| What to watch today: Dow to fall, tensions between China and Hong Kong rise | | |  | FRI, MAY 22, 2020 | | | | AS OF FRI, MAY 22, 2020 • 07:42 ET | | Dow Jones Fut | | 24,474.12 | | Current: | 24,318.00 | | Change: | -58.00 | | Impl. Open: | -97.12 | | | S&P 500 Fut | | 2,948.51 | | Current: | 2,932.25 | | Change: | -4.75 | | Impl. Open: | -11.76 | | | NASDAQ 100 Fut | | 9,377.99 | | Current: | 9,328.25 | | Change: | -27.50 | | Impl. Open: | -44.24 | | | Russell 2000 Mini | | 1,347.56 | | Current: | 1,343.60 | | Change: | 1.00 | | Impl. Open: | -.26 | | | There are no economic reports on today's calendar. | | The FBI said the Thursday morning shooting at U.S. Naval Air Station in Corpus Christi, Texas, was "terrorism-related," and a second suspect could still be at large. The shooter who opened fire is dead, the FBI said. The Navy said its only sailor who was admitted to the hospital after the incident has been released and was treated for minor injuries. (CNBC) | | | Facebook chief executive Mark Zuckerberg predicted Thursday that half of the social media giant's employees could be working remotely within the next five to 10 years, the latest indication of the pandemic's lasting effects on corporate America. Facebook will begin to allow some employees to work remotely full time, but depending on their new location, employees may have their compensation adjusted, Zuckerberg said. (CNBC)
* Netflix will start cancelling inactive members' subscriptions (CNBC) | | | | The Centers for Disease Control and Prevention's latest coronavirus dashboard combines data on two different kinds of tests, and experts caution that mixing the data could mask the reality of the outbreak. The dashboard combines both diagnostic tests, which identify current infections, and tests that identify Covid-19 antibodies, which detect past infections. The CDC acknowledged this and said it aims to separate the data soon. (CNBC) | | Lululemon (LULU) said it has reopened more than 150 of its retail locations, with the athletic apparel maker planning to reopen about 200 more stores over the next two weeks. It has instituted a new set of reopening guidelines, including enhanced cleaning, modified hours, and limits to the number of customers in a store at any one time. | | | | Palo Alto Networks (PANW) reported adjusted quarterly earnings of $1.17 per share, compared to a consensus estimate of 94 cents. The cybersecurity company's revenue also beat Wall Street forecasts, and it will benefit from a continued increase in remote working. | | | | Nvidia (NVDA) beat estimates by 11 cents with adjusted quarterly earnings of $1.80 per share, while the graphics chipmaker's revenue also beat forecasts. Nvidia also gave an upbeat forecast, on surging demand for its chips that are used in data centers. | | | | Hewlett Packard Enterprise (HPE) fell 7 cents short of estimates with adjusted quarterly earnings of 22 cents per share. The enterprise cloud computing company's revenue also fell short, with HPE's business impacted significantly by the coronavirus outbreak. The company also unveiled a cost-cutting plan designed to save at least $1 billion by 2022. | | | | Proxy adviser ISS recommended that Alphabet (GOOGL) shareholders vote against executive pay proposals at the Google parent's annual meeting in June. ISS criticized the proposals as "outsized awards that are not sufficiently performance-based". | | | | Splunk (SPLK) reported an adjusted quarterly loss of 56 cents per share, 1 cent smaller than Wall Street had expected. Revenue did fall short of forecasts, but the maker of data analytics software said it expected stronger demand for its cloud services as more people shift to working from home. | | | | IBM (IBM) will cut an unspecified number of jobs, the first workforce reduction under new CEO Arvind Krishna, who took over from Ginni Rometty earlier this year. A person familiar with IBM's plans told the Wall Street Journal that several thousand workers are likely to be affected. | | | | e.l.f. Beauty (ELF) doubled Wall Street expectations with adjusted quarterly earnings of 10 cents per share, with the cosmetics retailer's revenue also above estimates. The company did say the pandemic has impacted its sales, and it expects continued negative impact until consumers return to normal shopping patterns. | | | | Ross Stores (ROST) reported a quarterly loss of 87 cents per share, surprising analysts who had expected a profit of 3 cents per share. The discount retailer also saw revenue fall short of estimates, as the coronavirus outbreak forced it to close stores, but Ross did say it began reopening stores last week. | | | | Deckers (DECK) earned 57 cents per share for its fiscal fourth quarter, well above the 9 cent consensus estimate. The maker of UGG boots and Teva sandals also saw revenue come in above forecasts, although it said it is facing challenges due to virus-related store shutdowns. Deckers is not providing guidance for the current fiscal year due to uncertainty surrounding the pandemic's impact. | | Fresh off the success of "The Last Dance," the multi-part documentary looking at Michael Jordan's last season with the Chicago Bulls, ESPN released a trailer Thursday for a nine-part series examining the career of Tom Brady. It is set to be released next year and will be called "Man in the Arena: Tom Brady." (USA Today) | |  | | |
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