| What to watch today: Dow to fall, Trump Jr. testifies, and violence at Hong Kong protests | | |  | WED, JUN 12, 2019 | | | | AS OF WED, JUN 12, 2019 • 07:49 ET | | Dow Jones Fut | | 26,048.51 | | Current: | 25,995.00 | | Change: | -70.00 | | Impl. Open: | -61.51 | | | S&P 500 Fut | | 2,885.72 | | Current: | 2,879.75 | | Change: | -7.25 | | Impl. Open: | -6.47 | | | NASDAQ 100 Fut | | 7,513.85 | | Current: | 7,485.75 | | Change: | -32.50 | | Impl. Open: | -31.10 | | | Russell 2000 Mini | | 1,519.11 | | Current: | 1,515.40 | | Change: | -2.70 | | Impl. Open: | -4.51 | | | U.S. stock futures were pointing to a lower Wall Street open, following a Tuesday session that saw early gains fade to modestly lower closes. The six-session win streak for the Dow came to an end. The S&P 500 and Nasdaq both fell after five straight sessions of gains. However, the Dow stands at 3.3% away from its record, the S&P 500 about 2.3% away, and the Nasdaq about 4.3% away. (CNBC) | | | There are no major companies reporting earnings this morning before the opening bell. Lululemon (LULU), Restoration Hardware parent RH (RH), and Tailored Brands (TLRD), the company behind The Men's Wearhouse and Jos. A. Bank brands releases with their quarterly numbers after today's closing bell. (CNBC)
Shares of Dave & Buster's Entertainment (PLAY) were tanking nearly 20% after the restaurant chain reported quarterly profit of $1.13 per share, missing estimates by a penny. Revenue also missed. Dave & Buster's also lowered its full-year forecast. (MarketWatch) | | | | The House Oversight Committee is set to vote today on whether to hold Attorney General William Barr and Commerce Secretary Wilbur Ross in contempt of Congress for failing to provide documents relating to the panel's investigation into the administration's decision to add a citizenship question to the 2020 Census. (CNBC) | | | | Donald Trump Jr. is expected to testify before the Senate Intelligence Committee today after having been subpoenaed in May about his contacts with Russians during the 2016 presidential campaign. "My son's a very good person. My son was totally exonerated," President Donald Trump told reporters last month. (CNBC) | | | Trump and former Vice President Joe Biden repeatedly ripped into each other as unfit to lead the country as they both traveled to the battleground state of Iowa, giving voters a preview of what a 2020 general presidential election matchup between the two might look like. (NY Times)
* Most millionaires support a tax on wealth above $50 million: CNBC survey
Bernie Sanders, one of the many 2020 Democratic president candidates, plans a robust defense of his democratic socialist political philosophy today. There's growing concern among centrist Democrats that some of the Vermont senator's proposals on health care and climate change play into Trump's hands. (USA Today) | | | Huawei has scrapped the launch of new laptop as a result of being effectively barred from doing business with American suppliers. It's the first product launch the company has cancelled as a result of being put on a blacklist restricting its access to U.S. technology. (CNBC)
America's top two busiest container ports, the Los Angeles and the Long Beach ports, reported declines in export volumes in May in the midst of the ongoing trade war between the U.S. and China. For LA, it marks the port's seventh straight month of declines in exports. (CNBC) | | | The proposed United Technologies (UTX) and Raytheon (RTN) merger is running into opposition from activist investor Bill Ackman, who owns a significant position in UTX. Ackman wants the company to call off the deal, saying it makes no strategic sense. (CNBC)
* Hedge fund manager Dan Loeb also reportedly opposes the merger (NY Post) | | | | Shares of National Beverage (FIZZ), owner of the LaCroix sparkling water brand, were under pressure again this morning. They fell on Tuesday to their lowest levels since 2016 following news of a lawsuit alleging its president considered falsely claiming its drink containers were free of a toxic chemical. (CNBC) | | | | Chime, a digital bank without a single branch, quadrupled its customer base to four million in a single year by luring users with the promise of no-fee checking and saving accounts. "Our members are coming to us from the big banks," CEO Chris Britt told CNBC. | | Qualcomm (QCOM) is running into opposition as it attempts to put an antitrust decision against the chipmaker on hold while it pursues an appeal. Both the FTC and South Korea's LG Electronics registered their opposition. | | | | French technology company Dassault Systemes has agreed to acquire Medidata Solutions (MDSO) in an all-cash deal worth $5.8 billion on an enterprise value basis. Dassault said it was offering $92.25 per share for Medidata, a slight discount to Medidata's Tuesday close. | | | | Mattel (MAT) rejected a second takeover offer from Bratz doll maker MGA Entertainment. Mattel's chief legal officer told MGA's CEO, in an email, that the board felt that the latest proposal was not in the best interests of Mattel and its shareholders. | | | | PepsiCo (PEP) executive Laxman Narasimhan was named the new Chief Executive Officer at British consumer products giant Beckitt Renckiser. Narasimhan is PepsiCo's global chief commercial officer, and will become CEO at Reckitt in September. | | | | Brinker International (EAT) was upgraded to "outperform" from "market perform" at Telsey Advisory Group. Telsey points to potential upside from the Chili's parent from its partnership with restaurant delivery service DoorDash. | | Disney released a new trailer for "Frozen 2," which explores why Elsa was born with mythic powers that now threaten her kingdom. Idina Menzel returns as the Snow Queen, along with Kristen Bell as Anna, Josh Gad as Olaf, and Jonathan Groff as Kristoff. The original "Frozen" generated over $1.3 billion in ticket sales worldwide and won two Oscars. (Variety) | |  | | |
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