Good morning traders and investors of the r/StockMarket sub! Happy Thursday to all! Here are your pre-market movers and news this AM-
- Worries over the spreading coronavirus are weighing on investor sentiment once again, with U.S. stock futures lower and world stock markets falling this morning. The Dow and S&P 500 are on track to post their second straight weekly losses since October. The Nasdaq could fall for two straight weeks for the first time since September. The Dow and S&P 500 are also on track to lose a good chunk of their remaining January gains at the open. However, the Nasdaq has been fairing better in 2020, with an advance of nearly 3.4% in January, as of Wednesday’s close. (CNBC)
- 10-year Treasury yield falls to lowest level since early October as coronavirus fuels anxiety (CNBC)
- The Federal Reserve held interest rates steady at its meeting this week and tweaked its post-meeting statement to reflect what appears to be a stronger commitment to nudge up inflation. On today’s economic calendar, the government will issue the first look at fourth-quarter GDP at 8:30 a.m. ET, along with initial jobless claims for the week ending Jan. 25. (CNBC)
- Fourth quarter GDP could show economy entered a slower growth patch at year-end (CNBC)
- A busy morning for earnings features the latest numbers from Dow components Coca-Cola (KO) and Verizon (VZ), as well as Altria (MO), AmerisourceBergen (ABC), Biogen (BIIB), Blackstone (BX), DuPont (DD), Eli Lilly (LLY), Hershey (HSY), Raytheon (RTN) and UPS (UPS). Today’s after-the-bell earnings see Amazon (AMZN) and Dow component Visa (V) in the spotlight, along with Amgen (AMGN), Deckers Outdoor (DECK), FICO (FICO), Levi Strauss (LEVI) and Western Digital (WDC). (CNBC)
- Amazon’s spending on one-day delivery is likely to weigh on fourth-quarter profit (CNBC)
- Tesla (TSLA) shares extended their rally on Thursday, rising 10% in premarket trading following better-than-expected quarterly results. Facebook (FB) also beat on the top and bottom lines, but the stock fell more than 7% after the company reported rising costs and expenses and a narrowing operating margin. Microsoft (MSFT) beat on earnings and revenue, and the Dow stock was up more than 3% in the premarket. (CNBC)
- Elon Musk says Tesla won’t raise capital, will focus on lowering cost of batteries (CNBC)
- Facebook’s new metrics show it’s still a one-trick pony (CNBC)
- The spread of a fast-moving virus outside of China is of “grave concern” and has prompted the World Health Organization to reconvene an emergency meeting this week to decide whether it’s become a global health emergency. The coronavirus outbreak has killed 170 people in China and sickened more than 7,711 across more than a dozen countries across the globe. (CNBC)
- India confirms first case of the coronavirus (CNBC)
- Australia defends plan to create island quarantine camp (AP)
- Senators in Trump’s impeachment trial peppered House Democrats and defense lawyers with questions yesterday, ahead of a crucial vote on whether to allow new witnesses and documents into the proceedings. That vote is expected to occur Friday, after the question-and-answer period of the trial ends. (CNBC) Battle escalates over John Bolton’s bombshell book about Trump (CNBC)
- President Donald Trump is holding a rally in Des Moines, Iowa, tonight, ahead of Friday’s key Senate impeachment vote and the Iowa caucuses on Monday. Trump’s campaign will follow the rally by sending a long list of GOP heavyweights to Iowa, including members of Trump’s family, Cabinet officials and congressional leaders. (USA Today)
- Iowa could be a wake-up call for market if Bernie Sanders wins (CNBC)
- A federal jury decided that Apple (AAPL) and Broadcom must pay $1.1 billion to the California Institute of Technology for infringing on patents. The lawsuit said Broadcom used its patented Wi-Fi data transmission technology in computer chips that went into iPhones, iPads, Apple Watches and other Apple devices. (AP)
- The first all-electric vehicle for Ford Motor’s (F) luxury Lincoln brand is being developed with EV start-up Rivian. The vehicle will use Rivian’s “flexible skateboard platform,” which underpins the vehicle, as part of a previously announced $500 million investment by Ford into the private company. (CNBC)
- A government report will claim that Southwest Airlines (LUV) failed to prioritize safety while its regulator, the FAA, failed to do enough about it. Southwest pilots flew more than 17 million passengers on planes with unconfirmed maintenance records over roughly two years, according to a report viewed by The Wall Street Journal.
