U.S. stocks poised to open positive
After suffering their worst day since March, U.S. stocks are expected to bounce back on Friday amid a subdued economic forecast from the Federal Reserve and an alarming increase in new COVID-19 cases.
By 5:20 a.m. ET, futures tied to the Dow futures indicated a gain of 581 points, or 2.31% to 25,746. S&P 500 futures rose 57.13 points, or 1.9% to 3,067.38 while the tech-heavy Nasdaq 100 futures were up 155.87 points, or 1.62% to 9,772.62.
Yesterday, the Dow tumbled 1,862 points, or 6.9% to end at 25,128.17, its biggest single-day slump since March 16. The S&P 500 plunged 188.04 points, or 4.3% to close at 3,002.10 while the tech-heavy Nasdaq Composite gave away 527.62 points, or 5.27% to end at 9,492.73.
Quicken Loans reputedly planning to go public
Quicken Loans, the nation’s largest mortgage lender, has filed confidentially for an initial public offering, according to a CNBC report on Thursday. People familiar with the matter told the news outlet that the company could make the filing public as early as next month.
According to the people, Quicken is working with Morgan Stanley (NYSE: MS) Goldman Sachs (NYSE: GS), JPMorgan (NYSE: JPM) and Credit Suisse on the deal.
The people also said the target valuation has not been finalized, but it could be in the tens of billions of dollars. That would make it one of the biggest offerings so far this year.
Tesla receives downgrade to neutral from buy at Goldman Sachs
Tesla (NASDAQ: TSLA) stock was trading higher in Friday’s premarket session despite being downgraded to neutral from buy by analysts at Goldman Sachs (NYSE: GS).
The analysts cited the electric-car maker’s lofty valuation after the stock recently crossed the $1,000-mark, buoyed by chief executive Elon Musk’s remarks saying it is time to focus on mass production of the electric Semi.
Tesla shares have gained a solid 130% on a year-to-date basis. As of this writing, the stock was up $12.16, or 1.25% to $985.00 a share in premarket trading.
