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Wall Street Breakfast: Super Thursday At The Bank Of England
May 10, 2018 7:00 AM ET |
Includes: AAPL, ALSMY, AMZN, CMCSA, CRCCY, CTL, D, DIS, DJI, EADSY, EWN, FDX, FOXA, GE, GM, GOOG, GOOGL, INTC, MSFT, MYL, NVS, QCOM, QQQ, RBS, RGR, ROKU, SHLD, SPY, SSMMF, SSNLF, T, UBER

Wall Street Breakfast
Seeking Alpha's flagship daily business news summary, gives you a rapid overview of the day's key financial news. It is published before 7:00 AM ET every market day and delivered to over 900,000 email subscribers.

Note From The Editor: Due to a technical error, yesterday's WSB email failed to send until midday EDT, and links failed to direct readers correctly. We apologize for the issues.

It's data deluge day in London. In addition to a press conference from Mark Carney, the Bank of England will release its monetary policy decision, the minutes from its last meeting and a quarterly inflation report. Until a few weeks ago, a 25 basis point rate hike was anticipated with near certainty, but dovish comments from Carney have dashed those expectations, along with a softer GDP print and weakening pound.

Economy


California has become the first U.S. state to require solar panels on nearly all new homes built after Jan. 1, 2020, as part of new energy efficiency standards adopted by the California Energy Commission. While the move is a boost for the solar industry, critics say it will add $8K-$12K to the cost of buying a house in the state. Solar already provides 16% of California's electricity.

Mirroring a surge in crude oil, gasoline futures on the New York Mercantile Exchange rose as high as $2.169, touching their highest levels since late August, when Hurricane Harvey knocked out a quarter of U.S. refining capacity. The average price at the pump is now about $2.83, according to AAA, with drivers in nine states paying $3 a gallon for regular gasoline.

Iranian forces in Syria shelled Israeli army outposts in the Golan Heights overnight, prompting one of the heaviest Israeli strikes in Syria since its civil war began in 2011. This "is just further demonstration that the Iranian regime cannot be trusted and another good reminder that the president made the right decision to get out of the Iran deal," White House press secretary Sarah Sanders told Fox News.

Yemen's Houthi rebels also fired a salvo of ballistic missiles at Saudi Arabia yesterday, bringing to 136 the number of missiles fired by the Iran-allied group against Riyadh. It comes after Saudi Arabia approved a development program for its financial sector, the main part of its massive economic reform plan known as Saudi Vision 2030.

Returning to power after a previous two-decade rule, Malaysia's Mahathir Mohamad will be sworn in as the world's oldest elected leader after pulling off a shocking election win. Current Prime Minister Najib Razak's popularity had recently plunged over rising living costs and the graft scandal at 1MDB. While the national stock market will be closed today, Malaysia's ringgit weakened in offshore trading, while U.S.-traded iShares MSCI Malaysia ETF (NYSEARCA:EWM) fell 6%.

Stocks

Comcast will include a $2.5B breakup fee in any new offer for the entertainment assets of 21st Century Fox (NASDAQ:FOXA) after an earlier proposal was rejected by the media giant, FT reports. Disney (NYSE:DIS) included a similar fee in its own offer, which was ultimately recommended by the Fox board, but Comcast (NASDAQ:CMCSA) - which is in talks for up to $60B in financing - is pitching its bid as a significant premium.

Due to delays in the approval process, Apple (NASDAQ:AAPL) is dropping a plan to open a $1B data center in Athenry, Ireland, RTE reports. Apple first announced the facility in February 2015. It would have been built in the rural Irish location to take advantage of green energy sources nearby, but the project has faced a two-year delay amid planning objections.

