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February 13, 2020

Morning Market Report - February 13, 2020

China confirms 15,152 new coronavirus cases, 254 additional deaths

China said it is starting to include “clinically diagnosed” cases in its figures and that 13,332 of the new cases fall under that classification. That brings the country’s total death toll to 1,367 as the number of people infected hit 59,804, according to the government.

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TOPICS COVERED:

Markets have, the majority of time, a bullish bias, so it takes specific conditions to change the trend significantly
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The frequency of a specific bad news headline becomes very important
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Tesla shares fall after $2 billion stock offering

Tesla announced on Thursday it plans to offer $2 billion of common stock. CEO Elon Musk will buy as much as $10 million of stock in this offering, while board member Larry Ellison will also purchase up to $1 million.

CSCO trades lower on revenue warning

Cisco , beating estimates by a penny a share. The networking equipment maker’s revenue also topped analysts’ forecasts. Cisco warned of a revenue drop of as much as 3.5% for the current quarter, however, as global economic uncertainties slow technology investments.

Source: CNBC

Pepsi trades lower on weak 2020 outlook

"The beverage and snack giant , with quarterly earnings of $1.45 per share. Revenue also beat forecasts. Organic revenue growth was a better-than-expected 4.3%, and the company said it is projecting a 4% growth rate for organic revenue in 2020.

The company is forecasting adjusted earnings per share of $5.88 for the year, shy of the analysts’ forecast of $5.95. The beverage and snack giant cited foreign currency as an expected headwind for 2020."

Source: CNBC

MGM CEO Jim Murren stepping down

"MGM CEO Jim Murren after the casino operator’s board picks a successor. Murren has been CEO at MGM Resorts since 2008, but said the company now needs a CEO who can lead the company into the next decade or two. Separately, the company pulled its 2020 forecast, saying it could not yet assess the full impact of the coronavirus."

Source: CNBC