CNBC
U.S. stock futures were mixed this morning. The Dow dropped more than 160 points Wednesday afternoon after Fed Chairman Jerome Powell dashed rate-cut hopes by describing low inflation as likely "transitory." The S&P 500 also finished lower after hitting an intraday all-time high before Powell's post-meeting news conference. (CNBC)
* Major Wall Street banks are telling clients to be ready for a sudden rip higher in the market (CNBC)
Earnings out this morning include Dow component Dow Inc. (DOW) as well as the company from which Dow Inc. was born, DowDupont (DWDP). After-the-bell reports today include Activision Blizzard (ATVI), CBS (CBS), El Pollo Loco (LOCO), Gilead Sciences (GILD) and U.S. Steel (X). (CNBC)
* Under Armour shares jump on earnings beat (CNBC)
Beyond Meat (BYND) makes its Wall Street debut today after pricing its initial public offering at $25 per share, at the upper end of its projected range. The company is offering 9.625 million common shares. Beyond Meat, which manufactures plant-based meat substitutes, will trade on the Nasdaq. (CNBC)
* Cramer: Buy Beyond Meat below $35 after its IPO (CNBC)
On the economic data front, ahead of the government's April jobs report tomorrow, weekly jobless claims are issued at 8:30 a.m. ET this morning. At the same time, investors get first-quarter productivity, and then at 10 a.m. ET, March factory orders are out. (CNBC)
IN THE NEWS TODAY
Tesla (TSLA) has filed for a so-called mixed shelf offering, a debt offering to be sold at some undetermined future point, according to a new SEC document. The amount was not specified. Many analysts predicted the electric car maker would need to raise funds for expansion. (Reuters)
* Elon Musk may buy $10 million of Tesla stock in new offering (CNBC)
Facebook (FB) is negotiating a settlement with the FTC that would involve the creation of an independent privacy oversight committee, according to Politico. It could include appointing a federally approved official at the social network.
* Mark Zuckerberg explains how Facebook will make big bucks from privacy (CNBC)
In a letter addressed to Uber Chairman Ronald Sugar, investor group CtW demanded changes to Uber's board of directors ahead of the ride-hailing company's anticipated IPO, saying its governance "falls short of best practices." (CNBC)
Sources told CNBC that the announcement of a U.S. trade deal with China is "possible" by next Friday. While Washington and Beijing have repeatedly cited progress in the talks, some sticking points have prevented a final agreement. (CNBC)
The family of a Chinese student admitted to Stanford paid $6.5 million to the man at the heart of the college admissions scandal, whom they met through a Morgan Stanley financial advisor, sources told the L.A. Times. (MG note: If you had any doubt these brokerages were crooked....)
STOCKS TO WATCH
Qualcomm (QCOM) reported adjusted quarterly profit of 77 cents per share, 6 cents above estimates, with the chipmaker's revenue also beating Wall Street forecasts. However, the company predicted lower than expected shipments for its cellular phone chips. Separately, Qualcomm said it would receive at least $4.5 billion as part of its recent legal settlement with Apple (AAPL).
Square (SQ) came in 3 cents above estimates with adjusted quarterly profit of 11 cents per share, while the mobile payments company's revenue was also above analyst forecasts. The stock, however, is coming under pressure due to a lower than expected current quarter outlook, with transaction volume in a downward trend.
Fitbit (FIT) lost an adjusted 15 cents per share for its latest quarter, 7 cents less than analysts had predicted. The fitness device maker's revenue came in above Wall Street estimates as it sold 2.9 million of its wearable devices during the quarter.
Caesars Entertainment (CZR) lost 32 cents per share for the first quarter, wider than the 18 cent loss Wall Street was expecting. Revenue did come in above estimates, however, and Caesars said it saw a 5.8% rise in Las Vegas market business.
Eventbrite (EB) lost 13 cents per share for the first quarter, wider than the 10 cent loss expected by analysts, while the event ticketing company's revenue also came in below forecasts. Eventbrite also gave a weaker than expected forecast for the current quarter, as it deals with higher operating expenses.
MetLife (MET) reported earnings of $1.48 per share for the first quarter, beating the consensus estimate of $1.27, though the insurance company's revenue was below forecasts. Rival Prudential Financial (PRU) missed estimates by 16 cents with first-quarter profit of $3.00 per share, with revenue slightly below forecasts. Prudential's results were hurt by higher long-term employee compensation expenses.
Starbucks (SBUX) is recalling 263,000 coffee presses due to a laceration hazard, according to the Consumer Product Safety Commission.
The FAA is mandating new flight control software and parts for Boeing's (BA) 787 Dreamliner, to address various safety issues. Boeing had already outlined related changes in service bulletins over the past few years, with the FAA's directive making those changes compulsory.
Cannabis aficionados everywhere may finally get their wish as Oreo-maker Mondelez eyes adding CBD-infused snacks to its product line, which includes Chips Ahoy cookies, Cadbury chocolate, Nilla Wafers and Nutter Butter cookies. (CNBC)
CONTRIBUTORS
Berkeley Lovelace Jr.
@BerkeleyJr
Peter Schacknow
@peterschack
