Morning Brief: SEC looking into MetLife's failure to pay pensions
Tuesday, January 30, 2018
What to watch today
Tuesday is a big day for the U.S. consumer. Earnings out of McDonald’s (MCD) before the market open will set to the tone for the Dow, with analysts looking for earnings per share of $1.58 on revenue of $5.23 billion. The company’s U.S. same-store sales are expected to rise 5% in the fourth quarter. In 2017, shares of McDonald’s rose more than 40%. Other notable earnings expected today include results from Pfizer (PFE), Aetna (AET), Juniper Networks (JNPR), and Electronic Arts (EA).
And on the economics calendar, the November reading on home prices from S&P/Case-Shiller is set for release at 9:00 a.m. ET, while The Conference Board’s January report on consumer confidence will be released at 10:00 a.m. ET. Tuesday also marks the official start of the two-day Federal Reserve meeting, which concludes Wednesday with the central bank’s 2:00 p.m. ET announcement of its latest monetary policy decision. No change is expected in its interest rate policy.
Additionally, President Donald Trump will deliver the State of the Union address tonight. He is expected to discuss immigration and tout the strong economy.
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Top news
SEC looking into MetLife’s failure to pay some pensions: MetLife Inc (MET) said the U.S. Securities and Exchange Commission was looking into the insurer’s failure to pay some workers’ pensions. MetLife, in a statement, said the SEC’s enforcement staff has inquired about payments that the insurer failed to make for people who receive a type of annuity benefit from the company via its retirement business. Less than 5% of 600,000 people are affected, the company has said. [Reuters]
Dimon will continue to serve as JPMorgan CEO for 5 more years: JPMorgan Chase (JPM)’s chairman and CEO, Jamie Dimon, will stay in that role for another five years, the bank said Monday, though it named two lieutenants to a co-president job. Daniel Pinto and Gordon Smith will start their new roles as co-presidents and co-chief operating officers on Tuesday, reporting to Dimon. [CNBC]
Republicans vote to release classified memo on Russia probe: Brushing aside opposition from the Justice Department, Republicans on the House intelligence committee voted to release a classified memo that purports to show improper use of surveillance by the FBI and the Justice Department in the Russia investigation. The four-page memo has become a political flashpoint, with President Donald Trump and many Republicans pushing for its release and suggesting that some in the Justice Department and FBI have conspired against the president. [AP]
US releases list of Russian tycoons, officials for potential sanctions: The U.S. identified some of Russia’s richest tycoons and allies of President Vladimir Putin for potential sanctions, ratcheting up pressure over alleged Kremlin interference in the 2016 presidential vote. The Treasury released a list of 210 names viewed as close to Putin’s government. [Bloomberg]
More proof that Uber is crucial for corporate America: Uber was arguably the most embattled brand of 2017, but it’s indisputable that the business world relies heavily on the service. The ride-hailing app remains the most expensed brand in 2017. Uber accounted for 4.5 million — or 9% — of 50 million receipts processed by expense management company Certify. This represents a 3% increase from last year and 5% more than the second most-expensed brand — Starbucks (SBUX). [Yahoo Finance]
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