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Oil drops about 3% and US stock futures sink

IN THE NEWS TODAY

U.S. stock futures were sharply lower this morning, pressured again by the falling oil prices, after Monday's late session rally erased most earlier losses. Meanwhile, Google-parent Alphabet (GOOGL) was set to pass Apple (AAPL) as the world's most valuable company. (CNBC)

Alphabet surged in premarket trading, after posting better-than-expected earnings and revenue on strong advertising. Alphabet began a new reporting method, breaking out results for its main Internet products from its more speculative ventures. (CNBC)

Ted Cruz bested Donald Trump to win Iowa's Republican caucus last night, as Democrat Hillary Clinton eked out a victory against Bernie Sanders in a historically-close race. The next presidential nominating contest is a week from today in New Hampshire. (NBC News)


U.S. oil prices were off about 3 percent this morning, adding to Monday's nearly 6 percent decline. Meanwhile, Dow component Exxon Mobil (XOM) reports earnings this morning. (Reuters)

BP (BP) was nosediving in the premarket, after reporting its biggest annual loss in more than 20 years for 2015. The oil giant also plans to cut 7,000 jobs, or about 9 percent its workforce, by 2017. (CNBC)

Pfizer (PFE) this morning reported earnings and revenue that beat estimates, but warned on outlook. Meanwhile, Chipotle (CMG), looking to bounce back after food illnesses, reports quarterly results this afternoon. (CNBC)

Yahoo (YHOO) is set to announce earnings after the bell today, along with CEO Marissa Mayer's cost-cutting plan, which is expected to include a 15 percent staff reduction and the closure of several business units. (WSJ)

One Mayer's signature policies during her tenure at Yahoo has been a quarterly performance review that's been used to fire hundreds of employees. Now one former manager is suing. (NY Times)

WhatsApp, purchased by Facebook (FB) in 2014 for around $22 billion, now has a billion users, putting it ahead of Facebook's own messenger app that has monthly active user number of 800 million. (CNBC)

Putting an emphasis on more efficient LED light bulbs, General Electric (GE) plans to stop selling compact fluorescent lamp bulbs — known by their twisted design by the end of the year. (Gizmodo)

Sanofi (SNY) launched an effort to develop a vaccine to combat the Zika virus, a day after the World Health Organization declared the mosquito-borne disease an international public health emergency. (Reuters)

Blizzard and winter storm alerts have been expanded to cover 13 million Americans from New Mexico to the Great Lakes, with heavy snow expected on this Groundhog Day. (Weather.com)

BY THE NUMBERS

The nation's automakers report their January U.S. sales. Last week's Northeast snowstorm is expected to have a negative impact, with Edmunds.com estimating an overall decline of 0.5 percent compared to January of 2015.


STOCKS TO WATCH

Mattel (MAT) beat estimates on earnings and revenue, helped by the first quarterly sales increase in more than two years on renewed popularity for Barbie and Hot Wheels. The stock was sharply higher in the premarket.

UBS (UBS) issued earnings that topped forecasts, but the stock was under pressure in premarket trading, after the bank reported an unexpected outflow from its wealth management business.

21st Century Fox (FOXA) is aiming for $250 million in cost reductions over the next fiscal year, according to the Wall Street Journal. Cuts would come primarily through buyouts. Workers in the TV and movie studio groups were notified Monday.

Take-Two Interactive (TTWO) was hit with a copyright lawsuit by tattoo designer Solid Oak Sketches. The dispute involves the use of tattoos worn by NBA stars LeBron James and Kobe Bryant in Take-Two's NBA 2K16 video game.

WATERCOOLER

Police in the Netherlands are teaming up with raptor training firm Guard From Above to deploy eagles to take out dangerous drones from the sky. A video shows the eagles in action. (CNBC)