Top Stories
Top Stories
Morning Brief

Dow rolling on longest winning streak since 2013

Key Points


U.S. stock futures were higher. The Dow, on its longest winning streak since March 2013, is looking for its ninth straight session of gains today. The Dow and S&P 500 have set multiple record highs in recent days. But the Nasdaq remains 3.5 percent away from its record close. (CNBC)

Morgan Stanley (MS) this morning reported solidly better-than-expected quarterly earnings and revenue, aided by the financial giant's fixed income and investment banking businesses. (CNBC)

Microsoft (MSFT) reported adjusted quarterly earnings of 69 cents per share, 11 cents above estimates, with revenue also beating forecasts. The software giant's key cloud product, Azure, saw revenue grow 102 percent for its fiscal fourth-quarter. (CNBC)


On Day 3 of the Republican convention, Donald Trump's running-mate, Indiana Gov. Mike Pence, makes his primetime address. Texas Sen. Ted Cruz, a former GOP presidential candidate, and former House speaker Newt Gingrich, passed over as Trump's VP, also speak tonight. (USA Today)

House Speaker Paul Ryan, at times an uneasy ally of Trump, said from the podium the GOP ticket offers a "better way" forward for the U.S. than Democrat Hillary Clinton. Ryan, the 2012 vice-presidential nominee, is also the chairman of the GOP convention. (CNBC)

New Jersey Gov. Chris Christie, a former GOP presidential candidate, spent his time on stage last night "prosecuting" Clinton's foreign policy record point by point for the audience, who shouted "guilty," at the individual charges. (NBC News)

Trump officially became the Republican presidential nominee, after Tuesday's roll call vote. Trump's home delegation of New York put Trump over the top, with Donald Trump Jr. making the announcement from the convention floor. (NBC News)

But a day after Melania Trump's plagiarism controversy, there was internet talk Donald Trump Jr.'s evening speech stole F.H. Buckley's writings. But the George Mason University law professor said he was the younger Trump's principal speechwriter, tweeting "it wasn't stealing." (Vox)


21st Century Fox (FOXA) is nearing a decision on the future of Fox News chief Roger Ailes, with sources telling CNBC the decision is likely to result in the executive's departure. The parent company of the network said it's still conducting an internal review following a sexual harassment.

Game-maker Niantic has postponed today's scheduled launch of Pokémon Go in Japan following an email leak. Nintendo shares fell 12 percent in Tokyo. The stock trading in the U.S. was off a more modest 4 percent in the premarket. (TechCrunch)

Tesla Motors (TSLA) chief Elon Musk said he expects a supermajority of shareholders to support the electric automaker's proposed combination with SolarCity (SCTY) despite investor skepticism about the planned deal. (WSJ)

Struggling drugmaker Valeant (VRX) received FDA approval for the tablet form of its Relistor treatment, which treats certain types of constipation. An injectable version, developed by Progenics Pharmaceuticals (PGNX), has been on the market since 2008. (WSJ-subscription)

Unilever (UL) is buying Dollar Shave Club, reportedly for $1 billion. The male grooming brand was started by Michael Dubin from his apartment in 2012. Dollar Shave Club expanded from selling razors online for $1 apiece to offering products including bathroom wipes. (CNBC)

Pimco has poached Manny Roman from the C-suite at global hedge fund giant Man Group, as the investment firm tries to reverse a slump in fortunes since co-founder Bill Gross left in 2014. Roman is set to take over at Pimco on Nov. 1. (Reuters)

Federal prosecutors are poised to launch one of the largest asset seizures in U.S. history as they step up their investigation into billions of dollars siphoned away from 1MDB, a Malaysian government investment fund. (WSJ-subscription)

Twitter (TWTR) has banned Milo Yiannopoulos, a technology editor at conservative news site Breitbart, following a campaign of prolonged abuse against the comedian Leslie Jones, a co-star in the new "Ghostbusters" reboot. (NY Times)

Nick Denton may be filing for personal bankruptcy this week, after a judge denied a lawsuit shield for the Gawker founder in the $140 million Hulk Hogan judgment. Denton said he's now refocusing on the sale of Gawker. (CNBC)

Florida health officials are investigating a possible case of Zika that wasn't carried back by a traveler. If confirmed, it would be the first evidence the virus has spread to mosquitoes in the continental United States. Zika has been linked to birth defects. (NBC News)


The Energy Department releases its usual Wednesday report on oil and gasoline inventories at 10:30 a.m. ET. Meanwhile, U.S. crude prices were steady this morning, after the American Petroleum Institute reported a larger-than-expected decline in stockpiles.

The rush to refinance home loans lost some steam last week, as mortgage rates lifted off their lows. Refi application volume fell 1 percent, while total mortgage app filings fell 1.3 percent, according to the latest weekly Mortgage Bankers Association survey.

In addition to this morning's Morgan Stanley earnings, Dow components American Express (AXP) and Intel (INTC) issue quarterly results after the closing bell. EBay (EBAY), Qualcomm (QCOM), and Mattel (MAT) also report profits this afternoon.


United Continental (UAL) reported adjusted quarterly profit of $2.61 per share, 5 cents above estimates, with revenue just slightly above projections. The beat came despite the negative impact of a stronger dollar, increased industry capacity, and pricing pressures. The airline also unveiled a $2 billion stock buyback.

SAP (SAP) reported a 73 percent jump in profit for its second quarter compared to a year ago, with the business software provider's results boosted by growth in its cloud business and a reduction in restructuring costs.

General Electric (GE) struck a partnership with China's Huawei Technologies to develop productivity-enhancing smart machines. The announcement came as GE launched an $11 million digital facility in Shanghai.

Chesapeake Energy (CHK) is being sued by investors, who accuse Chesapeake of conspiring to depress market prices for certain oil and natural gas leases and say they lost more than $10 million as a result. Chesapeake said it disagreed with the assertions of those investors and would address them "in the appropriate forum."

AstraZeneca (AZN) lost its bid for a temporary restraining order, aimed at blocking approval of new US generic versions of the drugmaker's cholesterol treatment Crestor. Novartis (NVS) and Mylan (MYL) are among the companies preparing to launch generic versions of the best-selling drug.


Writer-director Garry Marshall, whose TV hits included "Happy Days" and ''Laverne & Shirley," and box-office successes included "Pretty Woman" and "Runaway Bride," has died of complications from pneumonia after having a stroke. He was 81. (AP)