CNBC
Dow futures were sharply lower this morning, largely on weakness in Dow-stock 3M (MMM) following an earnings miss. The S&P 500 and Nasdaq were looking much better after their first down day in four sessions Wednesday. The Nasdaq set its first intraday record high since August, before finishing lower. The Nasdaq and S&P 500 closed at new record highs Tuesday. (CNBC)
U.S. manufacturing conglomerate 3M today said it would lay off 2,000 workers globally as it reported a lower-than-expected quarterly profit and cut its 2019 earnings forecast due to worsening performance in key markets. Meanwhile, Amazon.com (AMZN), Intel (INTC), Ford (F), and Starbucks (SBUX) grab the spotlight in today's after-the-bell earnings. (CNBC)
* Comcast earnings beat estimates but sales fall short, high speed internet revenue up 10% (CNBC)
* Southwest Airlines fearnings take a hit from 737 Max groundings, government shutdown (CNBC)
Microsoft (MSFT) shares were soaring in the premarket this morning after blockbuster quarterly results, pushing the company's stock market value over $1 trillion. Earnings and revenue, after the bell Wednesday, beat estimates as Microsoft's cloud business and software subscriptions surged. (CNBC)
Facebook's (FB) stock was 8% higher in premarket trading after its top and bottom lines, as well as user numbers, hit record highs during the quarter. The company also said late Wednesday it expects to pay at least $3 billion and possibly up to $5 billion in a privacy-related fine to the FTC. (CNBC)
Tesla (TSLA) shares were under pressure in premarket trading after it posted an adjusted loss of $2.90 per share for the first quarter, wider than the 69 cent loss that Wall Street was expecting. The automaker's revenue was below forecasts as well as demand for its electric cars waned. (CNBC)
* Tesla should be valued at less than $100 a share, investor says (CNBC)
* Elon Musk says Tesla will launch an insurance product in about a month (CNBC)
On the data front this morning, the Labor Department is out with initial jobless claims for last week at 8:30 a.m. ET. The government is also out with March durable goods orders at the same time. (CNBC)
IN THE NEWS TODAY
Deutsche Bank (DB) and German banking rival Commerzbank have ended their merger talks, saying the combination would not have created sufficient benefits. Reports and speculation regarding a merger had been rife for months. (CNBC)
CVS Health (CVS) is about to make it easier to straighten your teeth. The drugstore chain will open "hundreds" of SmileDirectClub locations inside its stores this year, with plans to open more than 1,000 locations over the next two years. (CNBC)
Domino's Pizza (DPZ) CEO Ritch Allison said the pizzeria chain seeks to expand its global footprint to 25,000 stores in order to achieve its top objectives. That's nearly 10,000 more locations in addition to its existing pizza joints. (CNBC)
STOCKS TO WATCH
Chipotle Mexican Grill (CMG) reported adjusted quarterly earnings of $3.40 per share, beating forecasts by 39 cents. The restaurant chain saw comparable store sales rise by a better-than-expected 9.9%, and its digital revenue more than doubled while accounting for 15.7% of sales.
PayPal (PYPL) reported adjusted quarterly profit of 78 cents per share, 10 cents above estimates, with revenue matching Street forecasts. PayPal also reported that more than 40 million people made transactions using its Venmo service over the past 12 months, making it one of the most popular financial apps in the country.
Visa (V) came in 7 cents ahead of estimates with quarterly profit of $1.31 per share, and the payment network also reported a slight revenue beat as an increase in consumer spending boosted its results. Visa also raised its full-year forecast. On the negative side, Visa did see a slide in the value of transactions made outside a customer's home country.
CONTRIBUTORS
Berkeley Lovelace Jr.
@BerkeleyJr
Peter Schacknow
@peterschack
