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.
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.
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.
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.