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Morning Brief

Wall Street on track for strong open as earnings flood in

Key Points


U.S. stock futures were sharply higher this morning, as three Dow components — Goldman Sachs (GS), Johnson & Johnson (JNJ), and UnitedHealth (UNH) — report earnings. The S&P 500 has alternated between gains and losses for eight straight sessions. (CNBC)

BlackRock (BLK) chief Larry Fink tells CNBC his clients are having a tough time navigating the low interest rate environment. Fink spoke after BlackRock reported third-quarter earnings that beat expectations but missed on revenue.

Netflix (NFLX) doubled estimates with earnings of 12 cents per share. Revenue was slightly above forecasts. The video streaming service also gave an upbeat outlook, and reported extremely strong subscriber growth. The stock was up about 19 percent in the premarket. (CNBC)

In its Q3 earnings report, Netflix said it plans to shell out $6 billion next year on content. That projection, according to Boston Consulting Group and SNL Kagan, would put Netflix second to this year's spending king, ESPN, which invested $7.3 billion in content. (CNBC)

Netflix chief Reed Hastings said on the earnings webcast there are no plans to force people to pay for separate accounts, yet. "Password sharing is something you have to learn to live with," he added. (CNBC)

Dow stock IBM (IBM) reported adjusted quarterly profit of $3.29 per share, 6 cents above estimates. Revenue was also above forecasts, but fell for the 18th consecutive quarter. The stock was under pressure in premarket trading. (CNBC)

United Continental (UAL) came in 5 cents ahead of estimates with adjusted quarterly profit of $3.11 per share. Revenue slightly exceeded forecasts. The airline said lower airfares and higher wages will hurt its bottom line for the current quarter. (AP)

Charles Scharf is stepping down as CEO of San Francisco-based Visa (V) on Dec. 1, telling employees he needs to be on the East Coast with his wife and family. Former American Express (AXP) President and current Visa Director Alfred Kelly is taking over. (CNBC)

Due to slowing sales, Ford Motor (F) is temporarily shutting down production of its F-150 pickup trucks at a Kansas City assembly plant, and plans to do the same at three other plants. The moves idles about 13,000 Ford hourly workers. (WSJ)

Samsung plans to compensate component suppliers for the discontinued Galaxy Note 7, and consider giving them orders for other smartphone models. Samsung last week permanently ended sales of the fire-prone device, less than two months after launch. (Reuters)

Chinese billionaire Wang Jianlin, chairman of Wanda Group, announced $750 million in incentives over five years for Hollywood films to shoot at a $5 billion studio in Qingdao, China, that is scheduled to open fully in 2018. (CNBC)


A newly released FBI document indicates a bureau employee claimed a colleague had discussed a "quid pro quo" in 2015 with a top State Department official regarding former Secretary of State Hillary Clinton's email. (NBC News)

Ahead of Wednesday's third and final president debate, Donald Trump quickly seized on the new documents as evidence of what House Speaker Paul Ryan called "a cover-up." (NY Times)

In separate high-stakes debates last night, two incumbent senators, Marco Rubio and Pat Toomey, became the latest Republicans to speak out against Donald Trump's warnings of a rigged election. (NBC News)

Under fire for his involvement in a 2005 "Access Hollywood" Trump video, an internal NBC memo announced that Billy Bush, a host on NBC's "Today," was leaving the show effective Monday.

Melania Trump said she was "surprised" by her husband's "boy talk" on the 2005 video. In a CNN interview, she said then "Access Hollywood" host Billy Bush encouraged the Republican nominee "to say dirty and bad stuff."

Billionaire venture capitalist Peter Thiel's $1.25 million backing of Trump's campaign has caused rifts in Silicon Valley, with the ex-chief executive of Reddit accusing Thiel of funding "violence and hate." (CNBC)

Amy Schumer's rant against Donald Trump apparently turned off some fans at her show in Tampa, Florida. A reporter for the Tampa Bay Times who attended the show counted roughly about 200 people walking out over the comments. (AP)


Saudi Arabia is poised to launch its first ever international bond sale on Wednesday as the kingdom turns to debt markets to help ease a fiscal squeeze from the two-year slump in oil prices.

The government releases the September consumer price index at 8:30 a.m. ET. Then at 10 a.m. ET, the National Association of Home Builders is out with its October sentiment index.

In addition to the high-profile list earnings this morning, Dow component Intel (INTC) and Yahoo (YHOO) are set to report quarterly results after the bell this afternoon.


Dick's Sporting Goods (DKS) is preparing a bid for the U.S. units of bankrupt Golfsmith International, according to Reuters. A bid by Dick's would compete with an offer by Worldwide Golf Shops.

Alaska Air Group (ALK) is in talks with the Justice Department to gain approval for its tentative deal to buy rival airline Virgin America (VA), according to a Reuters report.

Orbital ATK's (OA) unmanned Antares rocket successfully blasted off late Monday for a cargo trip to the International Space Station. That comes two years after one of the company's rockets exploded during liftoff.