Text size
Stocks were falling Friday after Dr. Anthony Fauci warned that new strain of Covid-19 could make the vaccines less effective.
Futures on the
Dow Jones Industrial Average
had dropped 236 points, or 0.8%, while
S&P 500
futures had fallen 0.7%, and
Nasdaq Composite
futures had declined 0.6%.
In a White House briefing Thursday following the market’s close, after trading hours Thursday Fauci warned that the vaccines could be less effective against virus mutations. If true, that would make it more difficult for the U.S. economy to reopen—and make it more difficult for economic activity and corporate earnings can reach pre-pandemic levels in 2021.
Here were some notable stock movers in the morning:
Intel
(INTC) shares were down 5% after the company posted revenue of $20.1 billion, beating estimates of $17.5 billion. The chip maker earned $1.52 per share, above expectations for $1.11.
International Business Machines
(IBM) was falling 8% after the company said revenue was $20.4 billion, below Wall Street’s forecast of $20.6 billion, even as the company earned $2.07, topping estimates for $1.79.
Fortinet
(FTNT) was rising almost 1% after BTIG Research upgraded the stock to Buy from Neutral.
Walt Disney
(DIS) rose 1% after UBS upgraded the stock to Buy from Neutral and raised its price target to $200 from $155.
Ford Motor
(F) was falling 0.5% even after JPMorgan upgraded the stock to Overweight from Neutral.
Write to Jacob Sonenshine at jacob.sonenshine@barrons.com
…
Read More: IBM Stock Plunges, Ford Falls as Fauci Covid Warning Spooks Market