Futures are flat as investors await another big batch of earnings reports. Here’s what we’re watching ahead of Wednesday’s action:
- Novavax NVAX -3.43% shares plunged 21% premarket after Politico reported that the pharmaceutical company was running into difficulties manufacturing a Covid-19 vaccine that met regulators’ quality standards. Fellow vaccine maker Moderna MRNA -0.37% added 1.6%.
A scientist at Novavax worked at a purification machine at the Novavax offices in Gaithersburg, Md., Feb. 11, 2021.
Photo: T.J. Kirkpatrick for The Wall Street journal
- Netflix NFLX 0.16% slipped 2.4% ahead of the bell. The streaming giant added 4.4 million memberships in the third quarter amid increased competition and the typical summer slowdown.
- United Airlines, UAL -2.01% whose profit was boosted by federal aid, said the spread of the highly transmissible strain of Covid-19 slowed flying during the third quarter but hasn’t derailed its recovery. Its shares added 1.9% premarket.
- Verizon Communications, VZ 0.85% Abbott Laboratories, ABT 2.16% Baker Hughes BKR -0.33% and Canadian Pacific Railway CP 0.11% are due to report before the opening bell.
- Omnicom Group OMC 0.08% slipped 1.3% premarket. The advertising company said its business continued to improve from the damage caused by the pandemic, with third-quarter organic revenue gains in each of its major disciplines.
- Canadian National Railway CNI 0.62% gained 3.3%. The rail operator’s profit increased in the third quarter, helped by higher freight rates and a rise in some fuel surcharges.
- Interactive Brokers Group IBKR 2.95% slipped 0.9% premarket. The electronic broker reported a decline in earnings per share for the recent quarter compared with a year ago.
- Tesla, TSLA -0.67% Las Vegas Sands, LVS 0.65% CSX, CSX -0.35% Discover Financial Services DFS 0.86% and IBM IBM -0.24% are among the companies reporting earnings after the close.
Chart of the Day
- The launch of ProShares Bitcoin Strategy ETF is being closely watched on Wall Street, where finding a way to sell securities linked to bitcoin has been a priority for many firms.
Write to James Willhite at [email protected]
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