The U.S. Transportation Department has announced winners for its drone pilot project, which aims to produce data and assist the FAA in establishing safety regulations for UAVs. Among them: Alphabet (GOOG, GOOGL), Airbus (OTCPK:EADSY), Apple (AAPL), Dominion Energy (NYSE:D), FedEx (NYSE:FDX), Intel (NASDAQ:INTC), Microsoft (NASDAQ:MSFT), Qualcomm (NASDAQ:QCOM) and Uber (UBER). Missing from the list were Amazon (NASDAQ:AMZN) and China's DJI (DJI), but the DoT could announce more projects in the coming months.

Following delays in getting the service off the ground in Dubai, UBER has re-opened a contest to select the first international city to launch its proposed flying taxi project. Last year, the company named Dallas and Los Angeles as its first launch cities and is now looking for a third. UberAIR aims to launch demonstrator flights starting in 2020 and begin intra-city operations in 2023.

BT Group -7.8% premarket after posting weaker-than-anticipated figures over the first three months of the year and announcing plans to cut 13,000 managerial and back-office jobs. Britain's largest telecoms group also said it would leave its London headquarters in its latest attempt to regroup after an accounting scandal, while placating BT shareholders by maintaining its dividend.

Royal Bank of Scotland has agreed to pay a $4.9B civil penalty to settle a DOJ investigation about the mortgage-backed securities the bank issued during 2005-08. The bank secured a far lower than expected settlement with U.S. authorities, paving the way for a long-awaited return of cash to U.K. taxpayers who bankrolled its post-crisis survival. RBS +4.2% premarket.

Fresh criticism is falling on the Samsung Group about its ownership framework, with South Korea's antitrust regulator saying it was unsustainable and urging Chairman Jay Y. Lee to make a structural decision. Korea Fair Trade Commission chief Kim Sang-jo specifically took aim at the group's circular shareholdings between companies such as Samsung C&T, Samsung Life Insurance (OTCPK:SSMMF), and Samsung Electronics (OTC:SSNLF).

Alstom has signed an agreement with General Electric (NYSE:GE) to exit three joint ventures - covering grid, nuclear and renewable assets - in return for a payment of approximately €2.6B ($3.1B). The businesses were created as part of Alstom's €12.4B energy sale to GE in 2015. Alstom (OTCPK:ALSMY) also agreed to merge its rail operations with Siemens to withstand the international advance of China's CRRC (OTCPK:CRCCY).

Sears shares soared 16% on Wednesday after the company announced a tire service partnership with Amazon (AMZN). "Let me be the first one to acknowledge we are on the right path but we haven't gotten over the hump. We need to convert our vision into reality," CEO Eddie Lampert declared. Under the deal, Sears (NASDAQ:SHLD) will install tires sold by Amazon at its U.S. auto centers.

Terms of its rescue agreement... General Motors (NYSE:GM) will stay in South Korea for at least 10 years and set up its Asia-Pacific headquarters in the country. The U.S. carmaker's Korean unit averted a bankruptcy filing with a wage deal clinched last month, but many had doubts about GM's commitment and about how long the loss-making company would remain in business.

A majority of Sturm Ruger investors have voted to support a call for the gunmaker to produce a product safety report, in what shareholder activists called the first victory for such a proposal. It calls for a report by next year on how Ruger (NYSE:RGR) monitors the use of its products in violent crimes, on research to produce safer firearms and on risks gun violence could pose to its reputation and finances.

Confirming a $1.2M contract with President Trump's personal lawyer Michael Cohen, Novartis (NYSE:NVS) said the deal was part of efforts to learn about the new administration. While it regretted the decision, the company had not been able to stop payments until the pact ended. AT&T (NYSE:T) also confirmed it paid $200K for "insights," but reports suggest the figure may have included "actual work" and totaled $600K.

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:30 a.m. on iTunes, Stitcher and SoundCloud (click the highlighted links).

Wednesday's Key Earnings

21st Century Fox (FOXA) +0.8% AH on rising cable revenues.
Centurylink (NYSE:CTL) +2.8% AH beating profit estimates.
Mylan (NASDAQ:MYL) +3.8% reaffirming guidance.
Roku (NASDAQ:ROKU) +4.5% AH following heavy platform growth.

