CNBC
Dow futures were slightly higher this morning after President Donald Trump made good on his threat to raise tariffs on $200 billion in Chinese goods. Stocks remain on pace for their largest weekly declines of 2019. The Dow sits exactly 1,000 points below last August's all-time closing high. (CNBC)
Uber (UBER) priced its initial public offering at $45 per share, toward the low end of the expected range. Nonetheless, the ride-sharing service's IPO will raise $8 billion, making it the largest U.S. IPO since Facebook went public in 2012. The company makes its public debut on the NYSE today. (CNBC)
Marriott (MAR), Tribune Media (TRCO), Viacom (VIAB), and Weatherford International (WFT) are among the handful of companies reporting quarterly earnings this morning. There are no companies of note scheduled to release numbers after today's closing bell. (CNBC)
Fed Governor Lael Brainard, New York Fed President John Williams, and Atlanta Fed President Raphael Bostic all have public appearances today. Bostic is not a voting member of the FOMC for 2019. Separately, the government is out with April Consumer Price Index figures at 8:30 a.m. ET. (CNBC)
IN THE NEWS TODAY
China's Commerce Ministry said immediately after the midnight ET deadline for the tariff hike that it would take countermeasures against the American move. It also said it "deeply regrets" the turn of events. (CNBC)
* US-China trade negotiations will continue on Friday, White House official says (CNBC)
President Donald Trump plans to nominate acting Secretary of Defense Patrick Shanahan to formally take over the top spot at the Pentagon. Shanahan, a former executive at Boeing (BA), needs Senate confirmation for the post. (CNBC)
* White House takes on surprise medical bills in continued push to lower US health-care costs (CNBC)
Jeff Bezos, chairman of Amazon (AMZN) and founder of Blue Origin, unveiled his space company's lunar lander for the first time last night. The Blue Moon lander can bring 3.6 metric tons to the lunar surface, according to Bezos. (CNBC)
Nike (NKE), the world's biggest sneaker maker, wants to solve a problem it knows far too many people have: Which size shoes will fit? Nike is launching Nike Fit in its app and in stores this summer. (CNBC)
Boston Beer (SAM) will buy rival craft brewer Dogfish Head Brewery in a $300 million cash and stock deal. Both Dogfish and Boston Beer - the brewer of the Sam Adams brand - have been battling declining sales in recent years. (CNBC)
Don't look now, U.S. airfares just went up ahead of the busy summer travel season. Earlier this week, one-way airfares for most U.S. routes went up $5, the first fare hike this year to affect a majority of domestic flights. (CNBC)
STOCKS TO WATCH
Booking Holdings (BKNG) earned an adjusted $11.17 per share for its latest quarter, 10 cents below consensus forecasts. Revenue also missed estimates, but the parent of Priceline and other travel services said it should see revenue growth this quarter.
Dropbox (DBX) beat estimates by four cents with adjusted quarterly profit of 10 cents per share, and the file storage company also saw revenue come in ahead of expectations. Dropbox signed up more paying users during the quarter, and also posted an increase in revenue per user.
Wynn Resorts (WYNN) reported adjusted quarterly earnings of $1.61 per share, a penny ahead of consensus, with the casino operator's revenue very slightly below estimates amid a drop in Macau casino action.
Zillow Group (ZG) lost 33 cents per share for the first quarter, smaller than the 35 cent loss that Wall Street analysts had been expecting. The real estate website operator's revenue beat forecasts, increasing 51 percent compared to a year ago, and it also saw an increase in unique monthly users.
Symantec (SYMC) shares are under pressure after the cybersecurity software company's chief executive officer unexpectedly resigned, and it issued a profit warning for the current quarter. Director Richard Hill, who will fill the CEO slot on an interim basis, said former CEO Greg Clark had issues with an ill parent.
Yelp (YELP) earned two cents per share for the first quarter, compared to consensus estimates of one cent, and the consumer review website operator also had higher-than-expected revenue. However, Yelp gave weaker-than-expected revenue guidance for the current quarter and said unique visitors to its desktop and mobile sites had declined during the first quarter.
Anheuser-Busch InBev (BUD) filed to spin off its Asian business in a Hong Kong-based initial public offering. Sources who spoke to Reuters say the deal could be worth at least $5 billion.
TiVo (TIVO) will split itself into two separate companies, one for its product division, the other for intellectual property licensing. The maker of set top boxes and digital video recorders has been exploring options for its businesses for more than a year.
Viacom (VIAB) agreed to slash its fees for distribution in its recent deal with AT&T's DirecTV unit, according to people familiar with those negotiations who spoke to the Wall Street Journal.
News Corp. (NWSA) reported adjusted quarterly profit of four cents per share, compared to forecasts of a breakeven quarter, though the media company's revenue did fall below estimates. The bottom line was helped by an increase in digital subscriptions for the Wall Street Journal and New York Post publisher, as well as expansion at its digital real estate businesses.
GoPro (GPRO) reported an adjusted quarterly loss of seven cents per share, two cents smaller-than-expected, and the high definition camera maker's revenue beat estimates. GoPro also raised its full-year revenue forecast amid high demand for its new line of action cameras.
CONTRIBUTORS
Berkeley Lovelace Jr.
@BerkeleyJr
Peter Schacknow
@peterschack
AI
