Morning Brief: Tesla names new chair to replace Musk
Thursday, November 8, 2018
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What to watch today
Federal Reserve policymakers will announce their latest decision on interest rates at 2 p.m. ET. Compared to September’s announcement, Thursday’s decision is expected to come and go without much fanfare. Most economists aren’t expecting another rate hike Thursday, and Chairman Jerome Powell won’t hold a press conference following the meeting.
Meanwhile, earnings season continues with Disney (DIS) among the biggest names to report after the bell Thursday. The entertainment giant is expected to deliver earnings of $1.35 per share on revenue of $13.74 billion, according to Bloomberg data. With the bid for Sky now in the past, investors will be watching for results for Disney’s newer direct-to-consumer subscription streaming service ESPN+, which launched in April. Disney’s stock was up about 10% for the year-to-date at the close Wednesday.
Top news
Tesla picks an insider to replace Musk as chair: Tesla Inc. (TSLA) chose Robyn Denholm to succeed Elon Musk as board chair, selecting an independent director to contend with the carmaker’s mercurial chief executive officer following his run-ins with regulators and investors. [Bloomberg]
Walmart is doing Black Friday the earliest in its history: Walmart (WMT) will kick off its Black Friday shopping holiday earlier than ever. Black Friday, viewed as the “Super Bowl of retail,” will kickoff online at 10 p.m. ET on Wednesday, two hours earlier than previous years. Meanwhile, the in-store event will begin at 6 p.m. local time on Thanksgiving Day. [Yahoo Finance]
Obamacare, Medicaid, and Medicare won the midterms: The blue wave that Democrats hoped for and Republicans feared may not have been as strong as expected, but in the midterm elections Tuesday Americans voted overwhelmingly for preserving and expanding the existing system of health care. With Democratic control of the House, the GOP no longer has legislative means to repeal the Affordable Care Act or reduce Medicaid and Medicare spending. [Yahoo Finance]
Google plans large NYC expansion: Google is gearing up for an expansion of its New York City real estate that could add space for more than 12,000 new workers, an amount nearly double the search giant’s current staffing in the city, according to people familiar with the matter. [The Wall Street Journal]
Roku plunges despite beating on the top and bottom lines: Shares of Roku (ROKU) plunged as much as 12% in extended trading Wednesday despite beating on both the top and bottom lines in its third-quarter earnings. Roku raised full-year revenue guidance to a range of $722 million to $732 million, up from a previous range of $710 million to $730 million. That new guidance comes in just above Wall Street estimates of $722.8 million. [CNBC]
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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.
