Wednesday, April 17, 2019

Stocks to open higher | AT&T sells Hulu stake | Notre Dame fire extinguished - CNBC

Stocks to open higher | AT&T sells Hulu stake | Notre Dame fire extinguished - CNBC

Stocks to open higher | AT&T sells Hulu stake | Notre Dame fire extinguished - CNBC

Posted: 16 Apr 2019 04:05 AM PDT

U.S. stock futures were higher this morning after losses by the major averages on Monday. The Dow has fallen for four of the past six sessions, although yesterday's loss was the result of an 81-point drag from Boeing (BA) and Goldman Sachs (GS). (CNBC)

* Cramer and other experts weigh in on bank earnings (CNBC)

AT&T (T) sold its ownership stake in Hulu to the video streaming service for $1.43 billion, a sale that values Hulu at $15 billion. That leaves Walt Disney (DIS) and NBCUniversal parent Comcast (CMCSA) as Hulu's owners, with Disney owning 60 percent. (CNBC)

* Disney+ is the service Apple wants (CNBC)

Dow components UnitedHealth (UNH) and Johnson & Johnson (JNJ) are out with earnings this morning, along with BlackRock (BLK), Bank of America (BAC), and Comerica (CMA), while IBM (IBM), Netflix (NFLX), United Continental (UAL), and CSX (CSX) are out with numbers after today's close. (CNBC)

* J&J earnings: $2.10 a share, vs $2.03 EPS expected (CNBC)
* Bank of America posts another record quarterly profit (CNBC)

On the data front this morning, March industrial production figures will be out at 9:15 a.m. ET. At 10 a.m. ET, the National Association of Home Builders issues its April sentiment index. Separately, Dallas Fed President Rob Kaplan has a public appearance today in New Mexico at 2 p.m. ET. (CNBC)

Paris' Notre Dame Cathedral has been saved from "total destruction," according to a French fire official, after a massive fire ripped through the structure yesterday and caused the roof and main spire to collapse. (CNBC)

* Scenes of Notre Dame Cathedral in flames (CNBC)
* Louis Vuitton and Gucci owners pledge more than $300 million to rebuild Notre Dame (CNBC)

William Weld, the former two-term governor of Massachusetts, announced that he will challenge President Donald Trump for the Republican nomination for president in 2020. "I'm in!" Weld said in a tweet announcing his candidacy. (CNBC)

* Pete Buttigieg raises $1 million within four hours of 2020 campaign announcement (CNBC)
* The EU is not ready to deal with Russian influence in its elections. Here's why (CNBC)

A redacted version of the report by special counsel Robert Mueller is expected to be released to Congress and to the public by the Justice Department on Thursday morning, a day before the Easter holiday weekend. (CNBC)

Mark Zuckerberg oversaw plans to consolidate Facebook's (FB) power and control competitors by treating its users' data as a bargaining chip, while publicly proclaiming to be protecting that data, according to leaked company documents obtained by NBC News.

Elon Musk's SpaceX is raising another $500 million in funding amid internal questions about the viability of an internet-via-satellite business. Musk has been telling investors for years that Starlink is expected to power the company's bottom line. (WSJ)

Another 90 measles cases were reported in the U.S. last week, putting 2019 on track to be the worst year for the disease since public health officials said it was eradicated in 2010, according to the latest data from the CDC. (CNBC)

Walmart (WMT) is finally getting into the subscription business for apparel. The retailer announced it's partnering with Kidbox, a subscription-box company akin to Stitch Fix but focused solely on selling clothes for babies, girls and boys. (CNBC)

* Offering shoppers new experiences isn't helping as malls see tsunami of store closures, falling traffic (CNBC)

Marvel fans are being warned to stay away from social media after leaked footage from the upcoming "Avengers: Endgame" was found circulating online. Screen shots, gifs, short clips, and detailed posts are already surfacing. (CNBC)

J.B. Hunt Transportation Services (JBHT) reported quarterly profit of $1.09 per share, missing the $1.26 consensus estimate, and the trucking and logistics company also so revenue miss forecasts as its volumes were hurt by severe weather conditions in the Midwest.

