Jeff Bezos, founder and CEO of Amazon, pictured on September 13, 2018.
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9:02 am: WWE stock takes a beating
Shares of Word Wrestling Entertainment fell about 25% in premarket trading after the company announced that co-Presidents George Barrios and Michelle Wilson will immediately leave the company and vacate their board seats. Additionally, WWE lowered its full year 2019 forecast to the bottom of the range of its previous guidance, below Wall Street’s consensus according to FactSet.
8:58 am: Colgate-Palmolive rises after solid earnings
Shares of Colgate-Palmolive rose nearly 5% in premarket trading after the company reported fourth-quarter earnings in-line with expectations, with revenue slightly above as well, according to FactSet. The consumer products company also forecast 2020 revenue would growth between 4% and 6%, above the 3.8% pace analysts expected. -Sheetz
8:39 am: Canaccord says market is ‘uncomfortably neutral’
Canaccord Genuity writes that the U.S. equity market is “uncomfortably neutral:” It’s caught between positives like stronger fourth-quarter earnings and an easy Fed in tandem with negatives like an unknown macro impact from the coronavirus and a surge in valuations over the last month. Chief Market Strategist Tony Dwyer writes the opposing forces make it hard to be too bearish and too bullish, forcing investors into a charged equilibrium. The brokerage downgraded its market view to neutral on Jan. 20 because of “the overbought conditions and excessive optimism.” Franck
8:35 am: Caterpillar shares fall after a revenue miss, warning of ‘global economic uncertainty’
Shares of industrial giant Caterpillar slid 1.7% in volatile premarket trading after the company reported weaker-than-expected revenue in the fourth quarter and issued disappointing full-year guidance. CEO and chairman Jim Umpleby said he expects “continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories.” Li
8:28 am: Amazon headed back to the $1 trillion club
Amazon shares surged more than 10% in the premarket on the back of quarterly numbers that blew past analyst expectations. The company posted a profit of $6.47 per share on revenue of $87.44 billion. Analysts polled by Refinitiv expected earnings per share of $4.03 on revenue of $86.02 billion. Revenue from the cloud business were a key driver for Amazon. “AMZN mgmt checked all the boxes with its Q4’19 EPS report,” said UBS analyst Eric Sheridan. “In addition, against that backdrop, AMZN mgmt in no way left investors with the view that their global agenda to drive better performance for platform partners still has a long runway ahead.” Friday’s surge would bring Amazon’s market cap back above $1 trillion, based on the share count from the company’s October 10-Q filing. Alphabet, Microsoft and Apple also have market caps of more than $1 trillion. Imbert
8:24 am: Dow set to drop more than 100 points on coronavirus fears, Caterpillar warning
U.S. stocks were headed for a mixed open on the last day of January as worries over the coronavirus lingered while Caterpillar raised a red flag about the global economy. Dow Jones Industrial Average futures pointed to a drop or more than 100 points at the open. Chinese authorities said the number of coronavirus deaths has risen above 200 while more than 9,000 cases have been confirmed. Caterpillar also contributed to the losses in Dow futures after its CEO warned about “global economic uncertainty” (see below). Amazon shares surged more than 10%, however, to curb some of those losses. In fact, those gains pushed the Nasdaq 100’s implied open higher. Imbert
With reporting by Michael Sheetz