Monday, August 6, 2018
What to watch today
In the week ahead, investors will see an earnings calendar that is winding down as 45 members of the S&P 500 will report results. As a point of comparison, 48 members of the benchmark index reported earnings in a single day on Thursday. Leading the earnings flow this week will be Disney (DIS), set to report earnings after the close on Tuesday, while Papa John’s (PZZA) results will be closely watched as that company has been engulfed in controversy over the use of a racial slur by its founder and now former CEO back in the spring.
Monday comes with Marriott (MAR) earnings, but no major economic releases.
Dimon warns of 5% Treasury yields: Not content with a previous warning investors should brace for U.S. yields of 4%, Jamie Dimon went one further at the weekend, suggesting 5% was a distinct possibility. The JPMorgan Chase & Co. (JPM) chief executive officer said people should be prepared to deal with the benchmark 10-year bond yield at 5% or higher. [Bloomberg]
Berkshire Hathaway profit surges as economy gives Buffett a boost: Berkshire Hathaway Inc. (BRK-A, BRK-B), the conglomerate run by billionaire Warren Buffett, on Saturday said quarterly operating profit rose 67%, as insurance underwriting rebounded and several business units benefited from a growing economy. Results easily topped analyst forecasts. [Reuters]
Google in talks with Tencent, others for China cloud: Google’s plans for China are even more ambitious than previously understood. The internet giant (GOOGL) is in talks with Tencent Holdings Ltd., Inspur Group and other Chinese companies to offer its cloud services in the world’s second-largest economy, according to people familiar with the discussions. [Bloomberg]
Linde shares drop as Praxair merger hits US antitrust hurdle: Shares in Linde plunged more than 8% on Monday after the industrial gases group’s planned $87 billion merger with Praxair (PX) was put in doubt by demands from U.S. antitrust regulators. The U.S. Federal Trade Commission is asking for more assets to be sold than previously anticipated and the watchdog also wants prospective buyers to meet certain other requirements, the German industrial gases group said in a statement. [Reuters]
Crypto ‘pump and dumps’ distort trading: Dozens of trading groups are manipulating the price of cryptocurrencies on some of the largest online exchanges, generating at least $825 million in trading activity over the past six months and hundreds of millions in losses for those caught on the wrong side, according to a Wall Street Journal analysis. [WSJ]
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