Chevron (CVX) won a court victory in a case involving Ecuador's attempt to collect a $9.5 billion judgment against the energy giant over pollution. The Supreme Court of the Netherlands ruled against Ecuador's attempt to overturn an international tribunal ruling in Chevron's favor.

Goldman Sachs (GS) will lay off 98 employees in New York, according to a filing with New York State. The filing said the workers are being dismissed for economic reasons, but did not specify where the layoffs would occur within the bank.

Amgen (AMGN) set a list price of $1,825 per month for its Evenity osteoporosis drug. The Food and Drug Administration approved the drug last week, but mandated a so-called "black box" warning about an increased risk of heart attack and stroke.

DowDupont (DWDP) was downgraded to "sector perform" from "top pick" at RBC Capital Markets, which points to macroeconomic concerns for the chemical maker.

Western Digital (WDC) was upgraded to "buy" 'from "hold" at Deutsche Bank, which cites favorable data points in both hard disk drives and NAND flash memory.

Russell Wilson is now the highest-paid player in the NFL, according to ESPN. The Seattle Seahawks and the quarterback have reportedly reached agreement on a four-year, $140 million extension that includes a $65 million signing bonus.

Dow futures higher | Boeing's distress continues | Tiger Woods takes the Masters - CNBC

Posted: 15 Apr 2019 05:15 AM PDT

U.S. stock futures were modestly higher this morning. The S&P 500 and Nasdaq finished Friday trading at their highest levels since Oct. 3, and both have posted three consecutive weekly gains. The Dow is sitting about 2% below its record high. (CNBC)

* Oil edges lower as supply concerns check losses (Reuters)

It's a light day for the U.S. economic calendar, with only the New York Fed's Empire State Manufacturing Index scheduled to be out today. The 8:30 a.m. ET release is expected to show the index rising to 6.0 for April from March's 3.7. (CNBC)

The earnings calendar is also light, but contains several notable names including Goldman Sachs (GS), Citigroup (C), Charles Schwab (SCHW), and M&T Bank (MTB). All will be out before the opening bell, while JB Hunt Transport (JBHT) will be out with numbers after today's close. (CNBC)

American Airlines (AAL) extended cancellations of flight's involving Boeing's (BA) 737 MAX jet through Aug. 19, affecting about 115 flights per day. Southwest Airlines (LUV) on Friday removed the jet from its schedule through Aug. 5. (CNBC)

President Donald Trump's re-election campaign raised more than $30 million in the first quarter of 2019, his campaign said over the weekend. That far outpaces the total raised by individual Democratic candidates during that period. (Reuters)

The Wall Street Journal reported that former Fed officials and foreign central bankers said Trump's combative stance toward the U.S. central bank could over time weaken the institution and its role in the economy.

U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to a Reuters report, citing two sources briefed on the discussions.

Tiger Woods completed a comeback from personal and professional adversity over the weekend by capturing his fifth Masters title and his 15th major tournament. Woods, 43, became the second-oldest winner of the Masters. (NY Times)

* Adidas may have underestimated Tiger's ability to come back — this private equity firm could win big as a result (CNBC)

Apple (AAPL) is spending "hundreds of millions" of dollars on new video games for its upcoming Arcade subscription service, which was announced last month in Cupertino, according to a report in the Financial Times.

* Huawei is 'open' to selling 5G chips to Apple for iPhones, marking a big shift in strategy (CNBC)

Lyft (LYFT) is recalling several thousand electric bikes in three cities due to some braking issues, the ride-hailing company said over the weekend. The recall affects bicycles in New York, Washington, and San Francisco. (Reuters)

Walmart (WMT) and Kroger (KR) were among retail companies sent letters by the Food and Drug Administration asking for a plan of action to prevent the sale of tobacco products to minors. The agency threatened penalties and fines. (CNBC)

Facebook's (FB) board will be getting a new look, with long-time board members Erskine Bowles and Reed Hastings departing. The company announced that neither would stand for re-election later this year after serving on the board since 2011.

