BY THE NUMBERS
The Dow is set to start the week where it left off. The 30-stock average closed at another record Friday and so did the S&P 500 and the Nasdaq, following a better-than-expected October jobs report. All three benchmarks saw solid gains in the first week of November. (CNBC)
Stocks in the premarket got a boost from the House late Friday passing an over $1 trillion infrastructure bill, sending the legislation to President Joe Biden. House Democrats entered Friday planning to pass both the infrastructure legislation and the party's $1.75 trillion social safety net and climate package. But a budget-score demand from a handful of centrists delayed approval of the bigger bill. (CNBC)
Ether, the world's second-largest digital coin, surged more than 4% in 24 hours Monday to hit a new all-time high above $4,700. Bitcoin, the biggest crypto, climbed 5% to $66,250, inching back toward its record high above $66,900, set in late October. The reason for the move wasn't clear. Cryptocurrencies are known for their volatile price swings. (CNBC)
Shares of Tesla (TSLA), more than 70% higher year to date and nearly 180% in the past 12 months, sank 5% in Monday's premarket. Tesla's stock market value would still be worth well over $1 trillion if the stock were to open around where it is in the premarket. In a Twitter poll Saturday, Tesla CEO Elon Musk proposed selling 10% of his stock in the electric auto maker. (CNBC)
More than 3.5 million people responded and nearly 58% of them voted for "Yes." Musk said he would "abide by the results of this poll, whichever way it goes." However, facing a $15 billion tax bill in the coming months on stock options, a Musk sale of Tesla stock this year was probably likely regardless of the Twitter vote. (CNBC)
IN THE NEWS TODAY
Regeneron Pharmaceuticals (REGN) said Monday a single dose of its antibody cocktail in a late-stage trial reduced the risk of contracting Covid by 81.6%, in the two-to eight-month period after the administration. During the eight-month assessment period, there were zero Covid hospitalizations in the drug group and six in the placebo group. Shares of Regeneron rose about 2% in premarket trading. (Reuters)
Surgeon General Vivek Murthy told ABC's "This Week" on Sunday the Biden administration is ready to defend its "appropriate and necessary" Covid vaccine and testing requirement for private businesses. A federal appeals court Saturday temporarily blocked the upcoming mandate. The White House has until Monday evening to respond. (CNBC)
The U.S. lifted restrictions Monday on travel from a long list of countries including Mexico, Canada and most of Europe. Travelers must show proof of vaccination and a negative Covid test. The rules allow tourists to make long-delayed trips and family members to reconnect with loved ones after more than a year and a half apart due to the pandemic. (CNBC)
Berkshire Hathaway (BRK.a) saw another double-digit increase in its operating profit thanks to a continuous rebound in it railroad, utilities and energy businesses from the pandemic, while the company's cash pile hit a record high of $149.2 billion as Warren Buffett continued to sit on the sidelines. (CNBC)
* Buffett’s equity portfolio is tied up in just 4 stocks. Here’s what they are (CNBC Pro)
Walmart (WMT) said Monday it has started using fully driverless trucking in its online grocery business, aiming to increase capacity and reduce inefficiencies. Walmart and Silicon Valley start-up Gatik said that, since August, they've operated two autonomous box trucks — without a safety driver — on a 7-mile loop daily for 12 hours. (CNBC)
Walt Disney (DIS) said Monday it's offering a month of Disney+ for $1.99 for a limited period, as the entertainment giant seeks to halt a slowdown in paid user growth at its streaming service. The promotion will be valid for a week through Nov. 14 for new and eligible returning subscribers in the U.S. and some other countries. (Reuters)
"Eternals" may be the lowest-rated film in the Marvel Cinematic Universe, but that didn't stop moviegoers and ardent fans of the franchise from heading out to cinemas. The film secured $71 million in ticket sales during its domestic debut, the fourth-highest opening of the pandemic. Disney's Marvel now holds three of the four top pandemic opening weekends domestically. (CNBC)
STOCKS TO WATCH
Caterpillar (CAT) jumped more than 4% in premarket trading after it was announced a fresh pick at investment firm Baird. Caterpillar could see strong earnings in the next few years as the newly passed infrastructure bill adds to a strong demand environment, Baird said in a note to clients.
Autolus Therapeutics (AUTL) surged 25% after Blackstone said it would invest up to $250 million in Autolus. The investment will help Autolus continue to build on a treatment for leukemia, the companies said in a release.
Coty (COTY) rose 6.5% after the company reported better-than-expected results for its fiscal first quarter, according to estimates from StreetAccount. The make-up and beauty company also announced that it was selling more of its stake in Wella to KKR.
Canopy Growth (CGC) was under pressure in premarket trading following a pair of downgrades from Cowen and Canaccord Genuity. The pot company reported its fiscal second-quarter results last week, and revenue missed expectations.
SoftBank Group Corp (9984.T) fell less than 1% in Tokyo trading after SoftBank reported a loss for its fiscal second quarter. The company took a $10 billion loss from its Vision Fund, weighed down by losses in Chinese tech stocks, according to Reuters.
Live Nation (LYV) saw its stock fall nearly 4% in premarket trading on Monday after multiple people died at a Travis Scott concert over the weekend. Live Nation has reportedly been named a defendant in lawsuits about the event.