Thursday, May 30, 2019
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WHAT TO WATCH
This is Uber’s first earnings report since becoming a public company. After pricing its shares at $45, the stock has had a bumpy ride ever since. Uber shares closed at $39.94 on Wednesday. According to an SEC filing, the ride sharing giant expects a net loss between $1 billion and $1.1 billion for the quarter ended March 31.
Meanwhile, investors will also be focused on big box retailer Costco. The company is expected to report adjusted earnings of $1.82 per share on $34.77 billion in revenue, according to data compiled by Bloomberg.
U.S.-EU talks struggle, threatening a new front in trade war: Ten months after U.S. President Donald Trump and European Commission President Jean-Claude Juncker struck a Rose Garden truce meant to clear the way for negotiations to reduce tariffs on industrial goods and eliminate regulatory hurdles, those talks are showing few signs of going anywhere meaningful. [Bloomberg]
Israel's Delek buys Chevron's U.K. oil fields: Delek Group Ltd., the energy company controlled by Israeli billionaire Yitzhak Tshuva, agreed to buy North Sea oil and gas fields from Chevron Corp. (CVX) for about $2 billion, the latest deal in a region where smaller independent players are increasingly prominent. [Bloomberg]
Your paltry savings from the Trump tax cuts: Aspects of the Trump tax cuts were barely more generous to ordinary workers in 2018, according to new analysis by the nonpartisan Congressional Research Service. The law slashed the average corporate tax rate companies actually pay by 48%, while cutting the average rate for individuals by just 4%. The tax cuts had a minimal impact on GDP growth last year, and overall incomes rose just 2% when adjusted for inflation. [Yahoo Finance]
California inches closer to unprecedented ‘Student Borrower Bill Of Rights’: On Tuesday, the California assembly passed the “Student Borrower Bill of Rights,” or AB376, aimed at creating the first detailed set of rules protecting those holding student debt in the U.S. [Yahoo Finance]
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