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Morning Brief: Sears files for bankruptcy

Monday, October 15, 2018

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Earnings season kicks into high gear. Notable reports this week should include Bank of America (BAC) reporting on Monday; Netflix (NFLX), Morgan Stanley (MS), Goldman Sachs (GS), United Airlines (UAL), Johnson & Johnson (JNJ), BlackRock (BLK), and IBM (IBM) reporting on Tuesday; Abbot Labs (ABT) and United Rentals (URI) reporting on Wednesday; American Express (AXP), PayPal (PYPL), Philip Morris (PM), Travelers (TRV), BNY Mellon (BK), Textron (TXT), PPG (PPG), and Danaher (DHR) reporting on Thursday; and Procter & Gamble (PG), Honeywell (HON), Kansas City Southern (KSU), and Schlumberger (SLB) reporting on Friday.

The economic calendar’s highlight will come when the September report on retail sales is released, which is expected to show a rebound after disappointing in August.

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Top news

(AP Photo/Amy Sancetta, File)

Sears files for bankruptcy:  Sears Holdings Corp. (SHLD), the 125-year-old retailer that became an icon for generations of American shoppers, filed for bankruptcy, saddled with billions of dollars of debt racked up as it struggled to adjust to the rapid shift toward online consumption. The company filed for Chapter 11 protection from creditors with the U.S. Bankruptcy Court in White Plains, N.Y., early Monday and said Eddie Lampert is stepping down immediately as chief executive officer. [Bloomberg]

Dimon, Ford latest to drop out of Saudi investment event: Prominent members of the world’s business community are dropping out of Saudi Arabia’s Future Investment Initiative, a conference that is widely known as the “Davos of the Middle East,” after the disappearance of journalist Jamal Khashoggi, a columnist at the Washington Post. [Yahoo Finance]

Trump threatens another round of China tariffs: President Donald Trump threatened to impose another round of tariffs on China and warned that Chinese meddling in U.S. politics is a “bigger problem” than Russian involvement in the 2016 election. Asked in an interview with CBS’s “60 Minutes” whether he wants to push China’s economy into a depression, Trump said “no.” [Bloomberg] 

A guide to Brexit’s biggest week: The “moment of truth” for Brexit has arrived. Despite 15 months of negotiations, the future of the UK rests on what happens in Brussels over the next five days. [Yahoo Finance UK]

Harris, L3 combine to tap into Trump’s defense spend Harris Corp. (HRS) and L3 Technologies Inc. (LLL) are combining to become the sixth-largest U.S. defense contractor, continuing a trend in the industry to create bigger companies that can take advantage of President Donald Trump’s increased military spending. The newly formed L3 Harris Technologies Inc. would be an entity with a total market value of $33.5 billion. [Bloomberg]

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.