- Kobe Bryant’s wife of nearly 20 years broke her silence on the death of her husband and their 13-year-old daughter, Gianna, in a heartbreaking Instagram post Wednesday. She described the basketball legend as an adoring husband and father, and called Gianna “a loving, thoughtful, and wonderful daughter” and amazing sister. (NBC News)
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Coca-Cola (KO) – The beverage giant matched estimates with quarterly earnings of 44 cents per share, with revenue above Street forecasts. Coca-Cola also said it had its largest market share gain – as measured by value – in nearly a decade.
STOCK SYMBOL: KO
Verizon (VZ) – Verizon missed estimates by a penny a share, with quarterly profit of $1.13 per share. Revenue beat forecasts, however, and Verizon saw 852,000 wireless retail postpaid net additions during the quarter.
STOCK SYMBOL: VZ
Altria (MO) – The tobacco producer reported in-line adjusted earnings of $1.02 per share, but revenue came in below estimates. Altria took a fourth-quarter impairment charge of $4.1 billion related to its investment in e-cigarette maker Juul.
STOCK SYMBOL: MO
DuPont (DD) – The life sciences company matched estimates with quarterly earnings of 95 cents per share. Revenue came in below estimates, however, and its earnings outlook for 2020 below consensus. The company said full-year results will be negatively impacted by nylon pricing declines, among other factors.
STOCK SYMBOL: DD
Blackstone (BX) – Blackstone reported distributable earnings of 72 cents per share, 5 cents a share above estimates. The private-equity firm said its assets under management increased 21% during 2019 to a record $571 billion.
STOCK SYMBOL: BX
Eli Lilly (LLY) – The drugmaker beat estimates by 21 cents a share, with quarterly earnings of $1.73 per share. Revenue also came in above forecasts, driven by stronger sales of newer products introduced over the past five years.
STOCK SYMBOL: LLY
Hershey (HSY) – The chocolate maker reported quarterly earnings of $1.28 per share, 4 cents a share above estimates. Revenue also topped estimates and the company gave an upbeat 2020 forecast, helped by price increases and investments in new products.
STOCK SYMBOL: HSY
United Parcel Service (UPS) – UPS matched estimates with quarterly profit of $2.11 per share, but the package delivery company’s revenue missed forecasts.
STOCK SYMBOL: UPS
Tesla (TSLA) – Tesla reported quarterly earnings of $2.14 per share, beating the consensus estimate of $1.72. Revenue also beat projections and the company said full-year 2020 deliveries should exceed 500,000.
STOCK SYMBOL: TSLA
Facebook (FB) – Facebook beat estimates by 3 cents a share, with quarterly profit of $2.56 per share. The company beat on the top line as well. The stock is under pressure, however, on concerns about profit margins and a sharp rise in expenses.
STOCK SYMBOL: FB
Microsoft (MSFT) – Microsoft earned $1.51 per share for its latest quarter, topping estimates by 19 cents a share. Revenue also beat forecasts, boosted by continued growth in its cloud business.
STOCK SYMBOL: MSFT
Align Technology (ALGN) – Align is expecting a $35 million hit to revenue due to virus-related business disruptions in China. That news is weighing on the stock, even though the maker of the Invisalign teeth straightening system beat Wall Street forecasts on the top and bottom lines for its latest quarter.
STOCK SYMBOL: ALGN
Mondelez (MDLZ) – Mondelez came in a penny a share ahead of analysts’ forecasts, with quarterly earnings of 61 cents per share. The maker of Oreo cookies and other snacks also saw revenue beat estimates, however Mondelez said it expects current-quarter revenue to take a hit from the coronavirus outbreak.
STOCK SYMBOL: MDLZ
PayPal (PYPL) – PayPal reported quarterly profit of 86 cents per share, 3 cents a share above estimates. Revenue was slightly above forecasts, however the payment service gave a weaker-than-expected outlook for the current quarter and the full year.
STOCK SYMBOL: PYPL
Unilever (UL) – Unilever is beginning a strategic review of its tea business, which includes the Lipton and PG Tips brands. The consumer products company decided on the review as sales of traditional black tea slow in favor of herbal tea.
STOCK SYMBOL: UL
Lyft (LYFT) – Lyft cut 90 jobs, about 1.6% of its workforce, impacting the ride-hailing company’s sales and marketing departments.
STOCK SYMBOL: LYFT
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. /u/bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
What's on everyone's radar for today's trading day ahead here at r/StockMarket?
I hope you all have an excellent trading day ahead today on this Thursday, January 30th, 2020! 🙂