Friday, August 17, 2018
What to watch today
On Friday, investors will get a slower earnings and economic calendar to finish off the week, with Deere & Company (DE) set to be the only S&P 500 member reporting results. This report will be closely watched by markets for signs of how tariffs and the global economic environment is impacting the agricultural giant. In its May earnings call, Deere management said that, “While global trade concerns weigh on farmers, overall sentiment is holding as commodity prices move upward and equipment demand shows broad-based improvement.”
(AP Photo/Lefteris Pitarakis, File)
Turkey faces new US threats: After stabilizing its currency and staving off a full-blown crisis this week, Turkey faces the prospect of renewed turmoil with a looming court decision on the American detainee at the heart of a dispute with Washington. U.S. Treasury Secretary Steven Mnuchin urged President Recep Tayyip Erdogan’s government to free American pastor Andrew Brunson or face more sanctions. [Bloomberg]
Musk’s SpaceX could help fund take-private deal for Tesla: Elon Musk’s rocket company, SpaceX, could help fund a bid to take electric car company Tesla Inc. (TSLA) private, the New York Times reported, quoting people familiar with the matter. SpaceX would help bankroll the Tesla privatization and would take an ownership stake in the carmaker. [Reuters]
Nvidia gives disappointing sales forecast on lower crypto demand: Nvidia Corp. (NVDIA), the biggest maker of graphics processors, gave a disappointing forecast and said that a greater-than-expected drop in demand for chips used by cryptocurrency miners had put a lid on sales growth. Shares fell as much as 6.4% in extended trading. [Bloomberg]
China seen strengthening the yuan: China appears to be propping up the yuan just as the government prepares to restart trade negotiations with the U.S. After falling to a one-year low, the offshore yuan — one of the world’s weakest currencies in recent months — on Thursday surged the most since January 2017 as cash supply dwindled and the central bank set its daily fixings at stronger than expected levels. [Bloomberg]
DoorDash raises $250M, now valued at $4B: Meal delivery service DoorDash Inc. raised $250 million in a new round of funding co-led by Coatue Management and DST Global, valuing the company at $4 billion. DoorDash, whose investors include Japanese holding conglomerate SoftBank, Sequoia Capital and Charles River Ventures, was founded in 2013 by Stanford students Andy Fang, Stanley Tang, Tony Xu and Evan Moore. [Reuters]
NYU will offer a full ride to all medical students: Every student at the New York University School of Medicine is getting a full ride. The university announced Thursday that it will cover annual tuition costs of $55,018 for current and future students, regardless of need or merit. The announcement comes amid ballooning costs for medical education. [CNBC]
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