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The market is still focused on the progress of the new round of bailout negotiations. The last presidential debate before the US presidential election is over. However, there was no major reaction in the financial market. On Friday (23) US stock futures rose slightly. Intel announced its third quarter financial report After an unexpected drop in data center revenue, Intel’s pre-market price fell.
1. Attention is still on the rescue plan, US equity futures rose slightly
The focus of investors’ attention remains whether the new round of bailout plans in the United States can reach an agreement before the presidential elections.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are still trying to finalize the details of a new round of the nearly $ 2 trillion stimulus package. Many Senate Republicans still oppose the White House’s proposed aid package.
Pelosi told a press conference: “We will continue to negotiate and I hope we can reach an agreement.” He had previously expressed his hope that a new rescue plan would be finalized before election day.
Dow Jones futures were up 0.39% on Friday, S&P 500 futures were up 0.35% and Starck 100 futures were up 0.22%.
2. Intel Q3 achieves profitability, but data center performance is weak
Intel announced the financial report for the third quarter of the fiscal year and earnings met expectations, but the data center business showed new signs of weakness and forecast weak sales in the fourth quarter outlook. The stock fell in pre-trade trading on Friday (23). Almost 10%.
Intel’s third-quarter revenue and net income met Wall Street expectations. Revenue fell 4% year-on-year to $ 18.33 billion, slightly more than analyst expectations of $ 18.25 billion, but its data center division’s revenue fell 7%. , At $ 5.91 billion, lower than market expectations of $ 6.21 billion.
Intel said that due to the new corona pneumonia pandemic, business and government revenue after two consecutive quarters of growth of more than 30%, the third quarter fell 47%, but cloud revenue increased 15%, the average sale price of the unit compared to last year. It was down 15% during the same period.
Intel estimated revenue for the fourth quarter of approximately $ 17.4 billion, which was in line with analyst expectations, but fell 14% from the same period last year.
3. Debate on the US presidential elections
The US elections are about to take place in 12 days. US President Trump and Democratic presidential candidate Biden held the last debate before the US presidential election on Thursday night. The two discussed the Trump administration’s performance in preventing epidemics, that of the Biden family. The two most prominent issues in China’s relations have been attacked and on the defensive. Under the recently introduced microphone mute regulations, candidates’ speeches are much more orderly.
Political commentators said after the debate that, in general, there was no wishbone to change the course of this election: in general, the policies and arguments of the two peoples did not differ much from the first debate. The difference lies in this one. The election can clearly hear the political views of the two.
4. Remdesivir was approved by the FDA as the only new crown drug in the United States.
The US Food and Drug Administration (FDA) approved Remdesivir (Remdesivir) from Gilead Sciences (GILD-US) as a drug for hospitalized patients with new coronary pneumonia on Thursday (22), making it the only and fully approved new crown drug in the United States, Geely German stocks rose 5.65% in premarket trading.
The FDA approved the Emergency Use Authorization (EUA) for Redecive in May to shorten the course of the disease. After US President Trump was diagnosed in September, he also used remdesivir during treatment.
Gilead said Remdesivir will be used for hospitalized patients 12 years and older. According to Gilead, Remdesivir is approved in nearly 50 countries around the world and can be used temporarily to treat new coronary pneumonia.
5. Wells Fargo considers selling the asset management department
Sources noted that Wells Fargo Bank (WFC-US) is considering selling its asset management, which is the largest internal reorganization since Wells Fargo CEO Charles Scharf took office in a new year. Wells Fargo was up 1.08% in pre-market trading.
Insiders pointed out that at the end of June, Wells Fargo’s asset management department had a total asset management scale of approximately $ 578 billion, and the sales value of this department was approximately $ 3 billion. . Several private equity and asset management companies are currently in talks with Wells Fargo.
This sign shows that after experiencing the product sales scandal, Scharf attempted to reverse Wells Fargo Bank’s situation and endeavored to cut costs dramatically. He once said that he had set a long-term goal of saving $ 10 billion in annual costs.
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