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Morning Brief

Wall Street wrapping up its best month since February

Key Points


U.S. stock futures were modestly higher this morning. There's nothing scary here on Halloween, with the Dow and S&P 500 on track for their biggest monthly gains since February. The Nasdaq is just a handful of points from doing the same. The Dow and S&P 500 are coming off their first drops in three days. (CNBC)

Shares of Under Armour (UAA) were tanking about 17 percent in premarket trading after the sports apparel and sneaker maker this morning warned on full-year earnings. UA missed estimates on revenue, though adjusted earnings did beat expectations. (CNBC)

Dow component Pfizer (PFE) reported earnings this morning, increasing its full-year outlook and beating expectations on quarterly profit. Revenue matched estimates. The stock was getting a bump higher in the premarket. (CNBC)

Aetna (AET), Kellogg (K), and MasterCard (MA) are among the other companies releasing earnings before the bell. After-the-bell reports include numbers from Electronic Arts (EA), Papa John's (PZZA), Sturm Ruger (RGR), and U.S. Steel (X). (CNBC)

On the economic calendar, an August reading on home prices comes at 9 a.m. ET with the release of the monthly S&P/Case-Shiller report. The Chicago Purchasing Managers Index is set for release at 9:45 a.m. ET. At 10 a.m. ET, the Conference Board is out with its October Consumer Confidence Index. (CNBC)

A two-day meeting of Fed policymakers begins today, with an interest rate decision and policy statement coming tomorrow afternoon. Most Fed watchers do not expect a rate move, and this meeting is not followed by a news conference this time around. (CNBC)

President Donald Trump is expected on Thursday to pick Fed Governor Jerome Powell to lead the Federal Reserve, according to several reports, citing sources. Markets had been expecting Trump to make the nomination before he left for a foreign trip Friday.

Wall Street workers are on track to receive fatter bonuses in 2017 after hauling in an average of $138,210 last year, according to New York's chief fiscal officer. (USA Today)

* Americans save less and spend more as economy and stock market heat up (WSJ)


Facebook (FB), Twitter (TWTR) and Alphabet's (GOOGL) Google head before U.S. lawmakers today for two days of hearings on how Russia allegedly used their services to try to sway the 2016 U.S. election. (Reuters)

* Facebook says 126 million Americans may have seen Russia-linked political posts (Reuters)
* Google and Twitter also reveal a wider scope of Russian posts (Washington Post)

President Trump's onetime campaign chairman, Paul Manafort, and another aide, Rick Gates, were indicted by federal investigators on 12 counts related to hiding foreign payments, including one count of "conspiracy against the United States." They pleaded not guilty to all charges. (CNBC)

Another former advisor to Trump's campaign, George Papadopoulos, pleaded guilty on October 5 to lying to FBI agents about when he met with Russian nationals to get "dirt" on Hillary Clinton, according to court filings released. (CNBC)

* What the charges against Manafort and Gates mean (CNBC)
* Where Mueller says Manafort's money went (CNBC)

White House Press Secretary Sarah Huckabee Sanders says that the indictment of Trump's former campaign chairman, Paul Manafort, "has nothing to do with the president." Sanders also said that Trump does not plan to dismiss special counsel Robert Mueller. (CNBC)

* Investigations of Manafort in New York are beyond Trump's power to pardon (NY Times)
* Trump's refrain of 'nothing to see here' rings hollow after first 3 Mueller charges land (CNBC)

White House Chief of Staff John Kelly says a special counsel should be appointed to investigate Democrats over a uranium deal during the Obama administration and a dossier compiled on Trump during the 2016 presidential campaign. (Reuters)

* John Kelly: 'The lack of an ability to compromise led to the Civil War' (CNBC)


Apple (AAPL) has reportedly designed iPhones and iPads that would drop chips supplied by Qualcomm (QCOM). The change would affect iPhones released in the fall of 2018, but Apple could still change course before then. (Reuters)

* CNBC reviews the $1,150 new iPhone X; the best smartphone you can buy
* The iPhone X unlocks when you look at it; here's a quick look at Face ID
* Here are the five best features of the iPhone X

Microsoft said today that the cellular version of its Surface Pro hybrid tablet would be released in December. The Surface Pro was announced earlier this year, but without a release date. At the time, the U.S. technology giant said the device would support mobile connectivity. (CNBC)

* A recent ride in a self-driving van from Google sister company Waymo shows they're almost ready for prime time (CNBC)

Netflix (NFLX) said the upcoming sixth season of "House of Cards" will be its final season. The news came after allegations of unwanted sexual advances surfaced against lead actor Kevin Spacey. Sources say the decision to end the series was unrelated to the allegations. (CNBC)

Airbus said today it had uncovered problems involving the use of sales agents to sell U.S. arms technology, dragging the United States for the first time into a growing corruption scandal at Europe's largest aerospace firm. (Reuters)

China has flown bomber jets near the United States territory of Guam and practiced attacks against the island, according to U.S. military officials, Defense News reported today. Chinese bombers are also reportedly flying in the vicinity of the state of Hawaii.


Snack maker Mondelez International (MDLZ) reported adjusted quarterly profit of 57 cents per share, 3 cents above estimates. Revenue was also above forecasts, as was organic revenue growth, amid improving sales in both North America and emerging markets.

Allison Transmission (ALSN) beat estimates by 25 cents with third quarter profit of 75 cents per share. The truck and bus parts maker also saw revenue beat Street forecasts amid improved orders from trucking companies even ahead of what's usually the busiest season for orders.

Texas Roadhouse (TXRH) matched forecasts with adjusted quarterly profit of 43 cents per share, while the restaurant chain's revenue beat forecasts. Texas Roadhouse saw comparable store sales beat forecasts for both company-owned locations and franchised restaurants, and the company also said food costs were dropping while labor costs were rising.

Exact Sciences (EXAS) lost 23 cents per share for its latest quarter, but that was 7 cents smaller than analysts were anticipating. The diagnostic test maker reported revenue above Street forecasts, and also raised its full-year revenue guidance on strong sales of the company's Cologuard test for colorectal cancer.

BP (BP) reported better than expected profits that were double its year-ago earnings, and the oil giant also said it would resume share buybacks.

Sony (SNE) is forecasting full-year profit of $5.57 billion, 26 percent higher than its prior estimate three months ago. Sony also reported better than expected profit for its July through September quarter, helped by improved performance for the company's image sensors and video game consoles.


United Airlines (UAL) is selling seats on its new nonstop flight from Los Angeles to Singapore for $177 for travel next month, when purchased as part of a round-trip ticket, according to fares listed on the airline's website. (CNBC)