A worker inspects an order at a JD.com delivery station in Yizhuang, Beijing, amid the coronavirus outbreak.
Hilary Pan | CNBC
This is a live blog. Check back for updates
8:53 am: Biggest analyst calls of the day
- Bernstein upgraded VMware to outperform from market perform (VMW up 1.6%)
- Raymond James upgraded Micron to strong buy from market perform (MU rises 2.3%)
- Mizuho initiated AbbVie & Pfizer as buy (ABBV up 0.9%; PFE gains 0.6%)
- Bank of America downgraded Funko to underperform from buy (FNKO plummets 39%)
CNBC Pro subscribers can read more here. —Bloom
8:50 am: Weekly jobless claims drop to 202,000
Jobless claims in the U.S. fell last week to 202,000 — a nine-month low — from 217,000 in the previous week. Economists polled by Dow Jones expected claims to slip down to 215,000. The data follows a strong private payrolls report from ADP and Moody's Analytics on Wednesday, which helped boost the major averages. The U.S. government is also scheduled to release its monthly jobs report on Friday. —Imbert
8:48 am: JPMorgan not ready to call the all-clear from coronavirus
Stocks have been on fire this week as coronavirus fears recede, but JPMorgan strategist Nikolaos Panigirtzoglou thinks some caution is still warranted. "Despite this week's equity market rebound we are reluctant to chase short-term momentum," Panigirtzoglou said in a note to clients. "There is a significant risk of an unexpected re-acceleration of new coronavirus cases." He added the pace of new reported cases in China could gain steam once again as factories re-open and "more people come in contact with each other." —Imbert, Bloom
8:45 am: Factor rotation returned on Wednesday, UBS says
The rotation into value stocks that appeared last fall returned on Wednesday, UBS said in a note, with investors moving out of momentum and growth stocks and into names that are considered to be value and cyclical stocks. Big tech stocks, for example, failed to keep pace with the S&P 500's 1.13% gain yesterday. Facebook, Apple and Netflix all finished positive on Wednesday, but gained less than 1%. Alphabet shares were flat for the day, while Amazon lost about 0.5%."This is a big shift from what we have seen YTD," the note said. —Pound
8:42 am: Peloton under pressure after earnings, shares fall 7%
Shares of Peloton slid 7% in premarket trading after the company reported widening losses and slowing revenue growth in the second quarter. The company lost $55.4 million for a loss of 20 cents per share. This was smaller than the 36 cent loss analysts had been expecting, according to estimates from Refinitiv, but was larger than the $55.1 million the company lost in the same quarter a year earlier. Revenue rose 77% to $466.3 million, which topped Street expectations, although the pace of growth slowed from the prior quarter. The company said that connected fitness subscribers surged 96% year-over-year, but the average net monthly churn rate did tick higher to 0.74%, compared to 0.52% a year earlier. —Stevens
8:37 am: Tesla relatively calm after three crazy days
Shares of Tesla slipped about 3% in premarket trading, a relatively small move for the stock after three days in a row of crazy swings. Tesla gained 19.9% and 13.7% on Monday and Tuesday, respectively, before selling off sharply on Wednesday and dropping 17.2%. The stock has seen unusually high trading volume in those three days, each of them nearly triple Tesla's average daily trading volume. – Sheetz
8:35 am: Coronavirus-impacted names rebounding
Hotel and cruise line companies, which took the hardest hits from the deadly coronavirus, are set to rebound in premarket trading as the broad market tries to rise for the fourth day in a row. Shares of Wynn Resorts, Las Vegas Sands are up about 1% each, while Carnival's stock also climbed 1.1% after losing nearly 9% in the past month. Apple is also up 0.6% in premarket. The iPhone maker has shut all its stores in mainland China through Feb. 9.—Li
8:32 am: Twitter jumps 7% in premarket trading
8:20 am: 4-day winning streak
https://www.cnbc.com/2020/02/06/stock-market-today-live.html
2020-02-06 13:22:00Z
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