What's moving markets today: April 23, 2019

7:42 a.m. ET, April 23, 2019

Coke pops on solid earnings

Shares of Coca-Cola (KO) were up about 3% before the market opened on Tuesday after the company reported solid earnings for the first quarter and reaffirmed its guidance for the year.

Sales grew 5% to $8 billion in the period. CEO James Quincey said that the company's plan to expand its portfolio is working. "Our disciplined growth strategies continue to deliver strong underlying performance," he said in a statement discussing the quarterly performance.

Some of Coca-Cola's core brands performed particularly well for the company. Coke Zero Sugar had double-digit growth for the sixth straight quarter, Coca-Cola said.

Orange Vanilla Coke and Orange Vanilla Coke Zero Sugar, which launched in February, helped drive 6% retail growth for the Coca-Cola brand products.

8:03 a.m. ET, April 23, 2019

Hasbro's bottom line gets a boost from Monopoly and Play-Doh

Strong sales from old-fashioned favorites and new initiatives is bolstering Hasbro's (HAS) sales. The stock is up nearly 6% in premarket trading.

The toy maker reported a rise in first-quarter revenue and a surprise profit — a much-needed turnaround after it reported a loss for the same quarter a year ago following the closure of Toys 'R' Us.

Hasbro CEO Brian Goldner said the sales of Magic: The Gathering, Monopoly and Play-Doh showed growth. The company also said its investments in new platforms, like digital and e-sports "provided a meaningful contribution."

With most of the year ahead of us, we remain on track to deliver profitable growth for the full-year 2019," Goldner said.
8:36 a.m. ET, April 23, 2019

Whirlpool jacked up its prices and it's paying off

Whirlpool (WHR) shares are surging 8% in premarket trading after it released a positive earnings report on Tuesday.

The appliance giant beat analysts' expectations on earnings per share, but missed slightly on revenue. Whirlpool's shock success comes it continues to deal with the ongoing US-China trade dispute and tariffs.

To compensate for the higher price of steel and aluminum, the company has raised its prices.

Successful execution 2 of price increases and sustained focus on cost discipline drove very positive results in the first quarter, and provide confidence in our ability to deliver our full-year financial goals," said CEO Marc Bitzer.
6:39 a.m. ET, April 23, 2019

Oil prices climb again

Crude oil futures rallied again on Tuesday after the White House pledged to deepen its crackdown on exports from Iran.

The Trump administration vowed to bring Iran's oil exports to "zero" by removing the waivers that had allowed some countries to continue buying crude from the OPEC nation despite the reintroduction of US sanctions last fall.

President Donald Trump promised in a tweet that "Saudi Arabia and others in OPEC will more than make up" the reduction in supply.

But the oil market suggest traders are skeptical.

US oil prices climbed another 0.7% on Tuesday to $65.55 a barrel. That represents a spike of 54% since Christmas Eve. Brent crude, the global benchmark, increased 0.6% to above $74.

6:26 a.m. ET, April 23, 2019

Luckin Coffee files to go public

Starbucks' big rival in China just announced plans to go public in the US.

Beijing-based Luckin Coffee said in a filing Monday that it wants to sell shares on the Nasdaq as part of its ambitious expansion plans.

Despite being barely 18 months old, Luckin has opened more than 2,300 outlets across China and plans to open another 2,500 by the end of this year.

If that happens, the company will oust Starbucks (SBUXas China's biggest coffee chain.

Luckin has not said how much it plans to raise or when its IPO will happen, but the firm has previously raised hundreds of millions from big investors including BlackRock (BKCC).

After the company's most recent fundraising in April, it was valued at about $2.9 billion.

6:36 a.m. ET, April 23, 2019

Tesla hopes to have 1 million self-driving cars on the road soon

Tesla (TSLA) is accelerating with its radical plans for self-driving cars.

Company executives explained to investors Monday their plans to have more than a million fully self-driving Teslas on roads next year. The robo-taxis would compete with ride-hailing services such as Uber and Lyft.

CEO Elon Musk pitched them as a way for owners to rent out their vehicles when they're not using them, with Tesla taking a cut.

It's financially insane to buy anything other than a Tesla," Musk said. "It'll be like owning a horse in three years."
6:41 a.m. ET, April 23, 2019

Global markets check

Here's what investors are keeping an eye on:

  • 🔔 Coca-Cola (KO), Harley-Davidson (HOG), Hasbro (HAS), JetBlue Airways (JBLU), Lockheed Martin (LMT), Procter & Gamble (PG), Sherwin-Williams (SHW), Twitter (TWTR) and Verizon (VZ) will release earnings before the open.
  • Texas Instruments (TXN), eBay (EBAY), iRobot (IRBT), Six Flags (SIX), Snap (SNAP) and TD Ameritrade (AMTD) will follow after the close.
  • 🏠 The US Census Bureau will release a report on new home sales for March at 10:00 a.m. ET.