Today's Markets

In Asia, Japan +0.4%. Hong Kong +0.9%. China +0.5%. India -0.2%.
In Europe, at midday, London -0.3%. Paris -0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow -0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.6% to $71.57. Gold +0.3% to $1316.80. Bitcoin +0.7% to $9368.
Ten-year Treasury Yield -1 bps to 2.98%

Today's Economic Calendar

8:30 Initial Jobless Claims
8:30 Consumer Price Index
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
1:00 PM Results of $17B, 30-Year Note Auction
2:00 PM Treasury Budget
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Companies reporting earnings today »LONG LIST
https://seekingalpha.com/earnings/upcoming

ACSF American Capital Senior Floating, Ltd. 05/10/2018 Pre-Market
AGFS AgroFresh Solutions, Inc. 05/10/2018 Pre-Market
AGM Federal Agricultural Mortgage Corporation 05/10/2018 Pre-Market
AMRX Amneal Pharmaceuticals, Inc. 05/10/2018 Pre-Market
AMS American Shared Hospital Services 05/10/2018 Pre-Market
AMTX Aemetis, Inc. 05/10/2018 Pre-Market
AP Ampco-Pittsburgh Corporation 05/10/2018 Pre-Market
ARCB ArcBest Corporation 05/10/2018 Pre-Market
ARREF Amerigo Resources Ltd. 05/10/2018 Pre-Market
AVYA Avaya Holdings Corp. 05/10/2018 Pre-Market
AZUL Azul 05/10/2018 Pre-Market
BAM Brookfield Asset Management Inc. 05/10/2018 Pre-Market
BDORY Banco Do Brasil SA ADR 05/10/2018 Pre-Market
BIOS BioScrip, Inc. 05/10/2018 Pre-Market
BKEP Blueknight Energy Partners 05/10/2018 Pre-Market
BLBD Blue Bird Corporation 05/10/2018 Pre-Market
BPMP BP Midstream Partners LP 05/10/2018 Pre-Market
BRDCY Bridgestone Corp. ADR 05/10/2018 Pre-Market
BT BT Group plc 05/10/2018 Pre-Market
BTDPF Barratt Developments Plc. 05/10/2018 Pre-Market
CASM CAS Medical Systems, Inc. 05/10/2018 Pre-Market
CATB Catabasis Pharmaceuticals 05/10/2018 Pre-Market
CDNTF Canadian Tire Corp. Ltd. 05/10/2018 Pre-Market
CHH Choice Hotels International, Inc. 05/10/2018 Pre-Market
CRD.B Crawford & Company 05/10/2018 Pre-Market
CRK Comstock Resources Inc. 05/10/2018 Pre-Market
DDS Dillard's Inc. 05/10/2018 Pre-Market
DEPO Depomed Inc. 05/10/2018 Pre-Market
DESP Despegar.com 05/10/2018 Pre-Market
EBGUF Enbridge Income Fund Holdings Inc. 05/10/2018 Pre-Market
EMAN eMagin Corporation 05/10/2018 Pre-Market
ENSV Enservco Corp. 05/10/2018 Pre-Market
FCSC Fibrocell Science, Inc. 05/10/2018 Pre-Market
FECCF Frontera Energy Corp 05/10/2018 Pre-Market
FRO Frontline Ltd. 05/10/2018 Pre-Market
GNCA Genocea Biosciences, Inc. 05/10/2018 Pre-Market
GOLD Randgold Resources Limited 05/10/2018 Pre-Market
HE Hawaiian Electric Industries Inc. 05/10/2018 Pre-Market
HWCC Houston Wire & Cable Company 05/10/2018 Pre-Market
ICL Israel Chemicals Ltd. 05/10/2018 Pre-Market
