Stock market news live: Stock futures rally after reports of coronavirus treatment - Yahoo Finance

U.S. stock futures climbed Wednesday morning, building on a rally from Tuesday that sent the Nasdaq to a record closing high.

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8:31 a.m. ET: S&P 500 earnings growth is so far topping expectations for 4Q19, Credit Suisse says

Growth for aggregate S&P 500 earnings per share has topped expectations among companies that have reported fourth-quarter 2019 results so far, according to an analysis by Credit Suisse analyst Jonathan Golub.

Consensus analysis had headed into fourth-quarter earnings season expecting EPS to contract by 0.3%, or 2.5% excluding corporate buybacks. But with more than two-thirds of S&P 500 companies now having reported, EPS is pacing toward 3.0% growth, or 0.8% growth excluding share repurchases.

Here’s what Golub had to say in a note Wednesday:

70.2% of the S&P 500's market cap has reported 4Q results. Earnings are beating by 4.6%, with 61% of companies exceeding their bottom-line estimates. This compares to 5.2% and 71% over the past 3 years.

4Q expectations are for revenues, earnings, and EPS growth of 2.8%, -0.3%, and +1.9%, respectively. EPS is on pace for +3.0%, assuming a typical beat rate for the remainder of the season.

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8:15 a.m. ET: Private payrolls surge more than expected in January, according to ADP/Moody’s

Private payrolls rose by 291,000 in January, far exceeding expectations, according to a report by ADP/Moody’s released Wednesday. This marked the best month for private payroll gains since May 2015.

This follows a slightly downwardly revised 199,000 payrolls added in December, from the 202,000 reported previously for the month. Consensus economists had expected private payrolls to rise by 157,000 in January, according to Bloomberg-compiled data.

January’s gains were led by the service-providing sector, which added 237,000 payrolls. Leisure and hospitality industries added 96,000 payrolls, leading advances. Education and health services also posted among the steepest gains, with payrolls totaling 70,000. None of the industries within services registered declines in jobs during the month.

The goods-producing sector posted net gains of 54,000, which included a loss of 2,000 jobs from natural resources and mining industries. Construction industries added 47,000 payrolls during the month, and manufacturing added 10,000.

ADP/Moody’s report comes two days before the Department of Labor is due to release its official January jobs report. Consensus economists expect this report will reflect 162,000 new jobs added in January, including 150,000 private payrolls. In December, non-farm payroll gains had come in slightly lower than expected at the time, at 145,000.

The ADP/Moody’s report, while one measure of month-to-month employment trends in the U.S., has typically been an imperfect indicator of the Department of Labor’s jobs print due to differences in survey methodology.

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7:45 a.m. ET: Stock futures follow global shares higher amid coronavirus treatment reports

Contracts on each of the S&P 500, Dow and Nasdaq rose Wednesday morning, following equities in Europe and Asia higher. Multiple reports of a possible breakthrough in a coronavirus treatment helped send risk assets higher.

Reuters cited a Chinese TV report that researches at Zhejiang University had found a drug to treat people with the coronavirus. Meanwhile, the UK’s Sky News said a team at Imperial College London had made a “significant breakthrough” in searching for a potential treatment for the coronavirus.

The World Health Organization has so far said there is no specific medicine recommended to prevent or treat the coronavirus.

Here were the main moves during the pre-market session, as of 7:45 a.m. ET:

• S&P futures (ES=F): 3,323.75, up 24.25 points or 0.73%

• Dow futures (YM=F): 29,010, up 221 points or 0.77%

• Nasdaq futures (NQ=F): 9,439.25, up 84.25 points or 0.9%

• Crude oil (CL=F): $50.77 per barrel, up $1.16 or 2.34%

• Gold (GC=F): $1,558.00 per ounce, up $2.50 or 0.16%

NEW YORK, NY - FEBRUARY 04: A trader walks by a screen as results are shown on a display as traders works on the floor of the New York Stock Exchange (NYSE) on February 4, 2020 in New York City. The markets rebounded after a fall last week on coronavirus fears. (Photo by Eduardo Munoz Alvarez/Getty Images)

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2020-02-05 13:31:00Z
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GM swings to a loss in the fourth quarter as 40-day strike erodes profits - CNBC

General Motors CEO Mary Barra

Bill Pugliano | Getty Images

DETROIT – General Motors lost $194 million in the fourth-quarter heavily due a 40-day labor strike against the company that cost it four weeks of vehicle production and eroded any profit.

