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3 Things to Watch Ahead of the Closing Bell: Markets, Coronavirus, Coca-Cola

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Let’s break down the market movers ahead of the closing bell.

The markets are taking a downward tumble, with the Dow falling under 300 points in intraday trading.

The major indices are all down. So let’s break out some of the stocks that are sinking them.

Market Laggards

Hasbro  (HAS) - Get Hasbro, Inc. (HAS) Report, Consolidated Edison  (ED) - Get Consolidated Edison, Inc. Report, and Devon Energy  (DVN) - Get Devon Energy Corporation Report were dragging the S&P down.

Aside from Hasbro, Align  (ALGN) - Get Align Technology, Inc. Report, American Airlines  (AAL) - Get American Airlines Group, Inc. Report and Western Digital  (WDC) - Get Western Digital Corporation Report were dragging down the Nasdaq.

And Nike  (NKE) - Get NIKE, Inc. (NKE) Report, JPMorgan  (JPM) - Get JPMorgan Chase & Co. (JPM) Report and Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Report were the laggards of the Dow.

Coronavirus

Then there’s the coronavirus, which is the main culprit of the downward action in the markets.

There are over 76,000 confirmed cases and over 2,200 deaths.

Overnight, 100 more cases of the virus were confirmed in South Korea, bringing the country’s total to 200.

The outbreak has also spread through the Chinese prison system.

China has reported 889 new cases, 200 of which stemmed from a prison.

And, the World Health Organization has expressed concerns about the outbreak in Iran.

There are 18 confirmed cases in the country, and there have been four deaths in two days.

Coca-Cola

Coca-Cola  (KO) - Get Coca-Cola Company Report was just the latest company to announce that it will take an earnings hit because of the coronavirus. 

The company has said that the outbreak will drag down its first-quarter earnings by a penny to two cents a share.

The company also estimated that the outbreak will hit its unit case volume by two to three percent. And organic revenue will be impacted by 1% to 2%.

However, Coke does still think that it can meet its full-year outlook.

The company’s business accounts in China account for about 10% of its global volume, but less of its profit and revenue.

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