KELYA Kelly Services, Inc. 05/10/2018 Pre-Market
KLIC Kulicke and Soffa Industries, Inc. 05/10/2018 Pre-Market
KND Kindred Healthcare, Inc. 05/10/2018 Pre-Market
KRP Kimbell Royalty Partners LP 05/10/2018 Pre-Market
MEGEF Meg Energy Corp. 05/10/2018 Pre-Market
MFCSF Medical Facilities Corp. 05/10/2018 Pre-Market
MRWSF WM Morrison Supermarkets Plc. 05/10/2018 Pre-Market
MYOS MYOS RENS Technology 05/10/2018 Pre-Market
NGS Natural Gas Services Group, Inc. 05/10/2018 Pre-Market
NNA Navios Maritime Acquisition Corporation 05/10/2018 Pre-Market
NYRT New York REIT 05/10/2018 Pre-Market
OBLN Obalon Therapeutics 05/10/2018 Pre-Market
PCRFY Panasonic Corp. ADR 05/10/2018 Pre-Market
PERI Perion Network Ltd. 05/10/2018 Pre-Market
PFIN P & F Industries, Inc. 05/10/2018 Pre-Market
QRTEA Qurate Retail Group A 05/10/2018 Pre-Market
RDUS Radius Health, Inc. 05/10/2018 Pre-Market
REV Revlon, Inc. 05/10/2018 Pre-Market
RKUNY Rakuten Inc. ADR 05/10/2018 Pre-Market
RLJE RLJ Entertainment, Inc. 05/10/2018 Pre-Market
SBBP Strongbridge Biopharma 05/10/2018 Pre-Market
SPH Suburban Propane Partners LP 05/10/2018 Pre-Market
STRS Stratus Properties, Inc. 05/10/2018 Pre-Market
SYRS Syros Pharmaceuticals 05/10/2018 Pre-Market
TRCO Tribune Media Company 05/10/2018 Pre-Market
TSG The Stars Group Inc. 05/10/2018 Pre-Market
TU TELUS Corporation 05/10/2018 Pre-Market
UBNT Ubiquiti Networks, Inc. 05/10/2018 Pre-Market
UPL Ultra Petroleum Corp. 05/10/2018 Pre-Market
VNRCF Valener, Inc. 05/10/2018 Pre-Market
WBAI 500.com Limited 05/10/2018 Pre-Market
WRLD World Acceptance Corporation 05/10/2018 Pre-Market
WSPOF WSP Global Inc 05/10/2018 Pre-Market
AL Air Lease Corp 05/10/2018 Post-Market
AMBR Amber Road, Inc. 05/10/2018 Post-Market
APTO Aptose Biosciences Inc. 05/10/2018 Post-Market
AQN Algonquin Power & Utilities Corp 05/10/2018 Post-Market
ARCW ARC Group Worldwide, Inc. 05/10/2018 Post-Market
ASYS Amtech Systems, Inc. 05/10/2018 Post-Market
ATAI ATA Inc. 05/10/2018 Post-Market
ATEC Alphatec Holdings, Inc. 05/10/2018 Post-Market
ATHX Athersys, Inc. 05/10/2018 Post-Market
ATZAF Aritzia Inc. 05/10/2018 Post-Market
AUPH Aurinia Pharmaceuticals Inc. 05/10/2018 Post-Market
AUTO AutoWeb, Inc. 05/10/2018 Post-Market
AVID Avid Technology, Inc. 05/10/2018 Post-Market
AVXL Anavex Life Sciences Corp. 05/10/2018 Post-Market
BDSI BioDelivery Sciences International, Inc. 05/10/2018 Post-Market
BEVFF Diversified Royalty Corp. 05/10/2018 Post-Market
BLBD Blue Bird Corporation 05/10/2018 Post-Market
BLFS BioLife Solutions, Inc. 05/10/2018 Post-Market
BPIRY Piraeus Bank SA ADR 05/10/2018 Post-Market
BTX BioTime, Inc 05/10/2018 Post-Market
CAPR Capricor Therapeutics, Inc. 05/10/2018 Post-Market
