IBIO Stock – 5 things to know before the stock market opens August 5, 2020
1. Dow and S&P 500 set to rise for a fourth straight day
2. Disney shares pop on surprise profit and strong streaming growth
3. CVS reports better-than-expected earnings, shares jump
CVS Health shares traded more than 4% higher after the drug store chain posted quarterly numbers that beat analyst expectations. The company reported earnings per share of $2.64 on revenue of $65.3 billion. Analysts polled by Refinitiv expected a profit of $1.93 per share on revenue of $64.23 billion. CVS also raised its earnings forecast for the year.
A view outside a CVS Pharmacy store on July 16, 2020 in Miramar, Florida.
Johnny Louis | Getty Images
4. Apple gets a rare analyst downgrade
A Bank of America analyst downgraded Apple to neutral from buy as the stock was approaching a whopping $2 trillion market capitalization. The analyst, Wamsi Mohan, cited Apple‘s “highest premium” to the S&P 500 in a decade, higher costs to produce 5G iPhones and potential antitrust regulation over the company’s App Store among the risks the tech giant faces. Apple shares dipped 0.4% in the premarket.
Tim Cook, chief executive officer of Apple, speaks at the 2019 Dreamforce conference in San Francisco on November 19, 2019.
David Paul Morris | Bloomberg | Getty Images
5. Private payrolls increase much less than expected; Trump teases ‘big’ jobs number
ADP reported Wednesday that private payrolls increased by only 167,000 jobs in July, well below the 1 million expected from economists surveyed by Dow Jones and a tumble from the 4.314 million created in June. On Tuesday, President Donald Trump hinted that a strong jobs report would be released by the government at the end of the week, saying “a big number coming out Friday on jobs.” Trump has teased strong jobs reports before. In June 2018, he tweeted about an hour before the May 2018 jobs report was released that he was “looking forward to seeing the employment numbers.” Economists polled by Dow Jones expected the U.S. economy to have added 1.264 million jobs in July. The government report is scheduled for release on Friday.
President Donald J. Trump stops to talk to reporters as he walks to board Marine One and depart from the South Lawn at the White House in Washington on July 31, 2020.
Jabin Botsford | The Washington Post | Getty Images)