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Morning Brief: Trump postpones State of the Union, ends showdown

Thursday, January 24, 2019

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WHAT TO WATCH

It is going to be another busy earnings day as a handful of mega-cap names release their financial results.

Before the market open, American Airlines (AAL), Bristol-Myers Squibb (BMY), Freeport-McMoran (FCX), JetBlue Airways (JBLU) and Union Pacific (UNP) are scheduled to release their earnings reports.

Tech titan Intel (INTC), coffee giant Starbucks (SBUX), Alaska Air (ALK), Discover Financials (DFS), E*TRADE Financial (ETFC), Norfolk Southern (NSC) and Western Digital (WDC) are set to report after the closing bell.

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TOP NEWS

Photographer: Win McNamee/Pool via Bloomberg

Ending showdown with Pelosi, Trump postpones State of Union: President Donald Trump said he is postponing his State of the Union address until the partial government shutdown ends, yielding after a weeklong showdown with House Speaker Nancy Pelosi. [Associated Press]

Renault to name new leaders as scandal-hit Ghosn bows out: Renault's board was meeting on Thursday to appoint new leadership, after Chairman and Chief Executive Carlos Ghosn resigned in the wake of a financial scandal that has rocked the French carmaker and its alliance with Japan's Nissan. [Reuters]

Biotech startup uses workaround to speed up IPO: As the U.S. government shutdown drags into its 34th day with little hope of a swift conclusion, companies are starting to find ways to get around the barriers it’s put up. Gossamer Bio Inc., a biopharmaceutical firm that filed in December for an initial public offering, set terms for the listing on Wednesday despite not being able to interact with the the Securities and Exchange Commission. [Bloomberg]

Chip results augur more tech gloom as slowing China weighs: Somber results from chipmakers SK Hynix Inc. and Texas Instruments Inc. (TXN), on the heels of warnings from tech behemoths Samsung and Apple, indicate more gloom for the sector as China's economy slows to its weakest in decades. [Reuters]

Ford Q4 results weighed down by losses overseas: Ford Motor Co. (F) on Wednesday posted a lower operating fourth-quarter profit as losses in every global region except North America weighed on results. The No. 2 U.S. automaker, which has announced an alliance with Germany's Volkswagen AG, is restructuring operations globally.[ Reuters]

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