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MarketWatchAug 13, 2020
Market Snapshot: S&P 500 ends lower in struggle to set record high as investors turn to tech stocks and stimulus talks flounder
Large-capitalization tech stocks on Thursday see some buoyancy, but the broader market finishes lower in listless trade as investors appear hesitant to push equity benchmarks much further near records amid a stalemate over a fresh coronavirus aid package.

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Stock Market Today: Apple Nears $2T, But Stocks Struggle (Kiplinger)

MarketWatch MarketPulseAug 13, 2020
Apple pulls 'Fortnite' from App Store after Epic Games offered discount to cut Apple out of purchases
For an updated version of this story, please click here. Apple Inc. removed the popular "Fortnite" game from its App Store Thursday after "Fortnite" developer Epic Games began offering players a discount on in-game purchases if they opted to make a direct payment and not buy these digital offerings through the App Store. Apple charges between 15% and 30% to developers who offer in-app purchases of digital services through apps that have been distributed through the App Store. Apple didn't immediately respond to a MarketWatch request for comment but The Verge quotes a statement from Apple arguing that Epic Games introduced this feature without the company's approval and did so "with the express intent of violating the App Store guidelines regarding in-app payments." The statement also said that Apple will "make every effort to work with Epic to resolve these violations so they can return 'Fortnite' to the App Store." Epic didn't immediately reply to MarketWatch's request for comment. Apple's fee policies around the App Store have come under increased scrutiny from both developers and regulators recently. Big developers including Spotify Technology SA have looked for ways to avoid paying Apple a cut of subscription fees and the developers of Hey, a new email app, publicly battled with Apple in June after the email service rolled out its app without an option to buy subscriptions from within the app. Apple and Hey's developers eventually reached a compromise. Regulators and lawmakers in the U.S. and Europe have also questioned the company's App Store policies and whether they stifle competition. Apple shares are up 1.6% in Thursday trading and they've gained 50% over the past three months as the Dow Jones Industrial Average , of which Apple is a component, has added 20%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 13, 2020
Novavax's stock surges after supply deal with South Korea's SK Group for COVID-19 vaccine candidate
Shares of Novavax Inc. rallied 2.8% in premarket trading Thursday, after the biotechnology company said it has entered into a development and supply agreement with South Korea-based SK Group subsidiary SK Bioscience for the antigen component of Novavax's COVID-19 vaccine candidate, NVX-CoV2373. The companies have also signed a letter of intent with the Republic of Korea's Ministry of Health and Welfare to make NVX-CoV2373 available in South Korea, as well as for the global market. Under terms of the agreement, SK Bioscience will make the vaccine antigen component during the pandemic period. Phase 1 data of Phase 1/2 clinical trial showed that NVX-CoV2373 was well tolerated and generated a "robust" antibody response. Novavax's stock has more than tripled (up 205.9%) over the past three months through Wednesday, while the iShares Nasdaq Biotechnology ETF has gained 3.3% and the S&P 500 has advanced 19.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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U.K. trade negotiator seeking E.U. deal like Canada's and targets September for a deal (MarketWatch MarketPulse)

MarketWatch MarketPulseAug 13, 2020
Farfetch stock rises after company's Q2 sales beat, narrower loss
Shares of Farfetch Ltd. rose more than 4% in the extended session Thursday after the luxury fashion platform reported a narrower-than-expected quarterly loss and sales that surpassed expectations. Farfetch also announced the departure of five board members, including the board's chair. The e-tailer said it lost $95 million, or 31 cents a share, in the second quarter, compared with a loss of $436 million, or $1.29 a share, in the year-ago quarter. Revenue rose 74% to $365 million, the company said. Analysts polled by FactSet had expected a loss of 37 cents a share on sales of $327 million for the quarter. The company called for an adjusted loss between $20 million and $25 million for the third quarter, and said ongoing "uncertainties" in connection with the pandemic "could have material impacts on our future performance and projections." It is on track with an adjusted EBITDA profitability in 2021, it said, and ended the quarter with about $802 million in cash and equivalents, including net proceeds from April 2020 issuance of $400 million in convertible debt. As for the board changes, Farfetch said that five members, including chairperson Natalie Massenet, have left and four new directors have joined the company's board. Shares of Farfetch ended the regular trading day up 1.9%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 13, 2020
HyreCar shares rise 5% on better-than-expected revenue, earnings
HyreCar Inc. shares were up 5% in after-hours trading Thursday after the online car-sharing service reported fiscal second-quarter results that shot past Wall Street estimates. HyreCar reported an adjusted loss of $1.7 million, or 10 cents a share, compared with a loss of $1.4 million, or 12 cents a share, in the year-ago quarter. Revenue jumped 47% to $5.6 million from $3.8 million a year ago. Analysts surveyed by FactSet had expected a loss of 19 cents a share on revenue of $5.1 million. HyreCar shares are up 39.5% this year. The broader S&P 500 index has improved 4.4% in 2020.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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Applied Materials stock rises on earnings, outlook beat (MarketWatch MarketPulse)

