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Day Ahead: 3 Things to Watch for July 9

Stock Markets Jul 08, 2020 04:17PM ET
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By Liz Moyer

Investing.com -- Stocks turned higher shortly before the close, once again thanks to the tech sector, with Apple Inc (NASDAQ:AAPL) closing at a record.

Coronavirus infections continue to hit records across the U.S., prompting mayors and governors to rollback reopening plans. The U.S. has reported more than 3 million cases of the virus, and more than 131,000 dead.

On Thursday, Walgreens reports earnings. The pharmacy retailer has had to contend with big competition in both the traditional space and with online sales, and its shares have underperformed. Investors do seem interested in biotech, judging from the line-up of new stock debuts this week. And more data on unemployment could give investors some direction.

A big wave of corporate earnings is scheduled to come out next week and the week.

Here are three things that could affect stock markets tomorrow:

1. Walgreens Earnings Could Boost Underperforming Shares

The next two weeks of July will see the bulk of the big company earnings reports, many of them weighed down by the effects of business shut downs during the second quarter. But some consumer-oriented companies felt it less than others.

On Thursday, pharmacy retailer Walgreens Boots Alliance Inc (NASDAQ:WBA) is scheduled to report, and analysts tracked by Investing.com expect profit of $1.22 a share on revenue of $34.4 billion.

Walgreens faces stiff competition in the pharmacy sector, going up against Target Corporation (NYSE:TGT) and Walmart Inc (NYSE:WMT) as well as e-commerce behemoth Amazon.com Inc (NASDAQ:AMZN). Investors have worried about Walgreens' ability to compete, pushing its shares down 28% so far this year.

2. Investors Focus on Biotech

Enzo Biochem Inc (NYSE:ENZ) jumped 25% in trading on Wednesday after word of the FDA's authorization for emergency use of its Covid-19 test system. That puts the spotlight on this week's IPO calendar, which features three biotech companies. Inventiva, which is listing 7.5 million shares at a range of $14, makes a hepatitis treatment. Nkarta, a cancer drug maker, is listing 10 million shares at up to $16 each, and Poseida, which makes gene therapies, is also listing 10 million shares at up to $16.

It has been a busy calendar for initial public offerings despite the market's zigs and zags this year. Renaissance Capital counted 38 IPOs in the second quarter, raising more than $15 billion in total. That is down from 62 IPOs in the second quarter of last year, when Uber Technologies Inc (NYSE:UBER)r debuted. Healthcare was the most active sector in the three months ending in June.

3. More Unemployment Data Due Out

Also on Thursday, the weekly reading on unemployment comes out at 8:30 AM ET (1230 GMT). Initial jobless claims are expected to be 1.4 million, which would be about even with the prior week. Continuing jobless claims are expected to be 18.9 million, slightly down from earlier.

Jobs trends have been positive as states and cities come back from Covid lockdowns, but some areas have been forced to slow down or reverse reopenings and unemployment remains elevated, at more than 11%.

 

Day Ahead: 3 Things to Watch for July 9
 

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Comments (6)
Vv Pp
Vv Pp Jul 09, 2020 7:20AM ET
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the real number is 2 times more since they try hard to hide cases and deaths. It's really a pity seeing US become a 3rd world country in the hands of Trumpjoker
Nareshchandra Acharya N B
Nareshchandra Jul 09, 2020 3:27AM ET
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Corona is an old news? Dying 1000s of people every day because of the pandemic is an old news? People are getting blunt and insensitive of the situation the actual reason why the cases are spiking everyday to a new high.
Mike Dough
Mike Dough Jul 09, 2020 3:27AM ET
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https://thehill.com/changing-america/well-being/longevity/506241-stanford-expert-says-80-85-percent-of-texas-hospital
John Hendricks
John Hendricks Jul 09, 2020 3:27AM ET
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The Corona Virus data is juiced to the max. They are marking many deaths Covid that are from other causes because the government gives the hospital $$$ for positive cases, ventilators, and deaths.
Dietmar Stahl
Dietmar Stahl Jul 09, 2020 1:56AM ET
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Which one of you guys is keeping selling? Which one? Just let me know.
Ross Pitts
Ross Pitts Jul 08, 2020 8:23PM ET
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I'm shorting $Uber
Sam Crowther
Sam Crowther Jul 08, 2020 8:23PM ET
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People that short have emotional issues
Bally WestRavenhelm
Bally WestRavenhelm Jul 08, 2020 8:23PM ET
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Cmon man, just bought 400 shares @ $30.70
John Niemokta
John Niemokta Jul 08, 2020 8:23PM ET
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Lyft is the better short here. Uber is better diversified on a global level.
Den Whoa
Den Whoa Jul 08, 2020 7:16PM ET
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corona is old news. need a ******new apocalypse
Vincent Maina
Vincent Maina Jul 08, 2020 7:16PM ET
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corona is still news..Only that the government is printing money excessively thus able to maintain the inflation bias.. But that isn't sustainable for a long time
Him Ara
Him Ara Jul 08, 2020 6:32PM ET
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Yes it is
 
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