Dow Jones futures fell Friday morning, along with S&P 500 futures and Nasdaq futures, as growth stocks signaled renewed losses after a bullish rebound Thursday. The FDA signaled a quick approval for the Pfizer coronavirus vaccine after an advisory panel backed it late Thursday. Disney (DIS) soared early Friday on bullish growth and forecasts for Disney+ at a streaming event Lululemon earnings and share offerings from Nio stock and Twilio (TWLO) also made news.
XThe stock market rally technically closed mixed Thursday but growth names staged a solid rebound, but Dow Jones futures — and Nasdaq futures — point to a return to selling today.
Twilio stock broke out Thursday. Advanced Micro Devices (AMD) staged a bullish rebound from just above a buy point. Apple (AAPL) rose, but is stuck in the "friend zone" between two early entries.
TWLO stock gave up some ground overnight as the software maker announced a share offering. Nio (NIO) fell sharply on its own proposed offering, following stock sales from Tesla (TSLA) and Chinese EV rivals Xpeng Motors (XPEV) and Li Auto (LI). Those three EV stocks fell as well Friday morning.
AMD and Apple stock also fell slightly Friday. Meanwhile, Qualcomm (QCOM) sank 4% on a Bloomberg report that Apple is starting development of its first cellular modem, replacing Qualcomm chips in the iPhone.
FDA Panel Backs Pfizer Coronavirus Vaccine
A Food and Drug Administration advisory panel recommended Thursday evening that the FDA approve the Pfizer (PFE) and BioNTech (BNTX) coronavirus vaccine for people 16 and older. Panel members spoke positively about the Pfizer coronavirus vaccine, which showed 95% effectiveness in a final-stage trial.
The FDA said early Friday that it will "rapidly work" toward granting emergency use approval. Health and Human Services Secretary Alex Azar expects FDA approval over the next couple of days with vaccinations starting Monday.
The FDA panel will review the Moderna coronavirus vaccine on Dec. 17.
Pfizer stock rose 2% early Friday. Pfizer also upped its quarterly dividend by a penny to 39 cents a share. BioNTech stock climbed 1% after a 5.5% pop Thursday. Moderna stock advanced 2.5%.
Also after hours, Lululemon Athletica (LULU) reported a surprise profit gain, but shares fell. Walt Disney (DIS) touted another big gain in Disney+ subscribers as well as Star Wars content and other news at a key streaming event. Disney stock jumped before the open.
On Thursday, the Airbnb IPO had a big debut, skyrocketing 113% to 144.71 after pricing at 68 a share, above a raised range. Airbnb stock traded as high as 165 and as low as 141.25. That follows Wednesday's sharp IPO stock debuts from DoorDash (DASH) and C3.ai (AI).
AMD, Tesla and Apple stock are on IBD Leaderboard. AMD stock also is on the IBD 50 list.
Dow Jones Futures Today
Dow Jones futures retreated 0.6% vs. fair value, even with Disney stock providing a boost. S&P 500 futures sank 0.7%. Nasdaq 100 futures fell 0.7%. Futures are off their worst levels.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live.
Coronavirus Cases
Coronavirus cases worldwide reached 70.85 million. Covid-19 deaths topped 1.59 million.
Coronavirus cases in the U.S. have hit 16.04 million, with deaths above 299,000.
Stock Market Rally Thursday
The stock market rally had a mixed session, but growth investors saw green. The Dow Jones Industrial Average fell 0.2% in Thursday's stock market trading. The S&P 500 index dipped 0.1%. The Nasdaq composite climbed 0.5%. But that's after falling 1% soon after the open following Wednesday's 1.9% tumble.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rose 1.2%, while the Innovator IBD Breakout Opportunities ETF leapt 3.7%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 1.2%. The VanEck Vectors Semiconductor ETF (SMH) edged up 0.1%, even with AMD stock a key holding.
Apple Stock In 'Friend Zone'
Apple stock climbed 1.2% to 123.24, rebounding from the 21-day exponential moving average. Shares are back above a 122.08 early entry, but they're still below a 125.49 buy point. On Wednesday, AAPL stock briefly topped the 125.49 entry before reversing lower. Apple stock is stuck in the "friend zone," between two plausible buy points. You could buy shares in that area, but you might want to wait for a decisive move above 125.49.
Before Friday's open, Apple fell a fraction.
Note that the iPhone maker may not be a powerful winner in the current stock market rally. Apple stock is outperforming most megacap stocks, but that's not saying much.
Twilio Stock Breaks Out, But ...
Twilio stock popped 7% to 334.51, clearing a 333.72 cup-with-handle buy point after rebounding once again from its 10-week line, according to MarketSmith analysis. Investors probably could have bought Twilio around 320-326 as it cleared the bulk of its recent trading.
But after the close, the communications software maker announced plans to sell 9.5 million shares. TWLO stock fell 2% early Friday.
AMD Stock Holds Buy Zone
AMD stock rose 2% on Thursday to 91.66, still in a buy zone. On Wednesday, shares fell 3.3%. Early Thursday, AMD stock briefly dipped to 89.93, just above the 88.82 double-bottom buy point and the 21-day EMA.
Early Friday, AMD sank 1%.
Lululemon Earnings
Lululemon earnings rose 21% vs. a year earlier to $1.16 a share, after two big declines in Q1 and Q2. Revenue grew 22% to $1.12 billion. Analysts forecast Lululemon earnings to fall 9% to 87 cents a share with sales up 10% to $1.01 billion.
Same-store sales sank 17%, better than views for a 22.3% drop. Comps including online sales jumped 19%, much better than consensus for 4.3%. Direct-to-consumer revenue leapt 94%.
Lululemon stock fell 1% early Friday. Shares climbed 1.5% to 369.07 on Thursday. LULU stock is nearing a 383.64 cup-with-handle buy point.
Disney Streaming Event
CEO Bob Chapek said paying Disney+ subscribers hit 86.8 million as of Dec. 2. That's up from 73.7 million at the end of October. The Dow Jones entertainment giant now expects 230 million to 260 million subscribers by 2024.
The monthly subscription price will soon rise by $1, to $7.99.
Disney said it will launch 10 Marvel and 10 Star Wars shows on Disney+ in the next few years. Disny also plans further streaming expansion around the world in 2021.
Disney will launch some big movies in theaters exclusively. Others will shift to Disney+ at no cost to subscribers. Others will require a premium to view via streaming.
Disney stock jumped 7.5% early Friday, signaling a record high. Shares edged up 0.2% to 154.89 on Thursday.
Nio Stock Falls On Share Offering
Nio stock fell 6% after the Chinese electric car maker announced plans to sell 60 million American depositary shares, after rising 2.75% on Thursday.
Also after the close, Tesla said it had completed its recently announced plans to sell $5 billion worth of TSLA stock at the market. TSLA stock fell 2% early Friday In Thursday's session, Tesla stock briefly fell on a valuation downgrade, but rebounded for a 3.7% gain.
Over the past two weeks, Nio rivals Li Auto and Xpeng have carried out significant ADS offerings. Both Li stock and Xpeng stock came public in 2020. All three companies, along with Tesla, are spending heavily on expansion as sales ramp up.
XPEV stock and Li Auto stock also fell modestly early Friday.
Stock Market Rally Reprieve
Thursday's rebound in growth stocks was nice to see after Wednesday's sharp sell-off. But Dow Jones futures suggest that may have been a temporary reprieve for the stock market rally On Thursday, growth investors could count their winnings. But cooling off bullish sentiment and some highfliers may take some time.
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