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Stock Alert: Cooper Rising 7% On Upbeat Earnings

US may look to ban more Chinese-owned apps beyond TikTok

The Trump Administration’s looming TikTok ban may be just the beginning.

The US government is scrutinizing a number of other apps owned by Chinese-based companies to see if they pose a national security threat, White House chief of staff Mark Meadows said Thursday.

Meadows did not specify what apps the administration might target, but his comments arrived as mega-popular social media app TikTok faces a sale to an American company to avoid being banned in the US.

President Trump has said he would ban the app in the US in mid-November unless it’s sold to a US company amid concerns that the China-based company shares users’ information with Communist party officials.

TikTok’s sale, likely to a tag team of Microsoft and Walmart or by Silicon Valley cloud giant Oracle, is currently on hold as parties try to figure out if the app’s secret-sauce algorithm will be included in the deal.

The Chinese Ministry of Commerce last week added 23 items to a list of technologies that require Beijing’s approval before they can be exported in an apparent bid to gain leverage. That list reportedly includes artificial intelligence technology that plays a key role in serving users personalized videos on their TikTok feeds.

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Watch live: The World Health Organization holds a press briefing on the coronavirus pandemic as nations race to develop vaccine

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The World Health Organization is holding a briefing Friday on the coronavirus pandemic, which has infected more than 26.3 million people worldwide and killed at least 869,300, according to data compiled by Johns Hopkins University.

Earlier in the day, the WHO told reporters that widespread vaccinations against the virus are not expected until mid-2021. 

Phase three trials "must take longer because we need to see how truly protective the vaccine is and we also need to see how safe it is," spokeswoman Margaret Harris said, according to Reuters.

The comment comes after the Centers for Disease Control and Prevention asked U.S. states to prepare to distribute a vaccine as soon as Nov. 1. The deadline — just two days before the federal elections — raised concerns among public health experts and scientists that approval of a vaccine will be politically motivated and the White House may be pressuring regulators to get a vaccine to the market ahead of Nov. 3.

Read CNBC's live updates to see the latest news on the Covid -19 outbreak.

US STOCKS SNAPSHOT-Nasdaq falls 3% as tech selloff resumes

Sept 4 (Reuters) – The Nasdaq fell another 3% on Friday after plunging in the previous session as technology stocks sold off again, overshadowing data showing a steeper-than-expected drop in the unemployment rate in August.

At 10:23 a.m. ET, the tech-heavy Nasdaq Composite was down 293.00 points, or 2.56%, at 11,165.11. The Dow Jones Industrial Average was down 129.15 points, or 0.46%, at 28,163.58, while the S&P 500 was down 41.27 points, or 1.19%, at 3,413.79. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)

Stock Alert: Quanex Building Products Rises 7% On Quarterly Results, Outlook

Shares of Quanex Building Products Corporation (NX) are rising more than 7% Friday morning on positive earnings surprise in the third quarter. The company also sees full-year revenue to be better than the consensus estimate.

Quanex reported adjusted earnings of $0.33 per share compared with $0.41 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share.

Net sales for the quarter decreased to $212.1 million from $238.5 million last year due to softer demand related to the COVID-19 pandemic.

The company has provided full-year sales outlook in the range of $832 million to $837 million as it sees demand for its products increases fast. In March, the company had withdrawn guidance for fiscal 2020 citing uncertainty due to the COVID-19 pandemic.

The consensus revenue estimate is for $789.62 million.

NX is currently trading at $18.56. It has traded in the range of$7.90- $20.42 in tha last one year.

Stock Alert: Cooper Rising 7% On Upbeat Earnings

Shares of medical device company The Cooper Companies, Inc. (COO) are rising more than 7% Friday morning after third-quarter earnings surpassed view.

The company also provided fourth-quarter outlook better than the Consensus estimates.

The Cooper Companies reported adjusted earnings of $2.28 per share, which beat the average estimate of analysts polled by Thomson Reuters at $1.52 per share.

Revenue for the quarter, however, decreased 15% year-over-year to $578.2 million.

For the fourth quarter, The Cooper expects revenue to be in the range of $665 million – $693 million and adjusted EPS to be in the range of $3.00 – $3.20. Analysts expect the company to report earnings of $2.82 per share on revenue of $661.73 million for the quarter.

COO is currently trading at $330.45. It has been trading in the range of $236.68- $365.68 in the last one year.

Stock Alert: Cooper Rising 7% On Upbeat Earnings

Shares of medical device company The Cooper Companies, Inc. (COO) are rising more than 7% Friday morning after third-quarter earnings surpassed view.

The company also provided fourth-quarter outlook better than the Consensus estimates.

The Cooper Companies reported adjusted earnings of $2.28 per share, which beat the average estimate of analysts polled by Thomson Reuters at $1.52 per share.

Revenue for the quarter, however, decreased 15% year-over-year to $578.2 million.

For the fourth quarter, The Cooper expects revenue to be in the range of $665 million – $693 million and adjusted EPS to be in the range of $3.00 – $3.20. Analysts expect the company to report earnings of $2.82 per share on revenue of $661.73 million for the quarter.

COO is currently trading at $330.45. It has been trading in the range of $236.68- $365.68 in the last one year.