MarketWatch MarketPulseAug 13, 2020
Millennial-focused retailer Revolve upgraded as a quick inventory shift makes up for a drop in dress sales, stock jumps 18%
Revolve Group Inc. shares jumped 18% in Thursday trading after the millennial- and Gen Z-focused apparel retailer reported record-setting earnings of 20 cents per share, adjusted earnings of 18 cents per share and talked up the opportunities for the e-commerce business despite COVID-19. "[S]ocial distancing restrictions result in fewer opportunities to purchase outfits for special occasions outside the home, such as dresses, which is REVOLVE's largest product category," said Co-Chief Executive Michael Mente on the earnings call, according to FactSet. The company now sees opportunity in the beauty category and other areas, and has been helped by a swift inventory adjustment after the company began to be pressured by the coronavirus pandemic. Still, there is growth potential in traditional categories as the consumer spending environment improves. "We expect growth to accelerate further as social distancing eases and should be a key driver for its core dresses category," wrote Raymond James analysts in a note. Raymond James upgraded Revolve stock to strong buy from outperform, with a price target of $32, up from $18. "Revolve remains well positioned as the fashion market increasingly shifts online and this has accelerated with the pandemic," Raymond James said. BMO Capital Markets raised its price target to $18 from $11, maintaining its market perform stock rating. And Cowen analysts moved their price target to $28 from $19 and maintained their outperform stock rating. "New at-home product, innovative marketing engagement, reduced marketing spend, and lower than expected returns more than offset lower performance in dresses," analysts led by Oliver Chen wrote. Revolve stock has gained 25.3% for the year to date while the S&P 500 index is up 4.7% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsAug 13, 2020
Stocks gain altitude after jobless claims slide below 1 million but Dow industrials pressured by Cisco shares - MarketWatch
Stocks gain altitude after jobless claims slide below 1 million but Dow industrials pressured by Cisco shares  MarketWatchDow Jones Futures Signal Stock Market Rally Pause; Tesla Stock, Three Giants In Buy Zones; Apple Ready To Bundle?  Investor's Business DailyStocks are little changed as S&P 500 struggles to reach its all-time high  CNBC'Main Street is the now, Wall Street is the future': Why the stock market is surging as the economy struggles  Yahoo News

MarketWatch MarketPulseAug 13, 2020
AMC plans Aug. 20 event celebrating 100 years in business with 1920 admission price of 15 cents a ticket
AMC Entertainment Holdings Inc. shares soared 7% in premarket trade Thursday, after the biggest cinema chain operator in the U.S. said it plans to reopen its doors on Aug. 20 to celebrate 100 years in business with plans to charge the 1920 price of 15 cents a ticket. The company was founded in 1920 with a theatre at 12th Street and Grand Boulevard in Kansas City, Missouri, according to a statement. "One hundred years later, as AMC reopens its doors to U.S. moviegoers for the first time in more than five months, AMC is celebrating its history with a throwback to the year it all started by offering "Movies in 2020 at 1920 Prices," said the statement. Because of the pandemic, capacity will be significantly reduced to achieve social distancing. The company is expecting to open about two thirds of its more than 600 cinemas in the U.S. in time for the Sept. 3 release of Warner Bros. "Tenet," following the Aug. 28 release of "The New Mutants." The remaining cinemas will reopen as soon as state and local officials allow. The Aug. 20 event will be followed by other promotions that will include bringing back films including "Black Panther," "Back to the Future," "Ghostbusters", "Grease" and "Star Wars: Episode V - The Empire Strikes Back" at an admission price of $5. AMC shares have fallen 36% in the year to date, while the S&P 500 has gained 4.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatchAug 13, 2020
Europe Markets: European stocks dip as trade disputes resurface and stimulus doubts mount
European stocks dipped on Thursday despite positive U.S. jobless claims data as trade disputes were thrown back into the spotlight.
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