The strike, according to the automaker, cost it $2.6 billion in earnings before interest and taxes during the three months ended Dec. 31, shaving $1.39 per share off of its EPS on an adjusted basis. The impact for the year was $3.6 billion.

The company still beat Wall Street's earnings expectations for the fourth quarter, but its revenue came in slightly below expectations.

Here's what GM reported on Wednesday compared to what Wall Street expected, according to Refinitiv consensus estimates:

• Adjusted earnings: 5 cents per share compared to 1 cent per share expected.
• Revenue: $30.8 billion compared to $31.04 billion expected.

GM's operating profit remained healthy. The company reported an operating profit, which is earnings before interest and taxes, of $8.4 billion for the year, including $105 million in the fourth-quarter. That's down from $11.8 billion compared to 2018 and $8.4 billion for the fourth-quarter of that year.

The company's 2020 guidance includes adjusted earnings of $5.75 per share to $6.25 per share and adjusted operating cash flow of $13 billion to $14.5 billion.

Wall Street's attention is expected to be on the Detroit automaker's operations in China, which experienced a 15% sales decline last year, as well as the company's 2020 outlook amid growing challenges in North America and China.

GM reported its fourth-quarter and 2019 earnings ahead of an investor day from 10 a.m.-2 p.m. Wednesday from the New York Stock Exchange. GM executives, including CEO Mary Barra, will discuss the company's operations and outlook at-length as it pivots toward all-electric vehicles, including at least 20 new EVs globally by 2023.

GM's earnings come a week after the automaker confirmed plans to resurrect Hummer, best known as a gas-guzzling, military-style SUV, as an all-electric "super truck" with massive horsepower, acceleration, and torque.

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2020-02-05 12:23:00Z
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Elon Musk asks Twitter if Tesla should build Texas gigafactory - CNET

Tesla's next gigafactory might be in the Lone Star State.

James Martin/CNET

Elon Musk seems to be eyeing the second largest US state for Tesla's third American gigafactory. The electric car company's CEO put the idea to his 31 million Twitter followers late Tuesday.

"Giga Texas?" he tweeted, with the poll options "Hell yeah" and "Nope."

As of early Wednesday, the reaction seemed overwhelmingly positive: "Hell yeah" stood at nearly 80%. Musk also confirmed to a follower that he'll be at the SpaceX development facility in Boca Chica, Texas, on Thursday for the "Starship career day" he previously invited people to. This suggests he could be using the Texas trip to build hype around a Tesla announcement.

Tesla already has US gigafactories in Reno, Nevada, and Buffalo, New York, and its Chinese one is in Shanghai. Last November, Musk used similar language -- "GIGA BERLIN" -- to back up reports that Tesla's European gigafactory would be built in Germany. 

Tesla didn't immediately respond to a request for comment about Musk's tweet.

First published at 3:58 a.m. PT.
Updated at 4:20 a.m. PT: Adds more detail.

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2020-02-05 12:20:00Z
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Dow Jones Futures Rise, But Is Stock Market Rally Already Extended? Where Will Tesla Go Next? - Investor's Business Daily

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1. Dow Jones Futures Rise, But Is Stock Market Rally Already Extended? Where Will Tesla Go Next?  Investor's Business Daily
2. Why the Dow rallied 400 points in middle of a global health crisis  CNN
3. Wall Street rallies as China measures ease virus fears  Kitco NEWS
4. Gold: Pullback stalls near key Fib support  FXStreet
5. Stock market live Tuesday: Dow up 400 points, Tesla's parabolic move, Nasdaq hits record  CNBC
6. View full coverage on Google News

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2020-02-05 12:07:00Z
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Elon Musk asks Twitter fans to vote on new Tesla Gigafactory in Texas - CNBC

Elon Musk, chief executive officer of Space Exploration Technologies Corp. (SpaceX) and Tesla Inc., speaks during an event at the SpaceX launch facility in Cameron County, Texas, U.S., on Saturday, Sept. 28, 2019. Musk gave space fans an update Saturday evening on the status of "Starship," the next-generation vehicle his SpaceX plans to use to eventually take humans to Mars. Photographer: Bronte Wittpenn/Bloomberg via Getty Images

Bronte Wittpenn | Bloomberg | Getty Images

"Giga Texas?" That was the question Tesla CEO Elon Musk posed to his followers on Twitter late Tuesday, asking them if they would like a new Gigafactory in Texas.

