A worker in protective suit disinfects the Dongxinzhuang village, as the country is hit by the new coronavirus, in Qingdao, Shandong province, China January 29, 2020.
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8:06 am: Coca-Cola jumps on earnings
Shares of Coca-Cola jumped nearly 2% in premarket trading after the company reported strong fourth-quarter earnings. The bright spot for the beverage company was worldwide organic revenue growth of 7%, compared to the estimate of 4.8% growth, according to Refinitiv. Coca-Cola’s revenue came in at $9.085 billion, topping the forecast $8.888 billion. Earnings per share were in line with estimates at 44 cents. The company guided for 5% organic revenue growth in 2020. Coca-Cola CEO James Quincey told CNBC the Coke brand, especially Coke Zero, and Coke coffee, are driving this growth. Fitzgerald
8:03 am: Coronavirus names sink, death toll rises
Shares of travel and tourism companies fell in premarket trading on Thursday as the threat of the Chinese coronavirus continued to weigh, with the death toll hitting 170 people. Cruise company Carnival tanked 6%, Norwegian Cruise Line fell 4.6% and Royal Caribbean slipped more than 5%. Casino companies that operate in Macau also tumbled with Las Vegas Sands down 1.8%, MGM Resorts down 2.3% and Wynn Resorts 1.8% lower. Airlines also slipped with United and American both down more than 1%. Delta ticked 1.7% lower. While the coronavirus remains an overhang for equities in the near-term, JPMorgan told clients the coronavirus narrative is expected to potentially yield a “surge to the upside.” The firm said it’s difficult to “envision any lasting fundamental impact or jeopardy to our 2021 forecasts.” Fitzgerald
7:59 am: Facebook tanks after reporting rising costs
Shares of Facebook plunged more than 7% in premarket trading after the social media giant reported rising costs and expenses and a narrowing operating margin. Facebook’s full-year 2019 costs and expenses came in at $46.71 billion, up 51% compared to its total in 2018. Facebook’s also reported revenue growth of 24.7%, the fourth straight quarter that the company delivered sub-30% growth. Wall Street analysts turned sour on the stock after the disappointing results. JPMorgan downgraded the company to hold from buy, while Bank of America, Goldman and UBS all trimmed their price target on Facebook. Li
7:56 am: Wall Street braces for first look at fourth-quarter GDP
Investors braced for the first look at how the U.S. economy fared in the fourth quarter. The latest figures on U.S. GDP are scheduled for release at 8:30 a.m. ET. Economists polled by Dow Jones expect the U.S. economy grew by 2.1% to end 2019. The data comes after the Federal Reserve said Wednesday the economy was growing at a “moderate rate” and kept interest rates unchanged. Imbert
7:53 am: Dow futures indicate 200-point drop as coronavirus fears mount
Stocks were headed for another day of steep losses on Thursday as the death toll from the coronavirus keeps rising in China, raising fears about a possible global economic slowdown. Dow Jones Industrial Average futures indicated a drop of 200 points. S&P 500 and Nasdaq 100 futures also pointed to sharp losses at the open. China’s National Health Commission confirmed Thursday that the death toll has hit 170, with confirmed cases of the virus surpassing 7,700. Futures were also under pressure amid a sharp drop in Facebook shares. Imbert