Market Highlights: Unemployment claims report expected, Cotton price, Floki token and other equities rally

on Nov 4, 2021
  • Unemployment claims report expected this week
  • Cotton price rise to a new high of $121.79
  • Pfizer vaccine approved in children

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The US unemployment claims report is expected this week, cotton price continues to rise, children are getting COVID-19 vaccine, and equities show mixed sentiment.

Jobless claims reaching fresh pandemic-era low

The Labor Department is expected to release the jobless claims report on November 4, 2021. The claims are expected at another COVID-19 pandemic low, with the labor market making progress with virus infections falling and companies competing for the workforce.

At the end of the week ending October 30, expected unemployment claims were 275,000, coming below the 300,000 mark for the fourth week running, which is a massive improvement from a year ago.

Cotton price hits new high

Cotton price is on an upward trajectory, and it hit $121.79 on Tuesday, which is the highest ever in over a decade. The drivers for the price surge include the growing demand and tight supplies from China and India and disrupted harvesting in the United States.  India is the largest cotton producer, but the tight supplies in the country and pink bollworm invasion in Punjab will weigh on the country’s output, with the Cotton Association of India warning that exports for the 2021/22 season will decline by 38%.

Young children can receive the Pfizer vaccine

Pfizer Inc. (NYSE: PFE) has received approval from the CDC to vaccinate children with a lower dose of its COVID-19 vaccine. The approval comes days after the FDA cleared the vaccine for use in children above five years.  Children will receive a lower dose of 10 μg which has shown to be 90% effective in clinical studies. The announcement came at the back of Q3 results and raised full-year sales guidance to $36 billion from COVID-19 sales.

Veritiv and FAT Brands jump 30% and 200%, respectively

Veritiv Corp (NYSE: VRTV) jumped 30% after the company reported a net income of $40 million in fiscal Q3 2021, representing almost 100% YoY growth. In addition, the company reported earnings of $2.54 per share in the revenue of $1.59 billion. The company predicts a full-year EPS of $9 with a free cash flow of $120 million. The exceptional sales reported were a result of disciplined pass-through supplier-induced price increase and demand across various segments.

Another stock that jumped is FAT Brands Inc. Class B shares (NASDAQ: FATBB) which soared 200% after announcing the acquisition of Fazoli’s restaurant for around $130 million.

Urban One’s Casino bid rejected

Urban One (NASDAQ: UONEK) shares dipped 39% following the rejection of the company’s proposal to build a One Casino & Resort by Richmond, Virginia voters.  The company was the only black-owned firm that took part in the bidding process to build an integrated casino and resort in the city featuring a spa, hotel, restaurants, and event center plus a 100,000 sq. ft. casino. The company had received approval from gaming officials, but the city’s voters rejected the proposal in a referendum.

FLOKI/USD jumps 20% on Elon Musk’s comments

Floki Inu (FLOKI/USD) jumped 20% following Elon Musk’s comments about the Moon and Vikings. The Tesla CEO tweeted that Vikings were the first to step on the Moon after a US space mission found the wreckage of a Viking ship.  This is the latest digital asset to benefit from the billionaire’s comments following the likes of Shiba Inu and Dogecoin.


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