CASA Casa Systems, Inc. 05/10/2018 Post-Market
CDLX Cardlytics, Inc. 05/10/2018 Post-Market
CDNA CareDx 05/10/2018 Post-Market
CDXC ChromaDex Inc. 05/10/2018 Post-Market
CDXS Codexis, Inc. 05/10/2018 Post-Market
CELH Celsius Holdings, Inc. 05/10/2018 Post-Market
CELP Cypress Energy LP 05/10/2018 Post-Market
CHRS Coherus BioSciences 05/10/2018 Post-Market
CIVI Civitas Solutions 05/10/2018 Post-Market
CLBS Caladrius Biosciences, Inc. 05/10/2018 Post-Market
CLNE Clean Energy Fuels Corp. 05/10/2018 Post-Market
COLD Americold Realty Trust, Inc. 05/10/2018 Post-Market
CSLT Castlight Health, Inc. 05/10/2018 Post-Market
CSSE ChickenSoup Entertainment 05/10/2018 Post-Market
DBX Dropbox 05/10/2018 Post-Market
DCO Ducommun Inc 05/10/2018 Post-Market
DOX Amdocs Ltd 05/10/2018 Post-Market
DRETF Dream Office Real Estate Investment Trust 05/10/2018 Post-Market
DZSI DASAN Zhone Solutions, Inc. 05/10/2018 Post-Market
ECNCF ECN Capital Corp. 05/10/2018 Post-Market
ELON Echelon Corporation 05/10/2018 Post-Market
ELOX Eloxx Pharmaceuticals, Inc. 05/10/2018 Post-Market
EQGPF Equitable Group, Inc. 05/10/2018 Post-Market
EXETF Extendicare, Inc. 05/10/2018 Post-Market
EYES Second Sight Medical Products 05/10/2018 Post-Market
FATE Fate Therapeutics, Inc. 05/10/2018 Post-Market
FF FutureFuel Corp. 05/10/2018 Post-Market
FLS Flowserve Corporation 05/10/2018 Post-Market
FNKO Funko, Inc. 05/10/2018 Post-Market
FSCT ForeScout Technologies, Inc. 05/10/2018 Post-Market
FSIC FS Investment Corporation 05/10/2018 Post-Market
GERN Geron Corporation 05/10/2018 Post-Market
GEVO Gevo, Inc. 05/10/2018 Post-Market
GLF GulfMark Offshore, Inc. 05/10/2018 Post-Market
GLOB Globant 05/10/2018 Post-Market
GROW U.S. Global Investors, Inc. 05/10/2018 Post-Market
GSAT Globalstar, Inc. 05/10/2018 Post-Market
GST Gastar Exploration Inc. 05/10/2018 Post-Market
GTIM Good Times Restaurants Inc. 05/10/2018 Post-Market
HALO Halozyme Therapeutics, Inc. 05/10/2018 Post-Market
HCHC HC2 Holdings, Inc. 05/10/2018 Post-Market
HTGM HTG Molecular Diagnostics 05/10/2018 Post-Market
HUBS HubSpot, Inc. 05/10/2018 Post-Market
IMMR Immersion Corporation 05/10/2018 Post-Market
INTX Intersections, Inc. 05/10/2018 Post-Market
INVE Identiv, Inc. 05/10/2018 Post-Market
IOVA Iovance Biotherapeutics, Inc. 05/10/2018 Post-Market
IPWR Ideal Power Inc. 05/10/2018 Post-Market
JAG Jagged Peak Energy 05/10/2018 Post-Market
JYNT The Joint Corp. 05/10/2018 Post-Market
KGJI KINGOLD JEWELRY 05/10/2018 Post-Market
KMPH KemPharm 05/10/2018 Post-Market
KONA Kona Grill, Inc. 05/10/2018 Post-Market
KTOS Kratos Defense & Security Solutions, Inc. 05/10/2018 Post-Market
MAMS MAM Software Group, Inc. 05/10/2018 Post-Market
