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Morning Brief

Wall Street set to rebound from some of Thursday's sharp losses and looks to finish the week positive


U.S. stock futures were pointing to a modest rebound at the open this morning after the Dow fell 327 points, or nearly 1.3 percent. The S&P 500 fell more than 1.4 percent. The Nasdaq fell over 2 percent. Thursday's losses added to sharp monthly declines, including last week's plunge. Ahead of Friday trading, the Dow and S&P 500 were slightly positive for the week, while the Nasdaq was slightly negative. (CNBC)

* China's GDP disappoints, but stocks there surge anyway as officials pledge to support markets (CNBC)
* Italian bond rates spike to 4-year highs as the EU slams Rome's new budget plan (CNBC)

Dow component Procter & Gamble (PG) leads this morning's list of corporate earnings, with Honeywell (HON) and VF Corp (VFC), the company behind North Face and Timberland, also out. There are no reports scheduled for release after today's closing bell. (CNBC)

* P&G's quarterly earnings and sales top expectations; shares jump (CNBC)
* American Express earnings top estimates on record revenue (CNBC)

Apple (AAPL), another Dow component, was rated outperform in new coverage at Wedbush Securities, which set a $310 per share price target. That represents a 43 percent gain from Thursday's close. Wedbush thinks Wall Street forecasts on iPhone demand may be too conservative. (CNBC)

On the Friday economic calendar, the National Association of Realtors is out with September existing home sales at 10 a.m. ET. Atlanta Fed President Raphael Bostic and Dallas Fed President Rob Kaplan speak today. Only Bostic votes this year on the Fed's policymaking committee. (CNBC)

Today marks 31 years since the 1987 stock market crash. The date this year falls on a Friday. But in 1987, it was a Monday that came to be known as Black Monday, when the Dow cratered 22.6 percent in its largest single-day percentage loss ever. (The Fed)


President Donald Trump said he believes Saudi journalist Jamal Khashoggi is dead, and he expressed confidence in intelligence reports from multiple sources that strongly suggest a high-level Saudi role in Khashoggi's assassination. (NY Times)

* Treasury Secretary Mnuchin drops out of Saudi conference (CNBC)

President Trump is welcoming a Mexican government plan to work with the UN's refugee agency to deal with a caravan of up to 4,000 mostly Honduran migrants before they reach the U.S.-Mexico border, like another migrant caravan did back in April. (USA Today)

The president praised a Republican congressman who body slammed a reporter last year, saying the lawmaker was "my guy." Rep. Greg Gianforte, who pleaded guilty to assault, faces Democrat and former state legislator Kathleen Williams in next month's midterm election. (USA Today)

Tesla (TSLA) unveiled a new $45,000 version of its Model 3 sedan, featuring a battery with a range of about 260 miles, 50 miles less than the more expensive version of the vehicle. On Twitter, Elon Musk wrote, "Costs $35k after federal & state tax rebates in California." (CNBC)

Ford (F) is tapping "Breaking Bad" actor Bryan Cranston, aimed at boosting the automaker's image and sales. The campaign seems to poke fun at today's high-tech visionaries while touching on the company's historical American roots. (CNBC)

PayPal (PYPL) shares were up about 7.5 percent in the premarket after the digital payments firm reported better-than-expected earnings and revenue. PayPal saw a 15 percent increase of total active accounts to 254 million, and a surge in payments for its peer-to-peer payment app Venmo. (CNBC)

Alibaba (BABA) said next month's 10th annual mega-shopping event, known as Singles Day, will be the largest-ever in terms of "scale and reach," as the Chinese e-commerce giant looks to continue growing what resulted in $25.3 billion sales last year. (CNBC)


AIG (AIG) expects third quarter catastrophe losses of $1.5 billion to $1.7 billion. The insurer said the losses were largely related to two typhoons in Japan, Hurricane Florence in the U.S., and California mudslides.

Intuitive Surgical (ISRG) earned an adjusted $2.83 per share for its latest quarter. Revenue also beat estimates. Intuitive Surgical's bottom line was helped by increased use of its robotic surgical devices.

Skechers (SKX) reported quarterly profit of 58 cents per share, 7 cents above estimates. While the footwear maker's revenue missed, it still came in at record levels thanks to domestic and international growth.

E-Trade Financial (ETFC) board chairman Rodger Lawson told analysts the online brokerage firm is not for sale, saying their best path to create shareholder value is to continue to execute their business plan.

Micron Technology (MU) will buy out Intel's (INTC) stake in a flash memory joint venture for $1.5 billion. The chip maker said it expects to close the deal within six to twelve months.


This weekend, $1.4 billion is up for grabs in the Mega Millions and Powerball jackpots. Tonight's Mega Millions drawing is $970 million after nobody won the big prize on Tuesday. Meanwhile, tomorrow night's Powerball is up to $430 million, rolling over after Wednesday's drawing. (CNBC)