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Morning Brief: Apple to build new $1B campus in Texas

Wednesday, December 13, 2018

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WHAT TO WATCH

Starbucks (SBUX) will be holding its biennial investor day in New York City at 1 p.m. ET. The coffee giant’s top executives CEO Kevin Johnson, COO Rosalind Brewer and new CFO Patrick Grismer are expected to give presentations and company updates.

There will be two notable corporate earnings reports after the market close: Costco (COST) and Adobe (ADBE). Analysts polled by Bloomberg are expecting Costco to report fiscal Q1 2019 earnings of $1.62 per share on $34.78 billion of revenue and 6.1% same-store sales growth. Adobe is expected to report earnings of $1.88 per share on $2.43 billion of revenue.

Additionally, the U.S. Bureau of Labor Statistics will be releasing the U.S. import and export price indexes. Economists polled by Bloomberg are expecting a decline of 1% for November’s import price index reading after seeing a 0.5% jump in October. November’s export price index reading is expected to show a decline of 0.3% after a 0.4% increase in October.

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TOP NEWS

Low-angle view of blue colored sign with logo and buildings near the headquarters of Apple Computers in the Silicon Valley, Cupertino, California, August 26, 2018. (Photo by Smith Collection/Gado/Getty Images)

Apple to build new $1 billion campus in Texas: Apple Inc (AAPL) said on Thursday it would invest $1 billion to build a second campus in North Austin, Texas and another $10 billion for new data centers over the next five years, as it aims to create 20,000 jobs in the United States. [Reuters]

Farm bill passes despite President Trump's food stamp preference: The House of Representatives passed a farm bill Wednesday, expected to cost $867 billion over 10 yearsTrump has said he prefers a previous version of the bill that tightened work requirements for food stamp eligibility, a measure that became unlikely to pass after Democrats won control of the House. [Yahoo Finance]

Theresa May wins no confidence vote - what happens next?: Theresa May has warded off a challenge to her leadership, winning a vote of confidence by 200 votes to 117. This means she will continue as Prime Minister and leader of the Conservative Party, and another no confidence vote cannot be held for the next twelve months. [Yahoo Finance UK]

Qualcomm seeks iPhone import ban, stepping up patent fight: Qualcomm Inc. persuaded the U.S. International Trade Commission to consider banning imports of iPhones that use Intel chips, the latest step in their global fight over patent royalties. The U.S. trade agency also said it would take a closer look at a recommendation that an import ban would hurt America’s competitive edge in the development of 5G. [Bloomberg]

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