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Stocks popped at the start of regular trading in New York on Friday, set to end a volatile week on a high note as cyclical names resumed their rally from earlier in the week.

The Dow Jones Industrial Average added 230 points at the open, led by Boeing, UnitedHealth and Disney after its strong earnings results. The S&P 500 rose 0.74% and the Nasdaq Composite climbed 0.66%.

With Friday’s opening moves, the Dow and S&P 500 were on track for week-to-date gains of 3.4% and 1.5%, while the Nasdaq was still down 0.95%.

Thomas Franck

  • Baird upgraded Teladoc to outperform from neutral.
  • Morgan Stanley downgraded Palantir to equal weight from overweight.
  • Piper Sandler upgraded Utz to overweight from neutral.
  • RBC upgraded Disney to outperform from sector perform.
  • Bernstein downgraded Dow to market perform from outperform.
  • Piper Sandler initiated Chewy as overweight.
  • New Street upgraded Cisco to buy from hold.

Pro subscribers can read more here.

—Michael Bloom

Shares of Cisco Systems popped more than 7% in premarket trading on Friday after beating on the top and bottom lines of its quarterly results. The equipment maker reported earnings of 76 cents per share on revenue of $11.9 billion. Wall Street forecast earnings of 70 cents per share on revenue of $11.85 billion, according to Refinitiv.

Demand for Cisco’s products continues to get a boost from the increase in the number of people working remotely.

—Maggie Fitzgerald

The U.S. coronavirus outbreak showed no signs of slowing down on Thursday, when the country reported more than 150,000 new cases for the first time since the pandemic took hold.

The seven-day average of daily new infections — a measure that investors use to reduce statistical “noise” during any single day — now stands at 131,445, or 32% higher than this time last week, per CNBC analysis of Johns Hopkins data.

The cumulative U.S. infection count is now 10.55 million and deaths stand at at least 242,435.

State and local government leaders have began to reintroduce measures to help contain the spread of the disease. New York Gov. Andrew Cuomo, for example, said earlier in the week that the Empire State’s bars, restaurants and gyms will be required to close at 10 p.m. each night beginning Friday.

Less than two weeks before many American families celebrate Thanksgiving, New York will also limit indoor gatherings at private residences to no more than 10 people beginning Friday.

Thomas Franck

Shares of DraftKings popped more than 10% in premarket trading after the sports gaming company reported a better-than-expected third quarter and said it had more than 1 million active users.

DraftKings reported a loss of 57 cents per share on $133 million in revenue for the quarter. Analysts surveyed by Refinitiv had expected a loss of 61 cents per share and $132 million in revenue. The company also hiked its full-year guidance.

The company’s active users were up 64% year over year. CEO Jason Robins said in a press release that the return of the NFL and other major sports during the third quarter helped to drive engagement.

— Jesse Pound, Jessica Bursztynsky

Shares of the Walt Disney Company popped 4% in premarket trading after the media conglomerate reported strong growth in Disney+, its relatively new streaming service.

Disney, which booked a far-smaller-than-expected earnings loss for the fourth quarter, said it now has more than 73 million paid subscribers for its streaming platform. The figure is a notable accomplishment for Disney, which initially set a goal for the platform to reach 60 million to 90 million subscriptions by 2024.

Though the company’s equity had risen as much as 6% in extended trading Thursday evening after its fourth-quarter results, comments from CFO Christine McCarthy kept a lid on the exuberance by announcing that Disney would forego its semi-annual dividend in January.

She said that Disney would continue with its dividend in the long term.

Thomas Franck

JPMorgan’s top-rated strategist Marko Kolanovic said in a note Friday that the positive news on the Pfizer-BioNTech vaccine candidate would allow investors to look though rising Covid-19 cases this winter and lead to outperformance for value assets. Kolanovic said the S&P 500 could rise 13% by early 2021.

CNBC Pro subscribers can read more about Kolanovic’s outlook here.

— Jesse Pound

With Friday’s expected gains, U.S. stocks were set to end an otherwise volatile week on a high note.

Stocks ripped higher on Monday after Pfizer and BioNTech announced trial results that suggested their vaccine candidate could be 90% effective against Covid-19.

The announcement was seen on Wall Street as a sign that the pharmaceutical industry may soon have a viable way to control a disease that has derailed the U.S. economy for much of 2020 and has killed more than 230,000 Americans.

Cyclical stocks popped on the news and led the Dow to its biggest one-day rally in five months with a gain of 834 points. Boeing and JPMorgan Chase — two stocks that tend to rise and fall with economic forecasts — are up 12% and10.1%, respectively, week to date.

The Dow is up a robust 2.67% for the week through Thursday’s close.

The outperformance of the blue-chip names has for much of the week spelled underperformance for stay-at-home trades like Amazon and Netflix, which saw marked gains earlier in the year when shutdowns began.

Thanks to the enormous market caps of some of these so-called growth stocks, the S&P 500 and Nasdaq Composite have lagged the Dow’s performance with multiple days in the red. Still, the S&P 500, which fell 1% on Thursday, is on track for a gain of at least 0.8% this week.

The Nasdaq Composite is down 1.5% over the same period.

Thomas Franck

U.S. stock futures pointed to gains across the board to finish the trading week as the cyclical rally that began the week after Pfizer’s vaccine announcement appeared to resume on Friday.

Dow futures rose about 215 point as of 7:25 a.m. ET, pointing to a gain of about 220 points when regular trading resumes in about two hours. S&P 500 futures added 0.7% and Nasdaq 100 futures climbed a similar 0.8%.

Stocks that rise and fall with the overall health of the U.S. economy are known as cyclical stocks and typically include industrials, materials and banks. Those stocks had paused their rally on Thursday but had begun to outperform again in the premarket session Friday.

Industrials giant Boeing rose 1.3% in premarket trading while American Airlines added 1.2% and cruise-operator Carnival climbed 2.5%.

Thomas Franck

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