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9:05 am: Tesla shares slipping after UBS call
The automaker’s stock slipped 2.2% in premarket trading after UBS resumed coverage of Tesla with a sell rating. The firm expects Tesla will drop 28% in the year ahead, saying the stock has “over-shooting right now” after running up more than 120% in the past six months. Tesla is now the second largest automaker in the world by valuation, trailing only Toyota. Sheetz
9:00 am: Morgan Stanley upgrades GE
The firm raised its rating on GE to overweight from equal weight and lifted its price target to $14 from $11. Morgan Stanley said it sees the company in a “budding turnaround” and that it expects minimal disruption from Boeing’s 737 Max according to analyst Joshua Pokrzywinski. The company will report its fourth-quarter earnings on January 29.  Bloom
8:57 am: Procter & Gamble’s stock slides on sales miss
Shares of Procter & Gamble drop more than 1% in premarket trading after the consumer giant reported quarterly revenue that fell short of estimates for the first time in five quarters. P&G posted $18.24 billion in revenue in the fourth quarter, less than $18.37 billion expected per Refinitiv. The company was hurt by a stronger dollar and a struggling baby segment, which includes Pampers diapers. At these levels, P&G was taking off 11 points from the Dow.  Li
8:54 am: Oil falls nearly 2%, accelerating Wednesday’s decline
Oil prices are down again, as traders worry that the coronavirus outbreak could lead to a substantial slowdown in air travel and therefore soft demand for jet fuel. U.S. West Texas Intermediate crude and international benchmark Brent crude fell to session lows of $55.57 and $62.08 per barrel respectively, their lowest levels since early December. As demand concerns weigh, investors will be closely watching the numbers released today by the U.S. Energy Information Administration on inventory for the week ending Jan. 17. Analysts are expecting a build of 500,000 barrels, according to estimates from S&P Global Platts. Stevens
8:50 am: Chinese stocks get crushed as coronavirus fears spread
Stocks in China took a massive hit overnight as worries about the spread of the deadly coronavirus increased. The Shanghai Composite plunged 2.75%, its biggest one-day drop since May 6, when it plummeted more than 6%. The spread of the coronavirus led Chinese authorities to suspend all public transportation in the city of Wuhan, where the outbreak is believed to have originated. Imbert
8:49 am: Coronavirus sinks travel stocks
Fears about the coronavirus outbreak in China continued to weigh on travel stocks Thursday morning. Deaths from China’s new virus rose to 17 on Wednesday with more than 540 cases confirmed. Shares of casino and hotel chain Wynn Resorts fell more than 4% in premarket trading and Las Vegas Sands dropped 3.9%. Cruise lines also took a hit, with shares of Norwegian Cruise Line down 2.6% and Carnival down nearly 1% in premarket trading. -Fitzgerald
8:47 am: Stock futures dip after Procter & Gamble falls, coronavirus worries
Stock futures are slipping on Thursday as Procter & Gamble’s quarterly results failed to impress investors while worries over the deadly coronavirus spreading dampened sentiment as well. Dow Jones Industrial Average futures were down just over 60 points and indicated a loss of 65 points at the open. Thursday’s decline, if it holds, would be the latest pause in the market’s record-setting rally as investors pour through corporate earnings results and grapple with the potential economic implications of the spreading virus in China. Imbert
With reporting by Michael Bloom, Michael Sheetz