CNBC
U.S. stock futures were trading lower ahead of the Tuesday session, following a sharp sell-off for the second consecutive day on Monday. Global economic worries and falling yields continue to weigh on investor sentiment, driving investors to the perceived safety of gold and the Japanese yen. The Dow, S&P 500, and Nasdaq were all roughly 5% off their all-time highs set in July. (CNBC)
* China fixes its yuan midpoint at 7.0326 per dollar (CNBC)
* Bond market close to sending biggest recession signal yet (CNBC)
On today's economic calendar, the government is out with its July look at consumer prices at 8:30 a.m. ET, after July producer prices on Friday indicated that inflation remains muted. Meanwhile, earnings out this morning include Advance Auto Parts (AAP), Avaya (AVYA), and JD.com, while cannabis producer Tilray (TLRY) reports after today's closing bell.
Shares of Uber (UBER), still reeling from last week's disappointing second-quarter results, were under pressure again in this morning's premarket after dropping 7.6% to their lowest close ever at $37 each. Ahead of Tuesday trading, Uber stock was down about 18% from the ride-hailing giant's IPO per-share price of $45 in May. (CNBC)
IN THE NEWS TODAY
Oregon has joined a lawsuit to block the merger of U.S. wireless carriers T-Mobile (TMUS) and Sprint (S). Fifteen states and the District of Columbia are now seeking to stop the merger, which the states argue is anti-competitive and will cost their residents more than $4.5 billion annually. (Reuters)
* CBS and Viacom negotiating share exchange (CNBC)
Verizon (VZ) is selling Tumblr, the blogging social network that Yahoo purchased for $1.1 billion, to the owner of WordPress for a small sum. WordPress parent Automattic will reportedly acquire Tumblr along with its staff of about 200 and said the price "isn't material to Verizon." (CNBC)
Samsung introduced what it claimed to be the industry's first 108-megapixel image sensor for smartphone cameras which have a picture resolution equivalent to a "high-end DSLR camera." The sensor highlights Samsung's strategy of winning market share in China's handset industry through innovative smartphone parts. (CNBC)
* Don't buy an iPhone right now Apple's new iPhones are coming next month (CNBC)
STOCKS TO WATCH
Constellation Brands (STZ) is selling its Canadian whiskey portfolio to Heaven Hill Brands for $266 million. The deal is expected to close during the second of 2019, as Constellation moves forward with its strategy of focusing on its premium products.
Akamai Technologies (AKAM) announced a $1 billion convertible securities offering. The internet technology company intends to use $50 million from that sale to repurchase common stock.
D.R. Horton (DHI), KB Home (KBH), and PulteGroup (PHM) were all rated "buy" in new coverage at SunTrust. Among other factors, the firm points to the growth potential of all three home builders.
McDonald's (MCD) was rated "buy" in new coverage at MKM Partners, which believes that strong domestic and international sales growth is sustainable for the restaurant chain.
CONTRIBUTORS
Jessica Bursztynsky
@jbursz
Peter Schacknow
@peterschack
