What's moving markets today

By CNN Business

Updated 7:34 p.m. ET, February 12, 2019
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9:35 a.m. ET, February 12, 2019

The legend of EA's new Fortnite-like game grows

From CNN Business' Paul R. La Monica

Fortwho? Video game maker Electronic Arts continues to wow Wall Street with strong demand for its new action game Apex Legends, a multiplayer battle royale game that the company hopes will compete with the juggernaut that is Fortnite.

Shares of EA soared last week after Vince Zampella, the head of Respawn Entertainment, the EA-owned studio that produced Apex Legends, noted that the game had attracted 10 million players in just three days.

It looks like Apex Legends is not slowing down one bit. Zampella tweeted again after the market closed Monday to point out that the game now has 25 million players.

EA's stock (EA) was up 8% Tuesday morning and now has surged more than 40% after reporting disappointing results last week. The success of Apex Legends is also going to put more pressure on rivals Take-Two (TTWO) and Activision Blizzard (ATVI), which reports earnings later Tuesday, to come up with their own Fortnite-esque games.

9:17 a.m. ET, February 12, 2019

Pot CEO losing sleep over how to meet demand

From CNN Business' Paul R. La Monica

Canadian marijuana company Aurora Cannabis has a good problem -- so much demand for its product that the CEO is not sure how to handle it.

"I lose sleep over our ability to supply this global cannabis market," said Aurora Cannabis (ACB) CEO Terry Booth during a conference call with analysts Monday evening.

Aurora Cannabis reported revenue of $54.2 million in its most recent quarter, a more than 360% increase from a year ago. But the company posted a loss because expenses rose at a faster pace than sales.

Canada legalized recreational marijuana use last October, helping to fuel the surge in demand. But pot prices fell in the quarter, in part because of more competition. Aurora Cannabis said the average selling prices of dried cannabis and cannabis extracts were down more than 20% from a year ago. Shares fell more than 5% in early trading Tuesday on the news.

10:45 a.m. ET, February 12, 2019

Under Armour beats on earnings

From CNN Business' Jordan Valinsky

  • Under Armour (UAA) didn't adjust its 2019 outlook.
  • Its stock is up 18% for the year.
6:37 a.m. ET, February 12, 2019

Gucci shines in China

From CNN Business' Ivana Kottasová

Chinese shoppers might have lost their appetite for iPhones, but they are still buying luxury bags.

Kering (PPRUF), the owner of brands like Gucci and Yves Saint Laurent, just reported bumper sales driven by strong growth in Asia.

Its revenue increased 26% in 2018 to €13.6 billion ($15.4 billion).

Luxury companies LVMH (LVMHF), L'Oreal (LRLCF) and Hermes (HESAF) have also defied expectations of weaker sales in China caused by a slowdown in the world's second largest economy.

Concerns were sparked earlier this year when Apple (AAPLwarned that it was selling fewer iPhones in China.

Kering did have some words of warning for investors. The company said the business environment "remains unsettled" because of geopolitical risks, trade policies and fluctuations in exchange rates.

Shares in Kering dropped 3% in Paris after earnings were announced. Helen Brand, an analyst at UBS, said the stock has been trading higher ahead of the earnings in anticipation of strong results.

8:05 a.m. ET, February 12, 2019

Dow set to rise 200 points on shutdown agreement

From CNN Business' Ivana Kottasová

US stock futures are moving higher after Congressional negotiators said they'd reached an agreement in principle to avoid a partial government shutdown.

The Dow was set to rise 200 points at the open. The S&P 500 and Nasdaq futures were both up 0.8%.

It's still not clear what will happen next. Negotiators declined to get into details yesterday on the exact parameters of the potential breakthrough, and President Trump has not yet weighed in.

Lawmakers are racing the clock in an effort to find common ground for an agreement on border security that will pass both chambers of Congress and be signed into law by Trump before Friday.

About 25% of funding for the US federal government runs out at the end of the week.

Still ahead this morning: Under Armour (UAA) and Molson Coors Brewing (TAP) will release earnings before the open.

Activision Blizzard (ATVI), Groupon (GRPN) and TripAdvisor (TRIP) are up after the close.

6:29 a.m. ET, February 12, 2019

Say hello to Nissan's post-Ghosn era

From CNN Business' Daniel Shane

Nissan (NSANF) has slashed its profit and sales forecasts in its first earnings report since the arrest and ouster of Carlos Ghosn, its controversial former leader.

The Japanese carmaker blamed the gloomy outlook on difficulties in the US and Europe, two of its biggest markets. 

The company also said that it has booked a charge of 9.2 billion yen ($83 million) related to payments to its former chief.

Nissan has a tough job on its hands to turn things around. After an 8% drop in the first three quarters of its financial year, Nissan's sales in the US plunged 19% in January. 

The company's stock gained 1.9% in Tokyo earlier today. Its earnings were released after Japanese markets closed.