Novavax, Tesla, Netflix, United: What to watch out for when the stock market opens today

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WSJ.com: Markets

The futures are flat as investors await another large amount of earnings reports. Here’s what we’re looking at ahead of Wednesday’s action:

  • Novavax shares plunged 23% ahead of market price after Politico reported the pharmaceutical company had difficulty manufacturing a Covid-19 vaccine that met regulatory quality standards. The vaccine manufacturer Moderna gained 0.5%.
  • Netflix lost 1.7% before the bell. The streaming giant added 4.4 million memberships in the third quarter, amid increasing competition and the typical summer slowdown.
  • United Airlines, whose profits were boosted by federal aid, said the spread of Covid-19’s highly transferable burden slowed air traffic in the third quarter but did not derail its recovery. Its shares added 1.7% ahead of the IPO.
  • Verizon Communications was up 1.1%. The core business with mobile phones grew in the third quarter despite aggressive marketing by competitors, so that the mobile operator was able to post a net profit of 429,000 postpaid telephone lines. This is the strongest growth in the key metric since 2019.
  • Abbott Laboratories rose 2.9% after third quarter earnings and sales exceeded expectations, with the strongest growth in the diagnostics business.
  • The Canadian Pacific Railway lost 2.5% after announcing quarterly earnings and identifying supply chain challenges.
  • Baker Hughes lost 1.7% ahead of the market after breaking into profitability in the third quarter, but fell short of analysts’ expectations as sales and orders rose over the period.
  • Omnicom Group lost 2.6% before launch. The advertising company said its business continued to improve due to the damage caused by the pandemic, with organic sales growth in each of its main disciplines in the third quarter.
  • The Canadian National Railway gained 3.8%. The rail operator’s profit rose in the third quarter, supported by higher freight rates and an increase in some fuel surcharges.
  • Tesla, Las Vegas Sands, CSX, Discover Financial Services, and IBM are among the companies that report profits after the close of trading.
Chart of the day
  • The launch of the ProShares Bitcoin Strategy ETF is being watched closely on Wall Street, where it was a priority for many companies to sell securities linked to Bitcoin.

Write to James Willhite at james.willhite@wsj.com

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