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Morning Brief: Tencent Music delays US IPO due to weak markets

Friday, October 12, 2018

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What to watch today

While the two-day sell-off has captured the focus of investors, Friday will mark the unofficial start of third quarter earnings season, with big U.S. banks leading the way as JPMorgan (JPM), Citi (C), Wells Fargo (WFC), and PNC (PNC) are all slated to report in the morning.

Investors will be looking for commentary from firms on how higher interest rates are impacting their business, the state of the U.S. housing markets, and JPMorgan CEO Jamie Dimon’s often colorful comments will be closely tracked.

And on the economic data side investors will get the September report on import prices on Friday as well as the first look at consumer sentiment in October from the University of Michigan. These reports will not likely be market movers.

Read more

Top news

REUTERS/Stringer/File Photo

Tencent Music delays $2 billion US IPO: Tencent Music Entertainment has delayed its planned U.S. initial public offering (IPO) until at least November as the owner of China’s most popular music apps prefers to wait for global stock markets to stabilize, three sources said. [Reuters]

The real reason Trump is bashing the Federal Reserve: To Wall Street denizens, it’s alarming to hear President Trump say Federal Reserve policy is “crazy,” “loco,” and “going wild.” But Trump isn’t trying to dictate Fed policy. He may even feel the Fed is doing the right thing. What Trump wants is a villain he can blame for negative turns in the economy, thereby exempting himself. [Yahoo Finance]

China trade surplus with US widens to recordChina’s trade surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose by 13% over a year earlier despite a worsening tariff war. [AP]

Software maker Anaplan is debuting Friday: Tech stocks have gotten crushed this week, and cloud software companies have been hit the hardest. But Anaplan is forging ahead with its public market debut anyway. Anaplan, which makes cloud-based business planning software, said Thursday night that it priced shares at $17 a piece, the high end of its range, and expects to start trading on the New York Stock Exchange on Friday. [CNBC]

Facebook removes pages, accountsFacebook Inc. (FB) said it removed 559 pages and 251 accounts that were coordinating the spread of misinformation and spam in the U.S. — and most originated from within the country. The social network has been under fire for facilitating foreign interference in U.S. politics. [Bloomberg]

More from Yahoo Finance

Druckenmiller: The Fed is playing ‘Jenga’ with rate hikes

There’s a ‘mystery’ in the September inflation report

How roboadvisors and 401(k)s reacted to the market drop

Will Walmart’s ‘Mr. Mom’ reboot help its streaming service?

Kanye West has a terrible iPhone passcode

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

 

  • United Rentals (URI) Surpasses Q3 Earnings and Revenue Estimates
    Business
    Zacks

    United Rentals (URI) Surpasses Q3 Earnings and Revenue Estimates

    United Rentals (URI) came out with quarterly earnings of $4.74 per share, beating the Zacks Consensus Estimate of $4.54 per share. This quarterly report represents an earnings surprise of 4.41%. United Rentals, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $2.12 billion for the quarter ended September 2018, surpassing the Zacks Consensus Estimate by 4.86%.

  • Facebook under fire as US officials back removal of Zuckerberg as chairman
    Business
    The Telegraph

    Facebook under fire as US officials back removal of Zuckerberg as chairman

    Mark Zuckerberg came under fresh pressure after four US officials called for a boardroom shakeup at Facebook. Three state treasurers and a top official from New York have joined a shareholders’ motion to install an independent chairman at Facebook, claiming the move would improve governance and accountability. In June, Boston-based Trillium Asset Management, which holds $11m in Facebook shares, launched an effort to split the role of chairman and chief executive at Facebook following scandals over the hacking of personal data from millions of users and claims of hate speech and election-rigging.

  • Ken Langone: 'Who the hell in their right frame of mind would be buying bonds now?'
    Business
    Yahoo Finance

    Ken Langone: 'Who the hell in their right frame of mind would be buying bonds now?'

    Billionaire investor and philanthropist Ken Langone, the founder of The Home Depot (HD) and chairman of Invemed Associates, argued that there’s some “big time” structural problems in the market right now. Because if we are on a trajectory of raising rates that means, and if it keeps going that way and I don’t know how high it will go, and it keeps going that way then all the sudden the guy who bought those bonds is going to be looking at a fairly decent loss,” Langone said.

  • A former GE exec who trained new managers found that almost all of them were making the same mistake
    Business
    Business Insider

    A former GE exec who trained new managers found that almost all of them were making the same mistake

    Beth Comstock is the former vice chair of General Electric. Comstock would hand out "permission slips" authorizing employees to take risks — but she also said it's important for people to stop hiding behind their excuses. Beth Comstock doesn't tolerate excuses.

