What's moving markets today: April 23, 2019
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.
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.
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 (SBUX) as 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.
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."
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.