U.S. stock futures, in a highly volatile overnight session, were actually pointing to a steady Wall Street open Wednesday. The Dow, which closed at a record high just two weeks ago, dropped another 879 points Tuesday, bringing its two-day loss to nearly 1,900 points as the widening coronavirus crisis heightens concerns about the outbreak's impact on global economic growth. (CNBC)
President Donald Trump is furious that stocks are plunging, according to The Washington Post, blaming dire warnings from U.S. health officials for scaring investors. The CDC said Tuesday, "We're not seeing community spread here in the United States, yet, but it's very possible, even likely, that it may eventually happen."
On the U.S. economic and earnings calendars, the government is out with its January report on new home sales at 10 a.m. ET. Lowe's (LOW), Papa John's (PZZA), Wendy's (WEN), and TJX (TJX) release with quarterly results this morning. Booking Holdings (BKNG), L Brands (LB), and Marriott (MAR) are out after-the-bell. (CNBC)
Shares of Disney were falling about 1.5% in the premarket after the media and parks conglomerate announced a CEO change late Tuesday. Disney selected parks chairman Bob Chapek as the company's new CEO, effective immediately, replacing longtime chief Bob Iger, who will stay on as chairman of the board. (CNBC)
IN THE NEWS TODAY
Coronavirus infections outside China continue to rise at an alarming rate, with South Korea reporting 169 more cases and one additional death. South Korea's total cases are nearing 1,150 with 11 fatalities. The spread in Italy remains a key concern for Europe. (CNBC)
In China, the epicenter of the virus, it has more than 78,000 cases and 2,715 deaths. The Hong Kong government announced $15.4 billion worth of measures to support its economy during the outbreak, including a $1,283 cash payout to all adult Hong Kong residents. (CNBC)
Ahead of Saturday's South Carolina primary, candidates seeking the 2020 Democratic presidential nomination clashed in an often chaotic debate Tuesday night in Charleston. Delegate leader Sen. Bernie Sanders drew attacks from his rivals. (CNBC)
Salesforce (CRM) co-CEO Keith Block has stepped down from that role, making Marc Benioff the sole CEO of the business software giant. Block will remain chairman. Separately, Salesforce beat estimates on quarterly earnings and revenue. (CNBC)
In another sign of a strained partnership, Tesla (TSLA) and Panasonic are ending their joint production of solar cells at Tesla's Gigafactory 2 facility in Buffalo, New York, according to a report in the Nikkei Asian Review. However, Panasonic is still a main supplier of battery cells to Tesla for its vehicle battery packs.
A Beyond Meat (BYND) sandwich will be added to the menu at Starbucks (SBUX) locations in Canada on March 3. Starbucks had previously said a plant-based sandwich would be added in Canada and the U.S., but hasn't yet announced a start date in America. (CNBC)
After a snowy Tuesday in the Plains, a winter storm will dump snow in a 1,200-mile stretch from Missouri to Maine from Wednesday into Thursday, causing travel disruptions and school closings. (USA Today)
STOCKS TO WATCH
Shares of Virgin Galactic (SPCE), up nearly 200% in 2020, were 5% lower in the premarket after billionaire Richard Branson's space tourism company posted a $73 million loss in its first results as a public company, including a number of one-time costs. Virgin Galactic lost $46 million in the year-ago quarter.
Shares of SmileDirectClub (SDC), already big losers since its IPO, were tanking about 25%. The maker of teeth straightening kits reported a much bigger than expected fourth-quarter loss. The company also missed revenue estimates and warned on outlook.
Toll Brothers (TOL) missed estimates by 4 cents with quarterly earnings of 41 cents per share. The luxury home builder also saw revenue come in below forecasts as lower prices hit its profit margins.
WW International (WW) earned 42 cents per share for the fourth quarter, 4 cents above estimates. The Weight Watchers parent also saw revenue come in above forecasts. WW ended 2019 with 4.2 million subscribers, and said recruitment in 2020 is off to a fast start.
WATERCOOLER
Today is Ash Wednesday, the day Christians, especially Catholics, can be seen with a smudge of ashes on their foreheads. Ash Wednesday is a day of repentance, when Christians confess their sins and profess their devotion to God. (USA Today)
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