US stock futures are treading water ahead of earnings flood

BY THE NUMBERS

U.S. stock futures were narrowly mixed this morning ahead of another big batch of corporate earnings. That follows a volatile session which saw the Nasdaq jump 1.1 percent to a record intraday high, only to finish the day lower. (CNBC)

* Cramer: Charts suggest S&P 500 could make new all-time highs by the end of earnings season (CNBC)

The government will release its June report on new home sales at 10 a.m. ET, with consensus forecasts calling for an annual sales rate of 669,000 units. That would be down 0.3 percent from June’s 689,000 rate. Mortgage demand from home buyers has been falling for weeks and continued its slide yet again. (CNBC)

Dow components Coca-Cola (KO) and Boeing (BA), along with General Motors (GM), are the headliners among this morning’s earnings reports. Today’s after-the-bell reports include Facebook (FB), Dow component Visa (V), Ford Motor (F) and Mondelez (MDLZ). (CNBC)

* Coca-Cola earnings: 61 cents per share, vs 60 cents EPS expected (CNBC)

AT&T (T) reported adjusted quarterly profit of 91 cents per share, six cents above consensus forecasts, and the company also raised its full-year guidance. However, investors are focusing on revenue numbers that came in below Street forecasts. (CNBC)

IN THE NEWS TODAY

The White House will open its doors for the president of the European Commission today, with relations looking strained amid tariffs and the possibility of an all-out trade war. The president said on Twitter that both sides should drop all tariffs. (CNBC)

The Trump administration plans to offer to $12 billion in aid to farmers hit by tariffs on their goods. Republican senators condemned the plan, with Tennessee Sen. Bob Corker calling on President Donald Trump to "reverse course and end this incoherent" tariff. (CNBC)

* US business leaders are ‘bullish’ amid worldwide instability (NY Times)

An audio recording was made public appearing to feature Trump, while running for president in 2016, talking with his then-attorney Michael Cohen about paying for the rights to a Playboy model’s story about her alleged affair with Trump. (CNBC)

Ivanka Trump is shuttering her fashion brand following criticisms about potential conflicts of interest and a handful of protests. The president's daughter had stopped working directly with the company to serve as a senior advisor at the White House. (CNBC)

Trump defended Sinclair Broadcast Group’s proposed merger with Tribune Media, saying in a late tweet it was "so sad an unfair" that the Federal Communications Commission did not approve the $3.9 billion transaction. (Washington Post)

Former Fiat Chrysler CEO Sergio Marchionne has died, according to a statement by the carmaker's controlling family shareholder. Marchionne's condition had worsened after he fell gravely ill following complications during surgery in a Zurich hospital. (CNBC)

* Sergio Marchionne, the CEO who liked to fix things (Reuters)

Hundreds of thousands of tourists were forced to alter their plans during the height of summer vacation after heavy smoke from a wildfire burned near Yosemite National Park. The wildfire could hurt tourist-dependent businesses. (USA Today)

Facebook (FB) officials said the social network is using a range of techniques, including artificial intelligence, to counter Russian operatives or others who use deceptive tactics and false information to manipulate public opinion. (Reuters)

* Facebook dodges questions about Russian interference in upcoming US midterm elections (CNBC)

British drug giant GlaxoSmithKline announced today it is investing $300 million in consumer genetics company 23andMe, forging a four-year collaboration to discover medicines using human genetics as a guide. (CNBC)

STOCKS TO WATCH

Lululemon (LULU) named Sephora executive Calvin McDonald as its new chief executive officer, effective August 20. Former CEO Laurent Potdevin stepped down in February after engaging in behavior that the athletic apparel maker said did not meet the company’s standards.

Texas Instruments (TXN) beat estimates by eight cents with quarterly earnings of $1.40 per share, with the chipmaker’s revenue above estimates as well. The company also issued strong earnings guidance for the current quarter, saying it expects continued growth in its industrial and automotive businesses.

iRobot (IRBT) earned 37 cents per share for its latest quarter, well above the consensus estimate of 18 cents, while the maker of the Roomba automated vacuum cleaner also reported better-than-expected revenue. iRobot also raised its full-year guidance, saying it was seeing growth across all major regions.

Charter Communications (CHTR) said John Malone would retire from its board of directors, taking on the role of “director emeritus.” The cable pioneer will still attend board meetings and provide advice, although he will not have a vote.

Kraft Heinz (KHC) issued a voluntary recall of about 7,000 cases of its Taco Bell Cheese Dip. The recall comes amid indications that the affected cases could allow for the growth of the bacteria that causes botulism, although no cases of illness have been reported.

Viacom (VIAB) is in talks to acquire AwesomenessTV from Comcast (CMCSA), Verizon (VZ), and Hearst Corporation, according to a Bloomberg report. Comcast, the parent of NBCUniversal, owns 51 percent of the channel.

Spotify (SPOT) was downgraded to “hold” from “buy” at Pivotal Research, which noted a run-up in the streaming music service’s stock to a price near its target, as well as what Pivotal considers “too aggressive” consensus on 2018 growth.

WATERCOOLER

The fifth largest jackpot in Mega Millions history was won in California last night. A single ticket matched all six numbers drawn, giving the winner an estimated prize of $522 million, of which $308.1 million is cash. (CNBC)