Morning Brief: Trump says 'partisan' probes endanger U.S. economy
Wednesday, February 6, 2019
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WHAT TO WATCH
Two big earnings reports will be released today: automaker General Motors (GM) and burrito chain Chipotle (CMG).
Ahead of the opening bell, General Motors is expected to report earnings of $1.25 per share on $36.53 billion in revenue, according to analysts polled by Bloomberg. After the closing bell, burrito giant Chipotle will report earnings. Analysts are expecting Chipotle to report earnings of $1.37 per share on $1.19 billion in revenue. Same-store sales, a key metric for restaurants, are projected to have grown about 4%.
TOP NEWS
Trump says 'partisan' probes could endanger economy: U.S. President Donald Trump on Tuesday warned Democrats against engaging in "ridiculous partisan investigations" that he said could contribute to a weakening of the American economy. [Reuters]
Read more on SOTU
Trump will meet Kim Jong Un in Vietnam [Bloomberg]
Trump: Trade deal with China must include structural change [Bloomberg]
Tesla cuts Model 3 price for the second time this year: Tesla Inc. (TSLA) is cutting the price of its Model 3 sedan for the second time this year, this time citing the end of a customer-referral program that was a more costly incentive than the company realized. All versions of the Model 3 will cost $1,100 less. [Bloomberg]
Electronic Arts cuts revenue outlook, shares dive: Video game maker Electronic Arts (EA) cut its yearly revenue outlook on Tuesday after its newest "Battlefield" title sold about a million fewer units than expected, amid rising competition in an industry being reshaped by upstarts like "Fortnite" and "PUBG." Shares of EA sank 18% in after-hours trading following the news. [Reuters]
Apple names third retail chief in 7 years: Apple Inc. (AAPL) named its third retail chief in seven years, seeking to shake up store operations while casting about for the next big hit as the iPhone era wanes. On Tuesday, Apple said company veteran Deirdre O’Brien will replace Angela Ahrendts, who served in the role for about five years. [Bloomberg]
Disney earnings beat expectations, shares up 2%: Disney (DIS) surpassed expectations on the top and bottom lines in fiscal first-quarter 2019 results, sending shares higher in extended trading. [Yahoo Finance]
Snap's Q4 wasn't as bad as expected, shares spike: Snap (SNAP) shares were soaring in after-hours trade Tuesday after the company reported better-than-expected financial results. The social media giant reported a net loss of 4 cents per share which was less than consensus estimates of a 8 per share net loss during Q4. [Yahoo Finance]
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