Tuesday, October 23, 2018
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What to watch today
The stock market’s rough October continues. Global markets tumbled Tuesday with European stocks touching a two-year low. U.S. equity futures are deep in the red. “Global financial markets continue to struggle to rally as various geopolitical concerns weigh on investor confidence,” Rakuten Securities’ Nick Twidale said.
Before the U.S. market opens several major companies will report results, including Caterpillar (CAT), McDonald’s (MCD), Lockheed Martin (LMT), United Technologies (UTX), 3M (MMM), Verizon (VZ), and Harley-Davidson (HOG). Results out of Caterpillar will be most closely watched with investors looking for any signs of inflation pressures, trade tensions, or a slowdown in economic growth out of the industrial giant, which is often seen as a bellwether for the global economy.
Trump blasts caravan, says he’s cutting Central American aid: President Donald Trump declared Monday the U.S. will begin cutting aid to three Central American countries he accused of failing to stop thousands of migrants heading for the U.S. border. But across his administration there was no indication of any action in response to what he tweeted was a “National Emergy.” [AP]
Bayer sags as judge finds weed killer caused cancer: Bayer AG shares slumped after the German conglomerate failed to persuade a California state judge to set aside a jury’s verdict in the first trial over allegations that its Roundup weed killer causes cancer. The stock fell as much as 8.5% in Frankfurt trading, the most since the first jury verdict in the case on Aug. 13. [Bloomberg]
Uber’s top dealmaker exits ahead of planned IPO: Uber Technologies Inc. said Cameron Poetzscher, a longtime executive in charge of corporate deals, has resigned. His departure, which follows allegations of sexual misconduct, leaves another vacancy in Uber’s finance department as the ride-hailing company races toward an initial public offering targeted for the first half of next year. [Bloomberg]
Constellation seeks to sell U.S. wine brands: Constellation Brands Inc. (STZ), the U.S. producer of Corona and Modelo beers, is looking to sell some of its U.S.-based wine brands, in a deal that could be worth more than $3 billion, according to four people familiar with the matter. [Reuters]
SurveyMonkey plunges after rival discloses faster growth: SurveyMonkey (SVMK) shares fell 11% on Monday after one of the survey software vendor’s major competitors, Qualtrics, disclosed in its IPO filing that it’s the bigger of the two companies and is growing much faster than its rival. [CNBC]
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