What's moving markets today: April 4, 2019

By CNN Business

Updated 5:38 p.m. ET, April 4, 2019
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10:39 a.m. ET, April 4, 2019

Despite woes, Facebook's stock is still rising

From CNN Business' Jordan Valinsky

Here's some problems Facebook (FB) has been dealing with lately:

So, how's the stock doing? Decently, according to our Paul R. La Monica.

Here's what the stock has done since the beginning of 2019:

10:37 a.m. ET, April 4, 2019

Office Depot drops nearly 17% after earnings warning

From CNN Business' Taylor Nicole Rogers

Office Depot (ODP) stock fell nearly 17% after the company announced that its first quarter earnings will come in below expectations.

In a statement, Office Depot said “lower than expected operating performance” by its IT solutions division CompuCom is to blame. The office supplies giant said a combination of reduced revenue from CompuCom’s existing projects and the company’s inability to reduce costs resulted in the division losing $15 million.

Office Depot, which also owns OfficeMax, will release its full earnings report on May 8.

9:00 a.m. ET, April 4, 2019

CVS Pharmacy launches same-day prescription delivery

From CNN Business' Jordan Valinsky

CVS Pharmacy (CVS) is shortening the time customers can get their prescriptions delivered to just hours.

The company said that 6,000 stores will now deliver prescriptions "within hours." It will cost an additional $7.99 and be delivered by Shipt. The new option will be available on its app or by calling their local CVS Pharmacy.

CVS said thousands of additional other products can be added to their delivery, including over-the counter medicine, feminine care products and first aid items.

Last year, CVS began next-day home delivery across its nearly 10,000 US stores for $4.99. That option will still be available as a lower-cost option for customers, the company said in a release.

10:15 a.m. ET, April 4, 2019

Jobless claims fall to lowest level since 1969

From CNN Business' Paul R. La Monica

Talk about getting close to full employment. The fewest number of people filed for unemployment claims in almost 50 years last week.

The US Department of Labor reported Thursday that initial jobless claims fell to 202,000 -- the lowest level since December 1969.

It's yet another sign of how tight the labor market is right now.

The news comes one day before the US government will report the job figures for March. Job growth slowed to just 20,000 in February and many economists think the US economy is running out of workers who actually need a job. There are more job openings than there are unemployed people to fill them.

Economists are predicting a hiring rebound though, with consensus estimates that 170,000 jobs were added in March according to Briefing.com.

8:30 a.m. ET, April 4, 2019

Corona-maker pops after beating expectations

From CNN Business' Danielle Wiener-Bronner

Shares of Constellation Brands (STZ) which owns Corona, Modelo and other beers, liquors and wines, jumped nearly 3% before the market opened after reporting earnings results that beat Wall Street's expectations.

The company said that sales grew 7% in fiscal year 2019 to $8.1 billion, and 2% in the fourth quarter, adding that its beers have performed particularly well.

On Wednesday, Constellation announced that it is selling about 30 of its inexpensive wine brands to E. & J. Gallo Winery in a $1.7 billion deal.The move will let the company focus on its premium brands, which perform better for the company.

8:20 a.m. ET, April 4, 2019

Kenmore's washing machines and dishwashers can automatically reorder detergent in new Amazon Dash deal

From CNN Business' Jordan Valinsky

Kenmore is deepening its partnership with Amazon with a new Dash integration that will automatically reorder cleaning products that are compatible with Kenmore dishwashers and laundry machines.

The Sears-owned brand said that a "select number" of Kenmore's machines can automatically reorder "laundry detergent, dishwasher pods, rinse aid or dryer sheets" from the owner's Amazon account.

Last year, Kenmore announced that all of its smart refrigerators would provide a similar automatic reordering feature for water and air filters.

6:39 a.m. ET, April 4, 2019

Elon Musk's battle with the SEC heads to court

From CNN Business' Jackie Wattles

A federal judge in New York will hear oral arguments Thursday at 2 pm ET in a lawsuit brought by the US Securities and Exchange Commission that seeks to hold Tesla CEO Elon Musk in contempt for violating a settlement deal.

Judge Alison Nathan is tasked with weighing the SEC's request that Musk be held in contempt for violating a settlement agreement reached last year. The agreement required Musk to get pre-approval for social media posts about the electric car company.

It's unclear whether Musk will be present and when Nathan will issue a ruling.

9:36 a.m. ET, April 4, 2019

Boeing shares move slightly higher after Ethiopian crash report

From CNN Business' Ivana Kottasová

The pilots of Ethiopian Airlines Flight 302 followed proper procedures but were not able to control the aircraft before it crashed, Ethiopian Transportation Ministry officials said Thursday.

The findings, part of preliminary report on the tragedy released by the ministry, are likely to place significant pressure on airplane manufacturer Boeing. The crash of the Boeing 737 Max 8 was the second in less than six months.

Boeing (BA) shares opened slightly higher Thursday.

Boeing did not immediately respond to the report, but it has said it will work with global regulators to investigate the cause of the crash.

  • Stay tuned for the latest updates here.
9:36 a.m. ET, April 4, 2019

Tesla stock falls 9% after reporting its biggest sales drop in history

From CNN Business' Michelle Toh

Tesla (TSLA) stock plunged 9% in early trading after it reported a massive drop in auto sales for the last quarter.

About 63,000 vehicles were delivered to customers in the first three months of 2019 — a 31% drop compared to the previous quarter.

It's the first quarter-to-quarter drop in sales at Tesla in nearly two years, and the single largest drop ever.

Slowing sales are a concern because Tesla needs to keep its sales pace high to pay down its sizable debts.

The figures don't come as a shock: Wall Street analysts had expected sales and deliveries of the Model 3 to be about 50,000. And Tesla had already said it expected Model S and Model X deliveries to be lower than they were a year earlier.

The company says it's still confident, though, it will reach its annual sales goal.