7 stocks to watch on Tuesday: Microsoft, Coca-Cola, PepsiCo and more
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Inflation and Federal Reserve policy remain the key topics of Wall Street conversation on Tuesday, with a speech by Fed Chair Jerome Powell on the docket and key CPI data on tap for later this week. Stocks finished an uncertain session mixed on Monday, following a jobs data-induced rally to close out last week. Here are some stocks to watch for Tuesday:

Microsoft (NASDAQ:MSFT) is reportedly in negotiations to invest up to $10B in OpenAI, the creator of the popular ChatCPT chatbox. According to Bloomberg, the final terms have yet to be determined, but the parties have been in conversation for months.
Rival beverage makers Coca-Cola (KO) and PepsiCo (PEP) reportedly could face a regulatory probe related to possible price discrimination among soft drink sales. According to Politico, the Federal Trade Commission has opened a preliminary investigation looking into potential violations of the Robinson-Patman Act, which prevents larger retail chains from receiving better prices than smaller ones.
Live Nation Entertainment (LYV) announced that it has priced an upsized offering of convertible senior notes. In the transaction, the company will offer $900M in aggregate principal amount of its 3.125% convertible senior notes due 2029. This was up from the $850M that LYV had previously expected to sell.
A weak forecast sparked premarket selling in Illumina (ILMN). Shares of the maker of gene sequencing instruments dropped 10% before the opening bell after giving a disappointing revenue target as part of a presentation at the JPMorgan Healthcare Conference. The company predicted a top-line figure between $4.90B and $5.03B, below the $5.05B that analysts were projecting.
Frontline (FRO) gained ground in premarket action after saying it will no longer move ahead with its planned $4B merger agreement with fellow oil tanker owner Euronav (EURN). The move came after Saverys Group, a major shareholder in EURN, indicated opposition to the combination. FRO jumped 25% before the opening bell, while EURN dropped almost 14%.


As 2023 begins, see what indicator suggests that there is now an 83% probability that the S&P 500 will finish higher for the year as a whole.