Texas Instruments, Procter & Gamble, Intel,  Amazon, Coronavirus - 5 Things You Must Know Thursday

Stock futures are mixed; Asian shares fall sharply as worries grow about the spread of the deadly coronavirus in China; Texas Instruments sees 'stabilizing' markets; Procter & Gamble and Intel report earnings.
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Here are five things you must know for Thursday, Jan. 23:

1. -- Stock Futures Mixed as China Virus Worries Grow

Stock futures were mixed Thursday and Asian shares fell sharply as worries grew that the  spread of the deadly coronavirus in China could escalate into a worldwide pandemic.

Authorities in China moved to shut down travel from Wuhan, a central industrial city with a population of around 11 million, in an effort to contain the spread of the virus, which has killed 17 people and infected more than 500.

The steep equity losses in Asia, as well as weaker trading in Europe, pulled U.S. stock  futures into the red, but the pullback was limited by stronger-than-expected quarterly earnings from Texas Instruments  (TXN) - Get Report, which could help support the tech and semiconductor sectors.

Contracts linked to the Dow Jones Industrial Average fell 29 points, futures for the S&P 500 rose 0.2 points and Nasdaq futures rose 12.50 points.

Stocks finished mixed Wednesday, with the Dow falling less than 0.1% to 29,186.27, reversing earlier session gains.

2. -- Texas Instruments Sees 'Stabilizing' Markets

Texas Instruments posted fourth-quarter earnings that beat analysts' estimates and issued an in-line first-quarter forecast amid markets the chipmaker said "showed signs of stabilizing."

Fourth-quarter earnings at Texas Instruments were $1.12 a share, below year-earlier profit of $1.27. Revenue fell in the quarter to $3.35 billion from $3.72 billion.

Analysts were expecting earnings of $1.03 a share on revenue of $3.25 billion.

Texas Instruments said it expects first-quarter earnings of 96 cents to $1.14 a share on revenue of $3.12 billion to $3.38 billion. Analysts had been calling for profit of $1.04 a share on revenue of $3.22 billion.

The stock fell 0.58% in premarket trading Thursday to $132.56.

3. -- Procter & Gamble and Intel Report Earnings

Procter & Gamble  (PG) - Get Report reported fiscal second-quarter earnings that topped expectations but revenue came in under estimates.

Southwest Airlines  (LUV) - Get Report reported fourth-quarter adjusted earnings that beat analysts' forecasts even as it took a charge related to the ongoing grounding of its fleet of Boeing-made 737 MAX aircraft. The airline warned that future costs are rising because of the jet's grounding.

Comcast  (CMCSA) - Get Report posted stronger-than-expected fourth-quarter earnings and boosted its dividend as broadband customer additions offset rising customer departures from its cable business.

Comcast is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

Reports are also expected Thursday from American Airlines AAL, Travelers TRV, Intel INTC, Union Pacific UNP, Kimberly-Clark KMB, Skyworks Solutions SWKS and Freeport-McMoRan FCX.

The economic calendar in the U.S. Thursday includes weekly Jobless Claims at 8:30 a.m. ET and Oil Inventories for the week ended Jan. 17 at 11 a.m.

4. -- Amazon Asks Court to Pause Microsoft's Work on Pentagon Contract 

Amazon.com  (AMZN) - Get Report filed a motion in court to temporarily block Microsoft  (MSFT) - Get Report from working on a $10 billion cloud contract from the Department of Defense until a court rules on its challenge of the contract award.

Amazon last week said in a filing it planned to file a motion for a temporary restraining order.

Amazon has contended that the acrimonious relationship between its CEO Jeff Bezos and President Donald Trump played a part in Microsoft winning the contract.

The Seattle company said Trump exerted “improper pressure” on the Department of Defense in choosing Microsoft over Amazon.

Amazon’s cloud unit, Amazon Web Services, said in a statement Wednesday, “It is common practice to stay contract performance while a protest is pending, and it’s important that the numerous evaluation errors and blatant political interference that impacted the JEDI award decision be reviewed.”

Amazon and Microsoft are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN or MSFT? Learn more now.

5. -- Ford to Take $2.2 Billion Pension-Related Charge

Ford  (F) - Get Report plans to take a $2.2 billion charge in the fourth quarter related to pension costs that will cut net income by about $1.7 billion for the period.

The charge includes a $2 billion loss associated with plans outside the U.S., and a $600 million loss tied to other post-employment benefit plans. The losses will be partially offset by a $400 million gain related to pension plans in the U.S.

The company, in a regulatory filing, said the loss won't affect EBIT or adjusted earnings per share because it is a special item.

Ford is expected to report fourth-quarter results on Feb. 4. Analysts estimate the automaker will report adjusted earnings of 17 cents a share on revenue of $39.3 billion.

Shares fell 0.22% to $9.14 in premarket trading.