Morning Brief: Huawei sues U.S. over product ban
Thursday, March 7, 2019
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WHAT TO WATCH
Two major earnings reports from grocery giant Kroger (KR) and big box retailer Costco (COST) are scheduled for release. Kroger will report ahead of the opening bell, while Costco reports following the market close.
Kroger is expected to report earnings of 53 cents per share on $28.42 billion in revenue, according to analysts surveyed by Bloomberg. Same-store sales, a key industry metric, is anticipated to have grown 1.8% during the quarter.
Meanwhile, analysts predict that Costco will report earnings of $1.69 per share on $35.68 billion in revenue. Costco still reports monthly same-store sales figures and reported a 5.2% jump during February.
TOP NEWS
Huawei sues U.S. over product ban: Chinese telecoms equipment maker Huawei Technologies sued the U.S. government on Thursday saying a law limiting its U.S. business was unconstitutional, racheting up its fight back against a government bent on closing it out of global markets. [Reuters]
How Trump is fueling the trade deficit he hates to a 10-year high: The U.S. trade deficit jumped to its highest level in 10 years, according to a U.S. Department of Commerce report on Wednesday. Despite President Donald Trump’s repeated promise to shrink trade deficits, it leaped by 12.2% to $621 billion in 2018, after hitting a record high during his first year in office. [Yahoo Finance]
Also: Trump’s hidden tax hikes [Yahoo Finance]
Amazon to shut all U.S. pop-up stores: Amazon.com Inc. (AMZN) is shutting down all 87 of its U.S. pop-up stores, ending the retailer’s yearslong experiment with these small shops as the company tinkers with an evolving bricks-and-mortar strategy. [The Wall Street Journal]
Also: Amazon's withdrawal from New York 'had little effect' on housing market: Beige Book [Yahoo Finance]
Zuckerberg says Facebook to focus on private communication: Facebook Inc. (FB) Chief Executive Officer Mark Zuckerberg said the future of his company’s product development will be focused on private, ephemeral and encrypted communication, a striking change for the social network that built its business on open sharing. [Bloomberg]
Chinese electric carmaker plunges most since Its IPO: NIO Inc. (NIO) plunged the most on record after the Chinese electric-vehicle maker lowered its first-quarter delivery outlook and canceled its plan to build a manufacturing plant in Shanghai. The shares fell 21% in New York on Wednesday after rising 62% through Tuesday since the initial public offering in September. [Bloomberg]
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