Morning Brief: GE shares tumble as company sees 'significant' headwinds
Wednesday, March 6, 2019
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WHAT TO WATCH
The Federal Reserve will be releasing its Beige Book on economic conditions at 2 p.m. ET. The report prepared for the March Federal Open Market Committee (FOMC) meeting is expected to show that businesses are growing increasingly concerned about the current state of the economy.
Additionally, New York Fed President and CEO John Williams will be speaking at the Economic Club of New York at 12 p.m. ET.
The most notable earnings reports scheduled for Wednesday include Abercrombie & Fitch (ANF), Dollar Tree (DLTR) before the market open and American Eagle Outfitters (AEO) after market close.
TOP NEWS
GE shares decline as company sees 'significant' headwinds: General Electric (GE) shares tumbled after the company said it sees “significant known headwinds to 2019 cash flow” for its industrial division. The announcement came in a prepared slideshow for JPMorgan’s Aviation, Transportation and Industrials Conference in New York Tuesday. [Yahoo Finance]
Trump pushes for China deal to fuel market rally: President Donald Trump is pressuring U.S. trade negotiators to cut a deal with China soon in hope of fueling a market rally, as he grows increasingly concerned that the lack of an agreement could drag down stocks, according to people familiar with the matter. [Bloomberg]
Lawmakers introduce bill to tax financial transactions: A group of lawmakers wants to tax financial transactions — a move they argue will generate billions of dollars in revenue and reduce the risk of another financial crisis. The plan would tax the sale of stocks, bonds and derivatives at 0.1%. (A stock trade of $1,000 would incur a tax of $1.) [Yahoo Finance]
FDA approves J&J's ketamine-like nasal spray for depression: The U.S. Food and Drug Administration on Tuesday said it approved Johnson & Johnson's (JNJ) nasal spray antidepressant that is chemically similar to often-abused ketamine, marking the first advance in treating depression in more than 30 years. [Reuters]
Also: U.S. FDA chief tough on e-cigarette steps down in surprise resignation [Reuters]
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