| What to watch today: Dow to drop, Dems spending totals and big Buffett weekend | | |  | FRI, FEB 21, 2020 | | | | AS OF FRI, FEB 21, 2020 • 08:02 ET | | Dow Jones Fut | | 29,219.98 | | Current: | 29,107.00 | | Change: | -64.00 | | Impl. Open: | -94.98 | | | S&P 500 Fut | | 3,373.23 | | Current: | 3,361.50 | | Change: | -7.75 | | Impl. Open: | -11.48 | | | NASDAQ 100 Fut | | 9,627.83 | | Current: | 9,604.50 | | Change: | -19.75 | | Impl. Open: | -31.33 | | | Russell 2000 Mini | | 1,696.07 | | Current: | 1,690.10 | | Change: | -4.30 | | Impl. Open: | -6.52 | | | Futures were pointing to a lower open on Wall Street, pushing the Dow and S&P 500 further into negative territory for the week and making it all but certain that the Nasdaq would lose what's left of its small weekly gain. The moves would be their first weekly losses in an otherwise stronger February. (CNBC) | | | Dow component Coca-Cola (KO) said Friday that negative impact from the coronavirus will shave 1 to 2 cents off first-quarter per-share earnings. Meanwhile, There are more than 76,000 cases worldwide and 2,249 deaths. The vast majority of cases and deaths are in China. (CNBC)
St. Louis Fed President James Bullard told CNBC on Friday that he expects the coronavirus to be a short-term problem and likely won't cause central bankers to want to cut interest rates. "There's a high probability that the coronavirus will blow over as other viruses have, be a temporary shock and everything will come back," Bullard said. | | | On the economy and earnings, the National Association of Realtors issues January existing home sales. Deere & Co. (DE) leads this morning's profit reports. Warren Buffett's Berkshire Hathaway (BRK.A) is set for a weekend release of its latest quarterly results. (CNBC)
Buffett also releases his annual letter to Berkshire shareholders on Saturday. As CNBC's Tom Franck reports, the Buffett faithful are especially interested this year to know whether Berkshire finally found the elusive "elephant-sized" acquisition. Buffett joins "Squawk Box" on Monday for three hours, starting at 6 a.m. ET. | | | | Shares of Dropbox (DBX) were gaining about 11% in the premarket after the online storage company beat estimates with quarterly earnings and revenue. Dropbox also raised its profit margin outlook and announced a $600 million share buyback program. (CNBC) | | Wells Fargo (WFC) is nearing a settlement with the U.S. Securities and Exchange Commission and the Justice Department (DOJ) over previously disclosed probes into its sales practices, the New York Times reported. | | | | Alphabet's (GOOGL) Google is resisting efforts to surrender emails, text messages and other documents sought by state investigators probing possible anticompetitive practices, according to records and interviews reported on by The Wall Street Journal. | | | | Sears has reportedly reached a deal for a fresh financial lifeline totaling roughly $100 million from hedge fund Brigade Capital Management, as it tries to stabilize after bankruptcy. (Reuters) | | | | T-Mobile US (TMUS) and Sprint (S) announced amended terms of their merger which will reduce the stake of Sprint shareholder SoftBank, while T-Mobile parent Deutsche Telekom will have a slightly higher stake. (CNBC) | | | | Tesla (TSLA), whose shares have been surging lately, has been given the go-ahead from a German court to cut down trees for its new European factory. However, the electric auto maker doesn't yet have planning permission to build the so-called Gigafactory in Brandenburg. (CNBC) | | | | HP (HPQ) adopted a "poison pill" to help fend off Xerox's (XRX) attempt to buy the computer and printer maker. The poison pill gives shareholders the right to buy more shares at a discount if any one entity acquires 20% of outstanding shares, diluting the group's stake. (Reuters) | | | | Plans by the U.S. to create a 5G rival to Huawei could be a "challenge," one of the Chinese firm's top executives told CNBC, as calls grow from American lawmakers to find alternatives for its next-generation networks. (CNBC) | | First Solar (FSLR) earned an adjusted $2.02 per share for the fourth quarter, short of the $2.72 per share profit that Wall Street analysts had anticipated. The solar power company also saw revenue come in below estimates. First Solar also gave weaker than expected revenue guidance. | | | | Fitbit (FIT) posted an unexpected loss of an adjusted 12 cents per share, compared to predictions of a 3 cents per share profit. The maker of wearable fitness devices also saw revenue come in below forecasts, as it sold more devices but at lower prices. | | | | Texas Roadhouse (TXRH) beat estimates by 9 cents with quarterly earnings of 61 cents per share. The restaurant chain's revenue beat forecasts as well with same-restaurant sales rising 4.4%, and Texas Roadhouse also announced a 20% dividend increase. | | | | Sprouts Farmers Market (SFM) earned 27 cents per share for the fourth quarter, nearly doubling the 14 cent consensus estimates, with the organic grocery chain's revenue slightly above forecasts. The company also gave a better-than-expected full-year earnings outlook. | | | | Pilgrim's Pride (PPC) fell 10 cents short of estimates with adjusted quarterly profit of 14 cents, although the poultry producer's revenue did come in above Wall Street forecasts. Pilgrim's Pride said it saw difficult market conditions in some key markets, most notably Mexico. | | The National Football League has released the new terms for its new collective bargaining agreement proposal, including pay increases and a larger roster size for practice players, according to terms released on the league's website NFL.com. Testing for THC will also be limited; players who test positive would avoid game suspensions. | |  | | |
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