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The market turned optimistic that the United States will pass a new round of bailout bills. US stocks rose overnight and the Dow Jones rose 113 points. However, uncertainty has risen again and US equity futures rose ahead of the market today (21) and then fell.
1. I’m not sure the stimulus bill can reach consensus. US Stock Futures Lower
Although the market is optimistic that the United States will adopt a new round of the stimulus package, Wednesday’s open was slightly weak. Dow Jones futures were down 0.16%, S&P 500 futures were down 0.13% and Starck 100 futures were down 0.1%.
Pelosi spokesman Drew Hammill said Tuesday that after the conference call between Pelosi and Treasury Secretary Steven Mnuchin on Monday afternoon, the differences between the two sides continued to narrow and they would strive to reach consensus. before Tuesday to win the election. The stimulus bill was introduced earlier. Yet many Senate Republicans still oppose the $ 1.88 trillion aid package proposed by the White House and the $ 2.2 trillion stimulus plan proposed by Pelosi.
People familiar with the matter said Senate Republican Leader McConnell warned the White House not to reach a stimulus deal before the election. He hinted that House Speaker Pelosi did not sincerely negotiate with Treasury Secretary Muchin. If a deal is reached, it can also undermine the Senate. Zhou confirmed the plan for Judge Barrett’s nomination.
2. Global Subscriber Net Additions Worse Than Expected Netflix Stock Price Drop Before Market
Netflix (NFLX-US) announced the third quarter of this year’s post-market financial report. Although revenue was higher than expected, EPS and the number of global paying subscribers were lower than analysts expected. The shares fell 5.98% in pre-market trading on Wednesday. , At US $ 494.
Netflix’s EPS for the third quarter was US $ 1.74, lower than the US $ 2.14 expected. Revenue increased 22.7% year-on-year to US $ 6.44 billion, higher than the expected US $ 6.38 billion. Net new additions to international paid subscriptions were 2.2 million, well below the 3.57 million expected. The company also expects to add 6 million net paid subscribers in the fourth quarter, less than the 6.54 million expected.
Netflix stated in a letter to shareholders that a slowdown in subscriber growth is expected, as the number of new subscribers worldwide reached 6.8 million in the same period last year, and this year it is facing the global pandemic of the new corona epidemic.
3. US Department of Justice Sues Google for Illegal Monopoly
The US Department of Justice officially filed an antitrust lawsuit against Google (GOOGL-US), accusing it of stifling competition and harming consumers. This is the largest lawsuit since Microsoft was engulfed in an antitrust storm in the 1990s.
Google was sued by the US government for Chrome’s 66% market share leading the internet browser market.
Jim Cramer, a well-known host of foreign financial shows, commented that if the US government forces Google to spin off, the shareholders of parent company Alphabet will be the winners.
Jim Cramer said: “Google will prepare the legal team to jointly file a lawsuit. It is unclear whether the government will require Google to secede. If the Justice Department goes down this path, they are just a great investment banker. I repeat it over and over again. Again. It has been said that they should divide the company, break the situation and create value. This is the process by which the Justice Department changed Alphabet from a buy to a forced buy. “
Parent company Alphabet’s pre-market share price jumped 0.45%.
4. Snap’s earnings report exceeds expectations of pre-market share price rise
Snap’s third-quarter earnings per share, revenue and user growth (SNAP-US) beat market expectations.
Adjusted 1 cent EPS snap in Q3, higher than expected loss of 5 cents. Revenues reached US $ 677 million, higher than the expected US $ 555.9 million. Global Daily Active Users (DAU) reached 249 million, more than the 244.12 million expected. Average revenue per user (ARPU) was US $ 2.73, higher than the expected US $ 2.27.
Snap Chief Commercial Officer Jeremi Gorman said the third-quarter financial report showed the brand advertising business has started to recover, while the direct response (DR) business has shown resilience. Gorman also said: “Many brands have sought platforms that match their company values, so we have the opportunity to cooperate with these owners and advertising companies in real time to ensure that new and existing partners understand our products and values. of the company “. She revealed that the company’s sales team had discussed the company’s brand positioning and privacy principles with senior management.
5. The new corona pneumonia epidemic continues to rise
The report noted that in the last week, the number of new cases in 27 states in the United States has increased by more than 10%, Florida has added more than 2,000 new cases per day for 6 consecutive days, and the number of hospitalizations in 42 states has increased by 5%.
Former director of the US Food and Drug Administration (FDA), Gao Liebo, predicted that the epidemic in the United States “will heat up rapidly” in about a week. He said: “This is going to be a tough fall and winter. We seem to be 2-3 weeks behind Europe, so we are a week away from seeing a rapid increase in the number of cases.
According to the statistics of the global epidemic from Johns Hopkins University in the United States, the number of infections worldwide has reached about 41 million. There have been more than 8.21 million confirmed cases of new coronary pneumonia in the United States and more than 220,000 deaths.
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