US equity futures slumped on Thursday, as officials in China deployed a revised method to ‘clinically diagnose’ the coronavirus, resulting in a nearly 10-fold increase in newly confirmed infections.

Health officials using computerized tomography techniques confirmed more than 15,000 new cases of the virus, known as Covid-19, in Hubei province, where the disease was first identified.

This figure has boosted the total number of cases in the province to just under 50,000 and China's nationwide total to around 60,000.
The death toll in Hubei climbed by 242 since last reported.

With new detection methods unveiling a raft of new cases and World Health Organization warning the outbreak "could still go in any direction" caution has replaced optimism that had otherwise lifted risk-asset prices higher over the past two weeks.

These reviewed concerns around the dynamics of the virus come after yesterday’s session, where all three major stock market benchmark indexes closed at record highs on Wednesday.

Ahead, today’s economic includes; Weekly Jobless Claims and the Consumer Price Index for January at 8:30am EST.

Earnings reports are also expected today from; Nvidia (NVDA), PepsiCo (PEP), Alibaba (BABA), Roku (ROKU), Mattel (MAT), Kraft Heinz (KHC), Datadog (DDOG), Yelp (YELP), Aurora Cannabis (ACB) and Waste Management (WM).

TODAY'S TOP HEADLINES
China: China Ousts High-Level Officials as Coronavirus Cases Soar. (The WSJ)
China ousted two top Communist Party officials in Hubei province, hours after health officials there confirmed 14,840 new infections on Wednesday alone, an almost 10-fold increase from a day earlier.

UK & Politics: Sajid Javid Quits as UK Chancellor in Major Blow to Boris Johnson. (Bloomberg)
Sajid Javid quit as the UK’s Chancellor of the Exchequer as Boris Johnson’s first major Cabinet reshuffle went disastrously wrong.

ECONOMIC CALENDAR
Today's Economical Announcements.

08:30AM - ★☆☆ - Weekly Jobless Claims (Previous: 202,000)
08:30AM - ★★★ - Core CPI (Jan) (Previous: 0.1%)

STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.

Tesla (TSLA): [OFFERING] Tesla announced that it intends to offer approximately $2 billion of common stock in an underwritten registered public offering.

Redfin (RDFN): [EARNINGS] Reported a smaller-than-expected loss for its fourth quarter and the real estate website operator’s revenue came in ahead of estimates. Redfin also gave a current-quarter revenue forecast largely above Street forecasts.

Cisco Systems (CSCO): [EARNINGS] Beat 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.

Tripadvisor (TRIP): [EARNINGS] Earned an adjusted 38 cents per share for the fourth quarter, beating consensus by 5 cents a share. The travel review site operator’s revenue also came in above forecasts.

Nu Skin Enterprises (NUS): [EARNINGS] Reported in-line earnings of 72 cents per share for its latest quarter, with the personal care products company’s revenue beating estimates. The shares are under pressure after the company warned of a 2020 decline in Mainland China sales of 20% to 25% due to the coronavirus.

American International Group (AIG): [EARNINGS] Reported quarterly profit of $1.03 per share, 3 cents a share above estimates. AIG saw smaller catastrophe losses and improved underwriting results.

Alibaba (BABA): [EARNINGS] Despite the impact of the coronavirus, the company posted better-than-expected results for its fiscal third quarter, and also reported increases in various user metrics. Results got a boost from growth in both e-commerce and cloud computing.

Kraft Heinz (KHC): [EARNINGS] Beat estimates by 4 cents a share, with quarterly earnings of 72 cents per share. Revenue missed forecasts as higher prices weren’t enough to offset lower sales volumes in the U.S.

Generac Holdings (GNRC): [EARNINGS] Reported quarterly profit of $1.53 per share, 17 cents a share above estimates. Revenue also came in above Wall Street forecasts. The quarter was highlighted by a 9.7% increase in residential sales, although commercial and industrial sales fell 2.7%.

Applied Materials (AMAT): [EARNINGS] Came in 5 cents a share ahead of estimates, with quarterly earnings of 98 cents per share. Revenue also beat Wall Street forecasts. The maker of semiconductor manufacturing equipment also gave an upbeat current-quarter earnings forecast, helped by the rollout of 5G mobile technology.

Aurora Cannabis (ACB): [EARNINGS] Reported lower-than-expected revenue for its latest quarter and warned that industry headwinds will continue to impact revenue.

PepsiCo (PEP): [EARNINGS] Beat forecasts, 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.

Honeywell International (HON): [NEWS] Is weighing the sale of its protective equipment business, according to a Bloomberg report.

MOMENTUM STOCKS
GAINERS: JKS, PGNY, SPWR, AMBA, URBN, IRDM, SBAC
DECLINERS: NMIH, MIME, TAP

TODAY'S IPOs
Newborn Acquisition (NBACU) (Price: 10) (Est. Vol: $50.0M)
Revolution Medicines (RVMD) (Price: 17) (Est. Vol: $238.0M)
Yunhong International (ZGYHU) (Price: 10) (Est. Vol: $60.0M)

WE WILL SHOW YOU THE WAY!