The daily business briefing: November 12, 2020

1. Nasdaq surges in shift back to 'stay-at-home' stocks

The Nasdaq surged more than 2 percent higher on Wednesday. The gains for the tech-heavy index came as so-called stay-at-home stocks such as Microsoft and Netflix rebounded after new coronavirus cases continued to set records, dimming optimism stoked by positive news on COVID-19 vaccines and treatments earlier in the week. Amazon and Apple gained more than 3 percent. The Dow Jones Industrial Average edged down by less than 0.1 percent after several days of strong gains, and the S&P 500 rose by 0.8 percent. Futures for the Dow and the S&P 500 were lower early Thursday, while those of the Nasdaq rose by 0.5 percent. Analysts said such swings could continue as investor attention shifts between strong earnings and concerns about renewed lockdowns.

Reuters CNBC

2. Treasury Department presses security issues ahead of TikTok deadline

The Treasury Department said Wednesday it wants to resolve its security concerns over China-based ByteDance's 2017 acquisition of U.S. social media app Musical.ly. The statement came a day before the Trump administration's Thursday deadline for ByteDance to sell U.S. operations of its popular TikTok video-sharing app, which has absorbed Musical.ly. ByteDance on Tuesday filed a petition with the U.S. Court of Appeals in Washington challenging the Trump administration's divestiture order and seeking a 30-day deadline extension. The Trump administration says TikTok poses a national security threat because it could share American users' data with China's government. TikTok denies the allegation, but has been in talks with Walmart and Oracle to put TikTok's U.S. business under control of a new entity, TikTok Global.

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Reuters

3. Ring smart doorbells recalled due to fire concern

The Consumer Product Safety Commission has posted a recall notice for Ring's second-generation video doorbells over fire concerns. The recall affects about 350,000 units in the United States, and 8,700 in Canada. The model sold by Amazon-owned Ring, already under scrutiny by privacy advocates, has been named in 23 reports of fire and eight reports of minor burns. According to the CPSC, risk of fire has been linked to the use of incorrect screws in the smart doorbell's installation. Ring said customers affected by the recall don't have to return their devices. The company said users who used the screws included with the system should not be affected. A company spokesperson said the company has "contacted customers who purchased a Ring Video Doorbell (2nd Gen) to ensure they received the updated user manual and follow the device installation instructions."

TechCrunch

4. Pfizer CEO sold $5.6 million in stock as vaccine results announced

Pfizer CEO Albert Bourla sold stock worth nearly $5.6 million on the same day that the drug maker announced that its coronavirus vaccine candidate proved more than 90 percent effective in trials. Pfizer shares rose by nearly 15 percent on Monday, the day of the announcement. Bourla sold 132,508 shares at an average price of $41.94, according to a securities filing reported Wednesday. The sale was part of a pre-scheduled 10b5-1 trading plan adopted in August, when participants were enrolling in the late-stage trial. It was not immediately clear when Bourla learned of the positive trial data.

CNBC

5. Four Seasons Total Landscaping sells merch after Trump press conference

Four Seasons Total Landscaping, the small Philadelphia business that hosted a Trump legal team press conference, this week started selling shirts and stickers calling attention to the event with such slogans as, "Make America Rake Again" and "Lawn and Order." The merchandise promptly sold out after going on sale via the landscaping business' website on Monday. The business, which describes itself as a "family-owned small business run by lifelong Philadelphians," said items that sold out on Tuesday were restocked by Wednesday. Four Seasons, apparently mistaken for the similarly named hotel, said on Facebook that it was "honored to be asked to host a press conference" and "would have proudly hosted any presidential candidate's campaign at our business" because it believes "in America and in democracy."

USA Today