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Morning Brief: Walgreens Boots Alliance replacing GE on the Dow

Wednesday, June 20, 2018

What to watch today

REUTERS/Brendan McDermid/File Photo

On Wednesday, investors will again remain attuned to any news on the trade front out of the White House as the relatively slow week of scheduled economic and corporate news continues.

The day’s biggest markets story, however, is likely to come from the Dow, as S&P Dow Jones Indices announced late Tuesday that Walgreens Boots Alliance (WBA) would replace General Electric (GE) in the Dow Jones Industrial Average, effective prior to the open of trading on June 26.

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Top news

5 ways the Trump tariffs will hit your walletPresident Donald Trump is trying to structure new tariffs on Chinese imports in a way that disguises their impact on American consumers. But the tariffs will hit Americans’ wallets anyway, in ways that are both indirect and direct. [Yahoo Finance]

Starbucks CEO calls performance ‘not acceptable’: Starbucks Corp. (SBUX) forecast on Tuesday slower sales growth than Wall Street expected this quarter and plans to close about 150 U.S. cafes next fiscal year to boost performance, sending its shares down 2% after hours. The world’s largest coffee chain is facing competition both from upscale coffee houses and lower-priced fast-food chains like McDonald’s Corp. (MCD) and Dunkin’ Donuts (DNKN).

AT&T in talks to acquire AppNexus for about $1.6B: AT&T Inc. (T) is in talks to acquire advertising technology company AppNexus, according to people familiar with the matter, a deal that would give the telecom giant a foothold in digital ad sales as it seeks to become a challenger to Alphabet Inc.’s Google (GOOG, GOOGL) and Facebook (FB). AppNexus was valued at $1.8 billion in a 2015 funding round. [The Wall Street Journal]

Cryptocurrencies fall as Korean exchange says $32M of coins stolen: Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing fears about the security of digital-asset trading venues. Bithumb, ranked seventh in the world by traded value on Coinmarketcap.com, said on Wednesday that about 35 billion won ($32 million) worth of coins were stolen. [Bloomberg]

FedEx profit tops Wall Street estimatesFedEx Corp. (FDX) reported a fourth-quarter profit, excluding items, of $5.91 per share — 20 cents per share better than analysts’ average estimate, according to Thomson Reuters I/B/E/S. Revenue matched Wall Street’s target, rising 10.2% to $17.3 billion. Shares of the Memphis-based package delivery company extended losses in after-hours trading, following their worst regular session sell-off in two months on worries over the U.S.-China trade war. [Reuters]

For more of the latest news, go to Yahoo Finance

Cardboard cutouts of MPs Tom Tugendhat, Robert Neill, Anna Soubry, Dominic Grieve, Kenneth Clarke, Nicky Morgan, Stephen Hammond and Jeremy Lefroy are presented by pressure group Avaaz as they stage a Brexit vote protest urging the twelve Tory rebels to step up and be ‘superheroes’ to save the country from Brexit at the House of Commons on June 20, 2018 in London. (Photo by Dan Kitwood/Getty Images)

Yahoo Finance Originals

Blankfein: The immigration debate isn’t as simple as right versus wrong

Goldman CEO: We are not in a ‘suicide pact’ on trade

Amazon announces a better way to receive packages

Venture capitalist John Doerr: Theranos had the ‘wrong goals’

Pepsi CEO: How ‘Sex and the City’ ‘profoundly altered my thinking’

Why Google teamed up with the Amazon of China

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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.