Stock market news live: Stock futures drop as coronavirus fatalities rise - Yahoo Finance

Global markets were under pressure Thursday as a fears over a coronavirus gripping the world’s second largest economy escalated further.

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7:38 a.m. ET: Altria records $4.1 billion charge on Juul investment

Altria (MO) said in its quarterly earnings report Thursday that it recorded a fourth-quarter charge of $4.1 billion relating to its investment in Juul. The cigarette-maker had taken a 35% stake in Juul by investing some $12.8 billion in December 2018.

According to a statement from Altria:

“This impairment is primarily due to the increased number of legal cases pending against JUUL and the expectation that the number of legal cases against JUUL will continue to increase.

“Since October 31, 2019, the number of legal cases pending against JUUL has increased by more than 80%. Altria has not made any assumptions, or drawn any conclusions, regarding the merits or likelihood of success of any of these cases, litigation is subject to uncertainty and it is possible that there could be adverse developments in pending or future cases.”

Shares of Altria were little changed to slightly lower in early trading, after the company delivered fourth-quarter adjusted EPS and full-year guidance that was mostly in-line with expectations.

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7:25 a.m. ET: Coca-Cola shares rise in early trading after fourth-quarter organic sales growth tops expectations

KIEV, UKRAINE - 2020/01/07: Coca Cola zero seen in a store shelf. (Photo by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

Food and beverage giant Coca-Cola (KO) delivered organic revenue growth that topped expectations, driven by better than anticipated increases in volumes sold across its beverage segments.

Coca-Cola delivered fourth-quarter comparable EPS of 44 cents, matching expectations. Overall organic sales growth, which strips out the impact of acquisitions and other items, rose 7%, better than the 4.9% increase expected, according to Bloomberg consensus data.

Unit case volume rose 3% in the quarter, better than the unchanged growth in the same period last year. Sparkling beverage unit case volumes rose 3%, reversing last year’s 1% decline, while water and sports drink volumes accelerated by 1 percentage point to a 2% gain. Juice and plant-based beverages were flat, but were better than last year’s 2% decline.

The stock was up nearly 1% pre-market, and is trading near new 52-week highs.

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7:22 a.m. ET: Stock futures drop as coronavirus fatalities rise

U.S. stock futures were off in early trading, following equities in Asia and Europe lower as the death toll for the coronavirus in China rose further. The Shanghai Composite fell 2.75% on Thursday.

Crude oil prices sank further as fears that the virus and business closures it has spurred in China would impact demand for energy in the country. Gold prices rose and U.S. Treasuries were bid higher, sending yields sinking.

The coronavirus death toll rose by 38 to a total of 170 in China as of Thursday, according to the country’s National Health Commission, which also added that 170 people had been cured of the disease and discharged from medical facilities. The overall number of cases of the virus climbed above 7,700 in China, and India and the Philippines each reported their first cases of the coronavirus Thursday.

Here were the main moves during the pre-market session, as of 7:22 a.m. ET:

• S&P futures (ES=F): 3,247.25, down 25.25 points or 0.77%

• Dow futures (YM=F): 28,498.00, down 212 points or 0.74%

• Nasdaq futures (NQ=F): 9,035.00, down 63.5 points or 0.7%

• Crude oil (CL=F): $51.15 per barrel, down $1.18 or 2.21%

• Gold (GC=F): $1,586.30 per ounce, up $10.30 or 0.65%

Traders work after the opening bell at the New York Stock Exchange (NYSE). (Photo by JOHANNES EISELE/AFP via Getty Images)

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7:00 a.m. ET: Verizon Q4 boosted by Disney+ deal

Verizon (VZ) reported a strong Q4, with mobile phone subscribers getting boost from an offer of free, one-year subscription to Disney+ with some of its plans.

The company reported earnings per share of $1.13, but added 790,000 postpaid phone customers — well above Wall Street’s estimates.

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