  • Is "the Apple Store of Weed" a Buy After the Biggest Marijuana Acquisition in U.S. History?
    Business
    Motley Fool

    Is "the Apple Store of Weed" a Buy After the Biggest Marijuana Acquisition in U.S. History?

    MedMen's cannabis retail locations are upscale and well designed, just as Apple Stores are. MedMen stock has more than doubled so far in 2018, performing better than several more well-known Canadian marijuana stocks.

  • You've won the Mega Millions jackpot. Now what?
    News
    Associated Press

    You've won the Mega Millions jackpot. Now what?

    Despite the terrible odds — one in 302.5 million for those keeping score at home — someone will eventually match all six numbers and win the Mega Millions jackpot, now at $900 million. Here are some answers for someone holding that prized lottery ticket. Lottery officials recommend winners take a deep breath, put their winning ticket in a safe spot and consult with a reputable financial planner before popping over to the lottery headquarters.

  • These 3 Retailers Will Benefit From the Death of Sears
    Business
    Motley Fool

    These 3 Retailers Will Benefit From the Death of Sears

    Sears Holdings (NASDAQ: SHLD) recently filed for bankruptcy protection and announced that it will close nearly 200 stores by the end of the year. Sears still hopes to operate at least 400 stores going forward, but their fate remains uncertain as the company undergoes a painful restructuring to alleviate its billions of dollars in debt. Sears' bankruptcy was telegraphed years ago, as the retailer struggled with declining mall traffic and intense competition from superstores and Amazon.com (NASDAQ: AMZN).

  • Alibaba (BABA) Dips More Than Broader Markets: What You Should Know
    Finance
    Zacks

    Alibaba (BABA) Dips More Than Broader Markets: What You Should Know

    Investors will be hoping for strength from BABA as it approaches its next earnings release, which is expected to be November 2, 2018. On that day, BABA is projected to report earnings of $1.16 per share, which would represent a year-over-year decline of 10.08%. Investors should also note any recent changes to analyst estimates for BABA.

  • Tilray CEO says there could be a $100 billion pot stock c...
    Business
    CNBC Videos

    Tilray CEO says there could be a $100 billion pot stock c...

    FM trader Tim Seymour takes on the Tilray CEO, Brendan Kennedy. A breakdown of the marijuana madness, with CNBC's Dirdre Bosa and Melissa Lee, and the Fast Money traders, Pete Najarian, Dan Nathan and Guy Adami.

  • Intel restructures manufacturing organization
    Finance
    American City Business Journals

    Intel restructures manufacturing organization

    Chip giant Intel is restructuring its technology and manufacturing business group as it chases more connected device markets and grapples with delays on its next chip generation. In a memo to employees, reviewed by the Business Journal, Group President and Chief Engineering Officer Murthy Renduchintala described splitting the technology and manufacturing business into three groups. The three new groups are technology development, manufacturing and operations and global supply chain.

  • Business
    TheStreet.com

    UnitedHealth Has Made a Long Rise, but an EKG of the Indicators Gives Us Pause

    Let's review the charts and indicators of this health care leader. In this daily bar chart of UNH, below, we can see a mixed state of affairs. The daily On-Balance-Volume (OBV) line has moved up the past 12 months but its rise has not kept up with the price gains.

  • Netflix soaring with earnings beat, Target shares slip and Home Depot takes a dive with Credit Suisse downgrade
    Finance
    Yahoo Finance

    Netflix soaring with earnings beat, Target shares slip and Home Depot takes a dive with Credit Suisse downgrade

    Let’s check out the Yahoo Finance charts of the day. Netflix (NFLX): Shares are up in early trade, at around 6.3%.  The streaming giant reported strong user growth and exceeded expectations for adding subscribers during the third quarter. Netflix easily

  • Better Buy: The Home Depot, Inc. vs. Lowe's
    Business
    Motley Fool

    Better Buy: The Home Depot, Inc. vs. Lowe's

    Home Depot (NYSE: HD) and Lowe's (NYSE: LOW) have helped countless homeowners increase the value of their homes. They've also made many investors rich. With their shares having soared 879% and 484%, respectively, over the past decade, Home Depot and Lowe

  • Housing Stocks Tumble Midday; Home Depot Dents Dow
    Finance
    Investing.com

    Housing Stocks Tumble Midday; Home Depot Dents Dow

    Investing.com - Home Depot (NYSE:HD) and other housing-leveraged stocks fell in midday trading following disappointing data on home construction. Home Depot fell about 4.2% at 12:08 PM ET (16:08 GMT) and was a drag on the Dow Jones Industrial Average

  • Employee Accused of Urinating on Production Line at Food Processing Facility
    Business
    WTKR - Norfolk

    Employee Accused of Urinating on Production Line at Food Processing Facility

    Smithfield Foods, Inc. said in a statement Tuesday that it disposed of more than 50,000 pounds of product after reports of an employee urinating at his station at the company’s processing facility in Virginia.

