| What to watch today: Stocks to open higher after JPMorgan Chase, Citigroup report earnings | | |  | TUE, JUL 14, 2020 | | | | AS OF TUE, JUL 14, 2020 • 08:36 ET | | Dow Jones Fut | | 26,085.80 | | Current: | 26,029.00 | | Change: | 61.00 | | Impl. Open: | 66.20 | | | S&P 500 Fut | | 3,155.22 | | Current: | 3,150.75 | | Change: | 2.50 | | Impl. Open: | 5.03 | | | NASDAQ 100 Fut | | 10,602.21 | | Current: | 10,612.00 | | Change: | 12.00 | | Impl. Open: | 22.79 | | | Russell 2000 Mini | | 1,403.57 | | Current: | 1,405.50 | | Change: | 5.00 | | Impl. Open: | 10.63 | | | The S&P 500 had been up more than 1% Monday, turning positive for the year, before strength in large tech stocks gave way; the broad equity index closed lower by 0.9%. The tech-heavy Nasdaq closed down 2.1% after it had rallied intraday nearly 2% higher. The Dow Jones Industrial Average closed higher by .04%, but had risen more than 2%. (CNBC) | | | Shares of JPMorgan Chase (JPM) moved higher by more than 1% in premarket trading after the biggest U.S. bank by assets reported earnings. Its second-quarter revenue of $33 billion topped estimates, while per-share earnings came in at $1.38. JPMorgan reported a 79% growth trading revenues and also said the suspension of its share buyback program would last at least through the end of the third quarter. (CNBC)
Wells Fargo (WFC) reported a net loss of $2.4 billion for the second quarter and said it intends to cut its dividend to $0.10 per share from $0.51, sending its stock lower by about 4% in premarket trading. The San Francisco-based lender set aside $8.4 billion in loan loss reserves in connection to the Covid-19 pandemic. | | | | Shares of Citigroup (C) fell slightly as the bank reported second-quarter revenues of $19.8 billion and per-share earnings of $.50, both of which topped Wall Street estimates. | | | | Delta Airlines (DAL) shares were lower by about 1% after the company reported a $5.7 billion net quarterly loss, mostly as a result of the crushing impact the coronavirus pandemic has had on travel. Delta's revenues of $1.47 billion were 88% lower than a year earlier. (CNBC) | | | | California Gov. Gavin Newsom ordered a range of businesses to suspend operations in response to the state's rising coronavirus hospitalizations, a decision that contributed to some of Monday's afternoon sell-off in stocks. Bars must suspend all operations while restaurants must stop indoor service, Newsom said. Wineries and tasting rooms, movie theaters and museums also must close. In addition to the statewide order, Newsom closed indoor operations for gyms, hair salons and offices for a list of counties that covers about 80% of California's population. (CNBC) | | | | Ford Motor Co. (F) unveiled the long-awaited resurrection of its Bronco SUV, which had been discontinued in 1996. The new Bronco is viewed a competitor to the Jeep Wrangler, the nation's No.1 off-road seller. Pricing for the Bronco starts at $29,995, including destination charges, which is just $205 above a base Jeep Wrangler. Ford expects its smaller Bronco Sport SUV to start arriving at dealerships by the end of the year; the Bronco will follow in the spring. (CNBC) | | Finland-based telecom equipment maker Nokia (NOK) introduced new software that allows mobile operators to upgrade their broadcasting stations to 5G from 4G without requiring a visit to their sites or replacing equipment. | | | | Piper Sandler raised its price target on Tesla (TSLA) to a Street-high $2322 per share, citing faster than expected market share gains and an underappreciated opportunity in software. | | | | Mohawk Industries (MHK) is being sued for alleged securities law violations, and is also under SEC investigation. The maker of carpets and floor-covering products is accused of fabricating sales figures, but the company said it will "vigorously" defend itself against the charges. | | | | The Chinese government said it would put sanctions on defense contractor Lockheed Martin (LMT) for selling an upgrade package to Taiwan for Patriot surface-to-air missiles. China maintains that any U.S. arms sales to Taiwan constitutes interference in Chinese internal affairs. | | | | UBS downgraded the stock of Spotify (SPOT) to "sell" from "buy", saying the streaming service's long-term prospects are now solidly reflected in the stock's price. The firm also thinks the benefits of an expansion in podcasting may be overstated. | | | | Hanesbrands (HBI) was upgraded to "outperform" from "neutral" at Wells Fargo Securities, which notes that basic apparel sales have been among the best performing categories as retail stores have reopened. | | | | U.S. drugmaker Blueprint Medicines (BPMC) is receiving an investment up to $1.7 billion from Switzerland's Roche, partnering on a treatment for certain types of cancers that mutate and accelerate tumor growth. | | Johnnie Walker whiskey will be available in paper bottles starting next year. The "100% plastic free" bottles will be made using sustainably-sourced wood, according to producer Diageo, which also manufactures Guinness. Diageo has partnered with venture management firm Pilot Lite on the Johnnie Walker project. The two companies also created a business called Pulpex Limited to work on future paper bottle development. (CNBC) | |  | | |
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