Stock market live updates: Dow futures drop 150, all eyes on Tesla

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  • MKM initiated Starbucks as buy
  • Cowen upgraded Philip Morris to outperform from market perform
  • Evercore ISI raised its price target on Microsoft to $212 from $190
  • Goldman Sachs upgraded Caterpillar to buy from neutral
  • Raymond James upgraded Altice USA to strong buy from outperform

CNBC Pro readers can read more here. —Bloom

Markets reacted little to Thursday morning data that was close to expectations. The headline Consumer Price Index rose 0.2% in January, meeting expectations. On a year-over-year basis, CPI was up 2.5%, also in line. The core gain, excluding food and energy, increased 2.3% for the year, a notch above the 2.2% forecast by economist surveyed by Dow Jones. At the same time, weekly jobless claims rose 2,000 to 205,000, beneath the 210,000 estimate. Stock market futures continued to point to a 150-point drop for the Dow, while government bond yields held in negative territory. —Cox

Shares of e-commerce giant Alibaba slid 2.4% in Thursday’s premarket trading despite better-than-expected results. For the third quarter the company reported adjusted earnings of $18.19 per share, which was ahead of the $15.75 per share analysts had been calling for, according to estimates from FactSet. Revenue also topped expectations, coming in at $161.45 billion versus the consensus estimate of $159.28 billion. The China-based company said that results were boosted by strength in e-commerce and cloud computing. —Stevens

Shares of data management company NetApp dropped 13.5% during Thursday’s premarket trading after the company’s third quarter earnings results fell short of Street expectations. The company earned $1.16 per share for the quarter on revenue of $1.40 billion. Analysts expected earnings of $1.18 per share and $1.46 billion in revenue, respectively, according to estimates from FactSet. Guidance was also light, and the CFO said he would be retiring by the end of the fiscal year. —Stevens

Source: https://www.cnbc.com/2020/02/13/stock-market-today-live.html

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