reported Q2 FY 2021 earnings of RMB17.97 per share (versus RMB13.10 per share in Q2 FY 2020), beating analysts’ consensus estimate of RMB13.75 per share.

The company’s quarterly revenues amounted to RMB155.059 bln (+30.3% y/y), roughly in line with analysts’ consensus estimate of RMB155.001 bln.

BABA fell to $291.59 (-1.39%) in pre-market trading.

FXStreet notes that after a spectacular run since March, the S&P 500 index’s rally has stalled in the last two months ahead of the US presidential election. However, if history is any guide, the index could resume its uptrend once the event risk has passed, according to Standard Chartered.

“Historically, on average, Q4 tends to be positive, and a US election year is no exception.”

“...since 1970, the S&P 500 index has shown a tendency to post positive returns in November-December (median return of 2.8%). This trend is also maintained in a US election year, with a median return of 4.1%.”

“The range since the start of the current quarter is in line with the historical norm in an election year and that the momentum tends to pick up once the election is over.”

Barrick (GOLD) reported Q3 FY 2020 earnings of $0.41 per share (versus $0.15 per share in Q3 FY 2019), beating analysts’ consensus estimate of $0.32 per share.

The company’s quarterly revenues amounted to $3.540 bln (+32.2% y/y), beating analysts’ consensus estimate of $3.443 bln.

The company also declared a dividend for Q3 FY 2020 of $0.09 per share, a 12.5% increase on the previous quarter's dividend.

GOLD rose to $28.10 (+2.48%) in pre-market trading.

Qualcomm (QCOM) reported Q4 FY 2020 earnings of $1.45 per share (versus $0.78 per share in Q4 FY 2019), beating analysts’ consensus estimate of $1.18 per share.

The company’s quarterly revenues amounted to $6.502 bln (+35.3% y/y), beating analysts’ consensus estimate of $5.936 bln.

The company also issued upside guidance for Q1 FY 2021, projecting EPS of $1.95-2.15 versus analysts’ consensus estimate of $1.68 and revenues of $7.8-8.6 bln versus analysts’ consensus estimate of $7.16 bln.

QCOM rose to $148.00 (+14.76%) in pre-market trading.