  • Business
    CNBC

    Walmart saves $200 million by changing its light bulbs and $20 million with a new floor wax

    Walmart says switching to LED lights in its parking lots cut its annual energy costs by $200 million. A change in the floor wax it uses cut costs by $20 million a year because the floors need to be buffed less often. It's exactly what Walmart WMT is doing.

  • Why American Airlines Group Stock Jumped 6% -- Then Gave Most of It Back
    Business
    Motley Fool

    Why American Airlines Group Stock Jumped 6% -- Then Gave Most of It Back

    Shares of American Airlines Group (NASDAQ: AAL) popped 6.4% in early trading Wednesday before retracting to close the day up less than 1% -- just 0.9%, to be precise. An upgrade assigned to the stock by Deutsche Bank appears to be the primary reason for the move. A Deutsche Bank analyst upgraded American Airlines stock from "hold" to "buy" on Wednesday, as we're told by our friends at StreetInsider.com.

  • Advanced Micro Devices (AMD) Q3 Earnings Preview: Here's What to Look Out For
    Business
    Zacks

    Advanced Micro Devices (AMD) Q3 Earnings Preview: Here's What to Look Out For

    Advanced Micro Devices (AMD) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2018. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on October 24, 2018, might help the stock move higher if these key numbers are better than expectations.

  • Disney vs Netflix: Here's which stock would have made you richer if you invested $1,000 10 years ago
    Business
    CNBC

    Disney vs Netflix: Here's which stock would have made you richer if you invested $1,000 10 years ago

    On October 16, 1923, Walt and Roy Disney founded The Walt Disney Company and, nearly a century later, the company is one of the largest and most successful media conglomerates in the world. The answer is Netflix. According to CNBC calculations, a $1,000 investment in Netflix in October 2008 would be worth more than $97,560 as of after the earning bell on Monday, or more than 96 times as much, including price appreciation and dividends reinvested.

  • AT&T (T) Q3 Earnings Preview: How Are Events Shaping Up?
    Business
    Zacks

    AT&T (T) Q3 Earnings Preview: How Are Events Shaping Up?

    The market expects AT&T (T) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2018. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 24.

  • Business
    Benzinga

    Kinder Morgan's Q3 Earnings Preview

    Kinder Morgan (NYSE: KMI) will be releasing its next round of earnings Wednesday. For all of the relevant information, here is your guide for the Q3 earnings announcement. Earnings and Revenue Analysts expect Kinder Morgan earnings of 21 cents per share

  • Where Will NVIDIA Be in 5 Years?
    Business
    Motley Fool

    Where Will NVIDIA Be in 5 Years?

    At one time, NVIDIA (NASDAQ: NVDA) floated under the radar in the technology sector. Its graphics processing units (GPUs) were then niche tech products that appealed mainly to graphic artists and hardcore PC gamers, but that all changed over the last

  • Nvidia (NVDA) Dips More Than Broader Markets: What You Should Know
    Business
    Zacks

    Nvidia (NVDA) Dips More Than Broader Markets: What You Should Know

    Heading into today, shares of the maker of graphics chips for gaming and artificial intelligence had lost 9.29% over the past month, lagging the Computer and Technology sector's loss of 4.86% and the S&P 500's loss of 3.08% in that time. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.25 billion, up 23.44% from the year-ago period. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

  • Steven Mnuchin, Who Sat on Sears' Board for Years, Could Impact the Pensions of Thousands of Workers
    Business
    Fortune

    Steven Mnuchin, Who Sat on Sears' Board for Years, Could Impact the Pensions of Thousands of Workers

    Long before he was Secretary of the Treasury, Steven Mnuchin was a student at Yale University. One of those was Eddie Lampert. Lampert, of course, is the recently departed CEO of Sears Holdings, which filed for Chapter 11 bankruptcy Monday.

  • Kinder Morgan Canada's profit surges on TransMountain sale
    Business
    Reuters

    Kinder Morgan Canada's profit surges on TransMountain sale

    The company said on Wednesday it expects to return about C$1.2 billion ($921.5 million) or C$11.40 per restricted voting share from the sale to its shareholders. Its parent, U.S.-based Kinder Morgan Inc, closed the sale of the controversial Trans Mountain pipeline to the Canadian government for C$4.5 billion in August. Kinder Morgan Canada said net income rose to C$1.35 billion in the three months ended Sept. 30, from C$42.4 million, a year earlier.