By 9 a.m. London time on Wednesday, over 131,000 people had voted with 79.2% of voters choosing the "Hell yeah" option, and the remainder voting for "nope."

Gigafactory is the name Musk has given to Tesla's production plants. Currently there are two in the U.S. and one in Shanghai, China. Musk announced last year that Tesla's first European factory would be built around Berlin, Germany.

On the company's fourth-quarter earnings call last week, Musk explained the need to ramp up battery production to meet the demand for Tesla's cars.

"We got to scale battery production to crazy levels that people cannot even fathom today. That's the real problem," he said.

That's where these additional factories can help. Musk did not give any further details on his Twitter feed.

Tesla's shares have seen a meteoric rise recently. In the past five days, shares of the electric carmaker are up over 38% and have more than doubled since the start of the year.

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2020-02-05 09:55:00Z
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Major US airlines add Hong Kong to China flight suspensions - Yahoo News

The coronavirus outbreak has hit air travel, with dozens of carriers suspending flights to mainland China to help stop the spread of the disease (AFP Photo/Brendan Smialowski)

United and American Airlines on Wednesday both announced plans to temporarily suspend flights to Hong Kong following the outbreak of a deadly new coronavirus.

United said it would halt flights to the international financial hub from Saturday until February 20, citing a sharp drop in passengers.

American Airlines said it had already suspended flights through to February 20.

Both carriers had previously said they were halting flights to mainland China where the outbreak of the new coronavirus began late last year and has since killed nearly 500 people and infected more than 24,000.

Dozens of major airlines have stopped flying to the Chinese mainland in a bid to slow the spread of the virus, which has been detected among a small number of people in more than 20 countries.

The inclusion of Hong Kong in the flight ban comes as the city struggles with its own outbreak, with 18 people testing positive for the disease, including one who died.

On Tuesday, health officials in Hong Kong warned there was now growing evidence of local transmissions -- cases where people have become infected without travelling to China.

Hong Kong has one of the world's busiest airports and is a major transit point for China.

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2020-02-05 09:01:34Z
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Macy’s closing Cincinnati headquarters, 125 stores - Dayton Daily News

Macy’s is closing its national headquarters in Cincinnati, shifting from a dual headquarters with New York City to a single corporate hub, and shutting down 125 stores nationwide.

The publicly-traded department store chain announced Tuesday several sweeping changes would be coming to the retailer as it navigates a retail environment in upheaval.

FOX19 NOW reports that the move will mean 500 jobs lost but some of those jobs will move to Mason and Springdale.

JUST IN: New restaurant coming to Troy this spring

Macy’s said in a statement that it plans to close about 125 of its “least productive” stores over the next three years, including about 30 stores that are in the process of closure now.

The specific stores were not named. Macy’s also will continue its “growth treatment” to the remaining store portfolio, including upgrading an additional 100 stores this year, which includes boosts like renovations, new tech, and local marketing.

Macy’s has stores anchoring the Dayton Mall and the Mall at Fairfield Commons.

MORE: 5 things to know about the grand opening of local Macy’s outlet store

Besides New York City becoming the sole corporate headquarters, the company will also close its Tempe, Arizona, customer contact center and consolidate customer service work at its Mason and Clearwater, Florida sites.

The company also will close its San Francisco and Lorain offices.

The company states on its website that it has about 130,000 employees and is in 43 states, and had $24.971 billion in sales for fiscal year 2018.

Jeff Gennette, chairman and chief executive, stated he was confident the strategy announced Tuesday will allow Macy’s to stabilize margin in 2020 and set the foundation for sustainable, profitable growth.

“We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams,” he said.

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2020-02-05 05:20:23Z
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