CNBC | Morning Squawk
MARKETS & ECONOMY
U.S. stock futures were higher this morning after the S&P 500 posted its best advance of the month on Tuesday. But the index has moved between gains and losses for nine straight sessions. (CNBC)
In a continuation of financial earnings, Morgan Stanley (MS) this morning reported earnings and revenue that beat expectations. But the bank did face challenges fixed income, currencies, and commodities trading. (CNBC)
Oil was sharply higher this morning after OPEC called a planned production cut achievable and industry data showed a decline in U.S. inventories. The government weekly stockpile report is out at 10:30 a.m. ET. (CNBC)
The Saudi energy minister said oil markets were at the end of a considerable downturn as fundamentals were improving and supply and demand were rebalancing. (Reuters)
Saudi Arabia's first foray into the international bond market, expected this week, appears to be going well as the books get set to close on what could be a $15 billion to $20 billion deal. (CNBC)
China's economy grew 6.7 percent on-year during the July-September quarter, unchanged from the previous three months, and in-line with estimates. Asian equity markets flat following the data. (CNBC)
DECISION 2016
The third and final presidential debate, held tonight in Las Vegas, may be Donald Trump's last best chance to turn around an election, in which Hillary Clinton appears to be decisively pulling away. (NBC News)
Radio host Howard Stern, who's had Trump on a guest over the years, said he's never heard "locker room talk" of the sort Trump claimed he engaged in on the 2005 leaked "Access Hollywood" video. Stern considers Trump a friend, but has said he's voting for Clinton. (NBC News)
For the first time, Ivanka Trump publicly addressed the lewd comments her father made during the "Access Hollywood" video, saying they were "inappropriate and offensive." Ivanka Trump said she's glad he apologized to his family and the American people. (USA Today)
IN THE NEWS
The Transportation Department announced today a series of new efforts to increase the rights and protections of airline passengers, making sure there are no hidden fees. (CNBC)
Yahoo (YHOO) beat on earnings and matched estimates on revenue. Verizon (VZ) has a deal in place to buy Yahoo's core internet assets. But a recently revealed 2014 data hack has put a cloud over the agreement. (CNBC)
Dow stock Intel (INTC) beat earnings and revenue. The chipmaker's results were helped by growth in its data center and cloud businesses, as well as better demand for personal computers. (CNBC)
Starbucks (SBUX) named its first-ever chief executive officer for its China operations, promoting the unit's current president. The coffee chain aims to double its China presence to 5,000 stores by 2021. (Reuters)
China-based LeEco is expected to officially launch in the U.S. two smartphone models and four TVs. The new products — leaked ahead of time — will be unveiled today a San Francisco event. (CNBC)
Snapchat wants to pay content partners a flat license fee up front, instead of sharing the ad revenue. The new move is same model that TV networks use when they buy programming. (Recode)
Months before considering buying Twitter (TWTR), Salesforce (CMR) had weighed 14 possible acquisition targets, including Adobe Systems (ADBE), according to leaked emails of current Salesforce director and ex-Secretary of State Colin Powell. (WSJ)
The U.S. unit of Samsung is facing a proposed class action lawsuit from three customers of the discontinued, fire-prone Galaxy Note 7, according to a federal court filing. (Reuters)
Apple (AAPL) plans to launch new versions of its Mac computers at an Oct. 27 event. The move had long been expected, given that the company released MacOS Sierra last month. (Recode)
New England Patriots coach Bill Belichick said he won't use Microsoft's (MSFT) Surface tablets anymore on the sidelines, because the devices do not perform consistently. (The Verge)
Tesla (TSLA) chief Elon Musk plans to try again today to make his "surprise announcement" that was postponed Monday. Musk tweeted Sunday the reveal will be "unexpected by most." (USA Today)
BY THE NUMBERS
Today marks 29 years since the October 1987 stock market crash, which saw the Dow plunge 22 percent in one day.
On the economic calendar, investors get September housing starts at 8:30 a.m. ET, and the Fed's Beige Book looking at a region-by-region assessment of the U.S. economy at 2 p.m. ET.
Mortgage application volume eked out a 0.6 percent gain last week, according to the Mortgage Bankers Association, about 18.5 percent higher than one year ago.
Dow component American Express (AXP) leads this afternoon's after-the-bell earnings list, along with eBay (EBAY) and Mattel (MAT).
Visa (V) increased its quarterly dividend by 2.5 cents to 16.5 cents per share, a rise of 18 percent.
STOCKS TO WATCH
Wells Fargo (WFC) delayed a planned 10-year bond sale by one day, after S&P revised the bank's credit rating outlook to negative from stable. The bond issue is now expected to price today, according to the Wall Street Journal.
The state of Massachusetts will stop using Wells Fargo as a bond underwriter for a year, joining a growing list of state and local governments that have suspended business with the embattled lender.
Former Wells Fargo chief John Stumpf has resigned from the boards of Target and Chevron, effective immediately. Stumpf stepped down from Wells Fargo last week, in the wake of the bank's secret account scandal.
Deutsche Bank (DB) is trying to suppress speculation that the beleaguered German lender may seek to wind-down its investment banking operations in the United States.
Fiat Chrysler (FCAU) is recalling more than 86,000 trucks and police cars mainly in North America to fix a short circuit in the alternators that can cause engine stalling or fires.
Intuitive Surgical (ISRG) reported adjusted quarterly profit of $6.19 per share, well above estimates. Revenue also beat. But shares of the surgical products maker came under pressure after the company maintained its prior full-year forecast.
Hewlett Packard Enterprise (HPE) reaffirmed its full-year forecast at a meeting with analysts, but the cloud services and solutions company said it would see some short-term pressure after two planned spinoffs close during the coming fiscal year.
News Corporation (NWSA) Dow Jones unit has informed its employee union about a planned restructuring due to ad sales volatility. The Wall Street Journal, a Dow Jones publication, said the restructuring measures were unclear, but they may involve a reduction in headcount.
WATERCOOLER
One junk-bond trader at Goldman Sachs earned more than $100 million in trading profits for the bank earlier this year, an unusual gain at a time when new regulations have forced Wall Street to take fewer risks. (WSJ)
Actor Harry Shearer, best known for his voiceovers in "The Simpsons," is suing media group Vivendi for $125 million over profits from the 1984 cult comedy film "This is Spinal Tap." (Reuters)
