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Novavax, Tesla, Netflix, United: What to Watch When the Stock Market Opens Today 

Futures are flat as investors await another big batch of earnings reports. Here’s what we’re watching ahead of Wednesday’s action:

  • Novavax  shares plunged 26% premarket after Politico reported that the pharmaceutical company was running into difficulties manufacturing a Covid-19 vaccine that met regulators’ quality standards. Fellow vaccine maker Moderna added 0.9%.
  • Netflix slipped 2.3% ahead of the bell. The streaming giant added 4.4 million memberships in the third quarter amid increased competition and the typical summer slowdown.
  • United Airlines , whose profit was boosted by federal aid, said the spread of the highly transmissible strain of Covid-19 slowed flying during the third quarter but hasn’t derailed its recovery. Its shares added 1.7% premarket.
  • Verizon Communications , Abbott Laboratories and Canadian Pacific Railway are due to report before the opening bell.
  • Baker Hughes shed 2.4% premarket after it swung to profit in the third quarter, but fell shy of analyst expectations, as revenue and orders rose in the period.
  • Omnicom Group slipped 1.4% premarket. The advertising company said its business continued to improve from the damage caused by the pandemic, with third-quarter organic revenue gains in each of its major disciplines.
  • Canadian National Railway gained 1%. The rail operator’s profit increased in the third quarter, helped by higher freight rates and a rise in some fuel surcharges.
  • Interactive Brokers Group slipped 1.4% premarket. The electronic broker reported a decline in earnings per share for the recent quarter compared with a year ago.
  • Tesla , Las Vegas Sands , CSX , Discover Financial Services and IBM are among the companies reporting earnings after the close.
Chart of the Day
  • The launch of ProShares Bitcoin Strategy ETF is being closely watched on Wall Street, where finding a way to sell securities linked to bitcoin has been a priority for many firms.

Write to James Willhite at [email protected]

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