Good morning traders and investors of the r/StockMarket sub! Welcome to Thursday. Here is your pre-market news this AM-
- A surge in coronavirus cases and deaths is weighing on investor sentiment this morning, with a good chunk of Wednesday’s big gains likely to be erased at the Wall Street open. The Dow, S&P 500 and Nasdaq all closed at record highs yesterday, with the S&P 500 and Nasdaq up for three straight days and seven of the past eight sessions. (CNBC)
- Treasury Department data shows the budget deficit for the first fourth months of fiscal 2020 at $389.2 billion. That’s a 25% gain over the same period last year and already about 40% of the total deficit for fiscal 2019. Over the past 12 months, the gap has been nearly $1.1 trillion as the national debt has swelled past $23 trillion. (CNBC)
- On today’s economic calendar, the government releases its weekly report on initial jobless claims as well as the January Consumer Price Index at 8:30 a.m. ET. Federal Reserve speeches by Dallas Fed President Robert Kaplan and New York Fed President John Williams on the economic outlook and monetary policy will also be of interest to investors. (CNBC)
- This morning’s batch of corporate earnings include the latest numbers from AIG (AIG), Alibaba (BABA), Aurora Cannabis (ACB), BorgWarner (BWA), Generac (GNRC), LabCorp (LH), Kraft Heinz (KHC), Waste Management (WM), and Zoetis (ZTS). After-the-bell reports come from Chemours (CC), Expedia (EXPE), Mattel (MAT), Nvidia (NVDA), Roku (ROKU), and Yelp (YELP).
- PepsiCo earnings top Wall Street estimates (CNBC)
- China’s confirmed 15,152 new coronavirus cases and 254 additional deaths. That brings the country’s total death toll to 1,367 as the number of people infected hit 59,804. China’s Hubei province said it’s starting to include “clinically diagnosed” cases in its figures and that 13,332 of the new cases fall under that classification. In the U.S., the CDC confirmed a new case in California, taking the total number of cases in the country to 14. (CNBC)
- ‘We didn’t have a goodbye kiss’ — couple separated on quarantined ship count the days to be reunited (CNBC)
- Organizers of Mobile World Congress, the world’s largest trade show for the mobile phone industry, have canceled the conference slated to start in Barcelona in less than two weeks. Facebook (FB) and other major companies have pulled out of MWC in recent days amid growing fears over the deadly outbreak. (CNBC)
- The Iowa Democratic Party chairman is stepping down from his position, eight days after the Iowa caucuses became a national fiasco for the Democrats. “As chair of this party, I am deeply sorry for what happened and bear the responsibility for any failures on behalf of the Iowa Democratic Party,” Troy Price said. (NBC News)
- Former Massachusetts Gov. Deval Patrick dropped out of the race for the Democratic presidential nomination, after he barely received support in either the first-in-the-nation Iowa caucuses or the New Hampshire primary. His departure, which follows Sen. Michael Bennet and Andrew Yang dropping out, leaves eight candidates in the Democratic primary field. (CNBC)
- Joe Biden plans more TV appearances as he looks to rebound from Iowa, New Hampshire losses (CNBC)
- Goldman Sachs CEO David Solomon says markets ‘don’t care’ yet about Bernie Sanders (CNBC)
- Carlyle’s David Rubenstein says Sanders isn’t a strong enough threat to unseat Trump (CNBC)
- Democratic Sen. Kirsten Gillibrand, who dropped out of the 2020 presidential race back in August, unveiled her new proposal for digital privacy legislation, including a new federal agency to enforce consumers’ privacy rights online. It adds to a growing stack of bills aimed at empowering consumers with new digital rights and keeping tech companies’ data collection in check.
- Barclays’ Chief Executive Jes Staley is being investigated over his links to Jeffrey Epstein, the American financier and convicted sex offender who committed suicide in jail last year. According to Barclays, Staley developed a “professional relationship” with Epstein earlier in his career, but they had no contact since Staley joined the British bank in 2015. (CNBC)
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THIS MORNING'S STOCK NEWS MOVERS:
(PEP) – The beverage and snack giant , with quarterly earnings of $1.45 per share. Revenue also beat forecasts. Organic revenue growth was a better-than-expected 4.3%, and the company said it is projecting a 4% growth rate for organic revenue in 2020.
STOCK SYMBOL: PEP
(BABA) – The China-based e-commerce giant , and also reported increases in various user metrics. Results got a boost from growth in both e-commerce and cloud computing.
STOCK SYMBOL: BABA
(AIG) – The insurance company reported quarterly profit of $1.03 per share, 3 cents a share above estimates. AIG saw smaller catastrophe losses and improved underwriting results.
STOCK SYMBOL: AIG
(KHC) – The food producer beat estimates by 4 cents a share, with quarterly earnings of 72 cents per share. Revenue missed forecasts as higher prices weren’t enough to offset lower sales volumes in the U.S.
STOCK SYMBOL: KHC
(ACB) – The Canadian cannabis producer reported lower-than-expected revenue for its latest quarter and warned that industry headwinds will continue to impact revenue.
STOCK SYMBOL: ACB
(GNRC) – The maker of power generators reported quarterly profit of $1.53 per share, 17 cents a share above estimates. Revenue also came in above Wall Street forecasts. The quarter was highlighted by a 9.7% increase in residential sales, although commercial and industrial sales fell 2.7%.
STOCK SYMBOL: GNRC
(CSCO) – Cisco , beating estimates by a penny a share. The networking equipment maker’s revenue also topped analysts’ forecasts. Cisco warned of a revenue drop of as much as 3.5% for the current quarter, however, as global economic uncertainties slow technology investments.
STOCK SYMBOL: CSCO
(MGM) – MGM CEO Jim Murren after the casino operator’s board picks a successor. Murren has been CEO at MGM Resorts since 2008, but said the company now needs a CEO who can lead the company into the next decade or two. Separately, the company pulled its 2020 forecast, saying it could not yet assess the full impact of the coronavirus.
STOCK SYMBOL: MGM
(TRIP) – TripAdvisor earned an adjusted 38 cents per share for the fourth quarter, beating consensus by 5 cents a share. The travel review site operator’s revenue also came in above forecasts.
STOCK SYMBOL: TRIP
(NUS) – Nu Skin reported in-line earnings of 72 cents per share for its latest quarter, with the personal care products company’s revenue beating estimates. The shares are under pressure after the company warned of a 2020 decline in Mainland China sales of 20% to 25% due to the coronavirus.
STOCK SYMBOL: NUS
(AMAT) – Applied Materials came in 5 cents a share ahead of estimates, with quarterly earnings of 98 cents per share. Revenue also beat Wall Street forecasts. The maker of semiconductor manufacturing equipment also gave an upbeat current-quarter earnings forecast, helped by the rollout of 5G mobile technology.
STOCK SYMBOL: AMAT
(HON) – The industrial conglomerate is weighing the sale of its protective equipment business, according to a Bloomberg report.
STOCK SYMBOL: HON
(RDFN) – Redfin reported a smaller-than-expected loss for its fourth quarter and the real estate website operator’s revenue came in ahead of estimates. Redfin also gave a current-quarter revenue forecast largely above Street forecasts.
STOCK SYMBOL: RDFN
(CAT) – Caterpillar at Goldman Sachs, which said that fundamentals for the heavy equipment maker have improved and that Caterpillar now has a favorable risk/reward profile.
STOCK SYMBOL: CAT
/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, February 13th, 2020! 🙂