U.S. Stock Index Futures Drop on Outbreak Count Revision

Turtle Beach stock falls after gaming-gear maker calls for weaker earnings

Turtle Beach Corp. HEAR, +0.88% stock fell more than 5% in the extended session Wednesday after the maker of headsets and other gaming accessories said it expects weaker quarterly earnings and called for a "soft" market for videogame consoles as new consoles are slated to hit the stores later in the year. Turtle Beach said it expects to report fourth-quarter sales between $100 million and $102 million, compared with $111.3 million in the fourth quarter of 2018. Preliminary adjusted EPS for the fourth quarter are expected to be between 67 cents a share and 78 cents a share, compared with $1.33 in the fourth quarter of 2018. Analysts polled by FactSet expect adjusted fourth-quarter earnings of 85 cents a share on sales of $107 million. Turtle Beach is slated to report results on March 23. "We are very excited about the new consoles from Sony and Microsoft slated for release in the fourth quarter this year," Chief Executive Juergen Stark said in a statement. "We expect the console gaming market to be soft during this transition period until the new consoles are available at retail and then we expect the market to return to growth in 2021," and the company anticipates "continued growth this year in our PC gaming accessories sales and plan to increase our investments in this product area to position ourselves for long-term success in the PC market." Shares of Turtle Beach ended the regular trading session up 0.9%.

Iowa Democratic Party Chair Troy Price Resigns

Troy Price, chair of the Iowa Democratic Party, resigned on Wednesday after a failed reporting app led to a disastrous delay for the state’s Democratic caucuses a week ago.

“The fact is that Democrats deserved better than what happened on caucus night,” Price said in a resignation letter Wednesday night. “As chair of this party, I am deeply sorry for what happened and bear the responsibility for any failures on behalf of the Iowa Democratic Party.”

There are still no official final results for the Iowa caucuses.

This is a developing story. Please check back for updates.

U.S. judge says prepared to approve Philadelphia refiner's bankruptcy plan

NEW YORK, Feb 12 (Reuters) – A federal judge on Wednesday said he was prepared to approve Philadelphia Energy Solutions’ bankruptcy plan, including a $252 million sale of the oldest and largest East Coast oil refinery to Chicago-based Hilco Redevelopment Partners.

The plan, scheduled to be confirmed on Thursday in United States Bankruptcy Court for the District of Delaware, includes $20 million for unsecured creditors and $5 million in a severance pool for laid off union workers. (Reporting by Laila Kearney; Editing by Cynthia Osterman)

Telstra H1 Profit Down 7.6%; Pays Special Dividend

Australian telecom giant Telstra Corp. Ltd. (TLSYY.PK,TLS.AX,TLS) reported that profit attributable to equity holders of the company for the first-half of fiscal year 2020 decreased 7.6% to A$1.14 billion from A$1.23 billion in the prior year.

EBITDA increased 12.1 percent to A$4.8 billion on a reported basis. After adjusting for lease accounting on a like-for like basis, EBITDA decreased 0.1 percent to A$4.5 billion.

Underlying EBITDA on a guidance basis, which excludes one-off nbn income and restructuring costs, decreased 6.6 percent to A$3.9 billion.

Total income for the half decreased 2.8 percent year-over-year to A$13.4 billion on a reported and guidance basis.

The company said it is continuing with its rollout and now have 5G coverage in selected areas in 32 cities and regional areas, on track for its target of 35 by the end of fiscal year 2020.

The Telstra Board resolved to pay a interim dividend of 8 cents per share, comprising an interim ordinary dividend of 5 cents per share and an interim special dividend of 3 cents per share.

After excluding the expected in-year nbn headwind, which Telstra continues to expect to be in the range of A$600 million to A$800 million, underlying EBITDA is expected to grow up to A$500 million in fiscal year 2020.

China's coronavirus outbreak spikes with 242 dead, 14,840 new cases in one day

Coronavirus is China’s fault: Steve Hilton

‘The Next Revolution’ host Steve Hilton blames the coronavirus outbreak on China’s ‘disgusting animal welfare practices.’

The number of deaths in China's central Hubei province from a coronavirus outbreak rose by 242 to 1,310 as of Wednesday, the province's health commission said on its website on Thursday.

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CORONAVIRUS TREATMENT MAY COME FROM AN UNEXPECTED PLACE

A further 14,840 cases had been detected in Hubei, the epicentre of the outbreak, taking the total in the province to 48,206.

The commission said that it had begun including cases diagnosed through new clinical methods from Thursday.

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(Reporting by Winni Zhou and Dominique Patton; Editing by Kim Coghill)

Revolution Medicines prices IPO at $17 a share

Revolution Medicines Inc. RVMD, +0.00% priced its initial public offering at $17 a share Wednesday evening, and will collect about $238 million. The clinical-stage oncology company said it would sell 14 million shares at that price, after increasing the size and target price of its offering Tuesday. Underwriters — led by JPMorgan, Cowen, SVB Leerink and Guggenheim — have access to an additional 2.1 million shares that could push the total higher. Revolution shares are expected to begin trading Thursday morning on the Nasdaq exchange under the ticker symbol RVMD.

U.S. Stock Index Futures Drop on Outbreak Count Revision

U.S. stock index futures slid after the Chinese province at the center of the coronavirus epidemic reported a jump in new cases.

S&P 500 Index futures contracts expiring in March fell as much as 0.5% as of 9:20 a.m. in Tokyo, after Hubei reported 14,840 new cases as itrevised the method for counting infections. Contracts on the Dow Jones Industrial Average and the Nasdaq 100 were down more than 0.3% each.

“Just when markets were getting comfortable with the idea that the COVID-19 infection increase was trending lower, the sudden jump in the number of new cases in Hubei has jolted them out of this sense of complacency,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “This could see case numbers rise in the coming days and dampen the recent risk-on mood.”

Top U.S. health experts seeking to join an international group heading to the center of the outbreak in China said they still have no answer on whether they’ll be allowed into the country. Warm weather may not slow down the spread of the deadly pathogen, said a top U.S. health official, counter to a theory put forward by President Donald Trump.

— With assistance by Livia Yap