Anheuser-Busch InBev (BUD) has added Citigroup (C) and Bank of America (BAC) to its roster of banks working on a $5 billion Asian initial public offering, according to Reuters. Morgan Stanley (MS) and JPMorgan Chase (JPM) are already participants in the deal.

Alliance Data's (ADS) Epsilon marketing unit will be bought by French advertising giant Publicis for $4.4 billion, in a move to expand its North American presence.

Clovis Oncology (CLVS) is discontinuing trials for a drug that targets bladder cancer, after a review of data showed that the drug may not provide a meaningful clinical benefit.

Waste Management (WM) is near a deal to buy smaller rival Advanced Disposal Services (ADSW) for $2.9 billion or $33.15 per share in cash, according to the Wall Street Journal. That would represent a 22 percent premium over Advanced Disposal's Friday closing price.

Wells Fargo (WFC) was downgraded to "neutral" from "buy" at Goldman Sachs and removed from the "Conviction Buy" list. Goldman questions the bank's ability to meet near-term and long-term financial targets.

Caesar's Entertainment (CZR) will name Affinity Gaming Chief Executive Officer Anthony Rodio as its next CEO and will evaluate takeover interest in the casino operator, according to the Wall Street Journal.

Catalent (CTLT) is near a deal to buy closely held Paragon Bioservices for $1.2 billion, according to the Wall Street Journal. The contract drug manufacturer would expand its presence in gene therapy drugs with the acquisition of Paragon.

I promise, no spoilers. The eighth and final season of "Game of Thrones" premiered last night on HBO, and the hype for Sunday's season premiere was astronomical. Here's a recap of the first episode for those who watched. (USA Today)

Wednesday business briefs, 4-17-19 - News - Asheboro Courier Tribune

Posted: 16 Apr 2019 12:17 PM PDT

Gas prices keep rising

RALEIGH — North Carolina gas prices have risen 4.5 cents per gallon in the past week, averaging $2.66 per gallon on Monday, April 15, according to GasBuddy's daily survey of 6,092 stations. Gas prices in North Carolina were 21 cents per gallon higher than a month ago, yet stood 5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in North Carolina was priced at $2.34 per gallon on April 15 while the most expensive was $3.09 per gallon, a difference of 75 cents per gallon. The lowest price in the state was $2.34 per gallon while the highest was $3.09 per gallon, a difference of 75 cents per gallon.

Hulu buys AT&T's stake for $1.43 billion

Telecommunications giant AT&T sold its nearly 10 percent interest in Hulu for $1.43 billion, returning its stake in the streaming service now controlled by Walt Disney Co. AT&T said the deal, announced Monday, valued the Santa Monica-based streaming service at $15 billion.

AT&T was expected to sell its interest in Hulu as AT&T's WarnerMedia starts its own streaming service later this year.

"We thank AT&T for their support and investment over the past two years and look forward to collaboration in the future. WarnerMedia will remain a valued partner to Hulu for years to come as we offer customers the best of TV, live and on demand, all in one place," Hulu Chief Executive Randy Freer said in a statement.

Disney owns 60 percent and Comcast owns 30 percent of Hulu, which increased its ownership stake after it purchased much of 21st Century Fox last month.

Hulu continues to grow its subscribers, reaching more than 25 million last year, an increase of 48 percent across its on-demanding streaming service and live-TV plans in the United States.

Disney will probably bundle its Disney+, ESPN+ and Hulu services for a discount, said Kevin Mayer, chairman of Disney's direct-to-consumer business at Disney's investor day last week. The company has plans to take Hulu international, he added.

AT&T acquired Time Warner Inc. last year, an $85-billion deal that included a 9.5% stake in Hulu. AT&T renamed the Time Warner businesses WarnerMedia.


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