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Chewy will make its public debut, priced its IPO at $22 per share: Morning Brief

Friday, June 14, 2019

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WHAT TO WATCH

It’s a busy day ahead for market watchers.

Ahead of the opening bell, the U.S. Census Bureau will release the retail sales data for May. Core retail sales are expected to have jumped 0.5%, according to economists polled by Bloomberg.

Meanwhile, online pet-products retailer Chewy is expected to make its public debut, after pricing its shares at $22 Thursday. Chewy will trade on the New York Stock Exchange under the ticker “CHWY.”

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TOP NEWS

Bitcoin coin with the Facebook logo screen background [Getty]

Facebook's cryptocurrency reportedly gets big backers: Facebook Inc. (FB) has enlisted more than a dozen companies including Visa Inc, Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc to back its new cryptocurrency, the Wall Street Journal reported on Thursday. [Reuters]

Oil price choppy as Iran suspected of oil tankers attack: Oil has risen for a second day after spiking on Thursday after the suspected attacks on two oil tankers in the Gulf of Oman. Brent crude (BZ=F) was up 0.3% to $61.47 as the U.S. claimed Iran was behind the attacks, which fuelled fears of reduced crude flows along one of the world’s busiest shipping routes. [Yahoo Finance UK]

China factories see slowest growth since 2002: China’s industrial output growth slowed to the weakest pace since 2002 and investment decelerated, highlighting the headwinds the economy is facing as it grapples with the U.S. tariff war. Industrial output rose 5% from a year earlier, while fixed-asset investment expanded 5.6% in the first five months. [Bloomberg]

DoubleLine's Jeffrey Gundlach puts chance of recession at up to 65%: Prominent bond investor Jeffrey Gundlach, the CEO of $130 billion DoubleLine Capital, sees the increasing likelihood of a recession within the next six to 12 months. A couple of years ago, Gundlach said he began highlighting key recession indicators on his webcasts, to see if there was potentially one on the horizon. [Yahoo Finance]

Broadcom retreats from annual forecast, citing trade concern: Broadcom Inc. (AVGO) cut its annual sales forecast, indicating the trade war between China and the U.S. will wipe out a rebound in orders it had been predicting for the second half of the year. Shares fell as much as 8.7% in extended trading. [Bloomberg]

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