MBII Marrone Bio Innovations, Inc. 05/10/2018 Post-Market
MCFT MCBC Holdings, Inc. 05/10/2018 Post-Market
MMAC MMA Capital Management, LLC 05/10/2018 Post-Market
MOSY MoSys, Inc. 05/10/2018 Post-Market
MPVD Mountain Province Diamonds, Inc 05/10/2018 Post-Market
MRIN Marin Software 05/10/2018 Post-Market
NATR NATURE S SUNSHINE 05/10/2018 Post-Market
NBY NovaBay Pharmaceuticals, Inc. 05/10/2018 Post-Market
NDLS Noodles & Company 05/10/2018 Post-Market
NKTR Nektar Therapeutics 05/10/2018 Post-Market
NPRUF NORTHVIEW APT REAL ESTATE INVT TR 05/10/2018 Post-Market
NUACF Natura Cosmeticos SA 05/10/2018 Post-Market
NVCN Neovasc Inc. 05/10/2018 Post-Market
NVDA NVIDIA Corporation 05/10/2018 Post-Market
NWSA News Corporation 05/10/2018 Post-Market
OBLN Obalon Therapeutics 05/10/2018 Post-Market
OMER Omeros Corporation 05/10/2018 Post-Market
PCOM Points International, Ltd. 05/10/2018 Post-Market
PCYG Park City Group, Inc. 05/10/2018 Post-Market
PEGA Pegasystems Inc. 05/10/2018 Post-Market
PFLT PennantPark Floating Rate Capital 05/10/2018 Post-Market
PFNX Pfenex 05/10/2018 Post-Market
PFSW PFSweb, Inc. 05/10/2018 Post-Market
PPC Pilgrim's Pride Corporation 05/10/2018 Post-Market
PSDO Presidio 05/10/2018 Post-Market
PTX Pernix Therapeutics Holdings, Inc. 05/10/2018 Post-Market
RDFN Redfin 05/10/2018 Post-Market
REDU RISE Education Cayman Ltd 05/10/2018 Post-Market
RGLS Regulus Therapeutics 05/10/2018 Post-Market
RICK RCI Hospitality Holdings, Inc. 05/10/2018 Post-Market
RMNI Rimini Street 05/10/2018 Post-Market
RMTI Rockwell Medical, Inc. 05/10/2018 Post-Market
RWLK ReWalk Robotics 05/10/2018 Post-Market
SENS Senseonics Holdings 05/10/2018 Post-Market
SGYP Synergy Pharmaceuticals, Inc. 05/10/2018 Post-Market
SRHIF Sprott Resource Hldgs Inc. 05/10/2018 Post-Market
SSRM SSR Mining Inc 05/10/2018 Post-Market
SYMC Symantec Corporation 05/10/2018 Post-Market
TIVO TiVo Inc. 05/10/2018 Post-Market
TLN Talen Energy Corp 05/10/2018 Post-Market
TLND Talend SA 05/10/2018 Post-Market
TRTC Terra Tech Corp. 05/10/2018 Post-Market
TTD The Trade Desk 05/10/2018 Post-Market
UEPS Net 1 UEPS Technologies, Inc. 05/10/2018 Post-Market
UNIT Uniti Group Inc. 05/10/2018 Post-Market
UQM UQM Technologies, Inc 05/10/2018 Post-Market
VIVE Viveve Medical, Inc. 05/10/2018 Post-Market
VRAY ViewRay 05/10/2018 Post-Market
VUZI Vuzix Corp 05/10/2018 Post-Market
WPM Wheaton Precious Metals Corp 05/10/2018 Post-Market
WTTR Select Energy Services 05/10/2018 Post-Market
XELA Exela Technologies, Inc. 05/10/2018 Post-Market
XON Intrexon Corp 05/10/2018 Post-Market
XONE ExOne 05/10/2018 Post-Market
YELP Yelp 05/10/2018 Post-Market
YTEN Yield10 Bioscience, Inc. 05/10/2018 Post-Market
ZIOP ZIOPHARM Oncology, Inc. 05/10/2018 Post-Market