Morning Brief

Stocks set for mixed open | Target surges on earnings | Get your Starbucks Cloud Macchiato


U.S. stock futures were pointing to a mixed Tuesday open on Wall Street, after the biggest one-day declines for the Dow and S&P 500 in nearly a month. The Dow traded in a 544-point range during Monday's session. (CNBC)

* Hayman Capital's Kyle Bass predicts US interest rates will head back to zero in 2020 (CNBC)

Shares of Target (TGT) surged in premarket trading after the retailer this morning beat estimates with fourth-quarter earnings, revenue, and same-store sales. Target also delivered a rosier full-year forecast for fiscal 2019. (CNBC)

* Shares of Kohl's soared in the premarket after the retailer beat on earnings and revenue (CNBC)

After-the-bell, investors get further evidence of the health of retailing when Ross Stores (ROST) and Urban Outfitters (URBN) report their quarterly results. (CNBC)

On today's economic calendar, the Institute for Supply Management releases its February nonmanufacturing index at 10 a.m. ET. Boston Fed President Eric Rosengren and Richmond Fed President Tom Barkin deliver speeches this morning. (CNBC)

Calls of the day: Alphabet, Tesla, Ingersoll-Rand, Tyson Foods, Aurora Cannabis (CNBC)


U.S. Attorney General William Barr will not recuse himself from oversight of the ongoing investigation by special counsel Robert Mueller. Barr's decision, in contrast to his predecessor's, follows guidance from "senior career ethics officials" at the Justice Department. (CNBC)

* Ex-Trump lawyer Michael Cohen approached the president's attorneys about a pardon after April raid (WSJ)

Senate Majority Leader Mitch McConnell conceded that he could not stave off final passage of a resolution overturning the president's national border emergency declaration. McConnell is exploring whether he can amend the House-passed resolution of disapproval. (NY Times)

Democrat Hillary Clinton said she's not running for president again, telling local news that she would continue "working and speaking and standing up" for what she believes. Clinton said she plans to take an active role in the 2020 election cycle. (The Hill)

President Donald Trump looked set to open a new front in his trade wars, with a plan to end preferential trade treatment for India, which allows duty-free entry for up to $5.6 billion worth of its exports to the U.S. India played down the impact. (Reuters)

China must be prepared for a "tough struggle" as the country faces a "grave and more complicated environment," Premier Li Keqiang said at the opening of the annual National People's Congress today, the country's annual parliamentary meeting. (CNBC)

* Kyle Bass: Trade deal with China must address IP theft: 'They're stealing our game from us' (CNBC)
* Huawei says it would never hand data to China's government. Experts say it wouldn't have a choice (CNBC)

A Japanese court granted bail to ousted Nissan Motor Chairman Carlos Ghosn today, but prosecutors swiftly appealed the decision, delaying an immediate release of the once-feted executive after more than three months in jail. (Reuters)

A London man infected with HIV may be the second person to beat the virus that causes AIDS, researchers report, nearly three years after he received a stem-cell transplant from a donor who was genetically resistant to HIV. (WSJ)

OxyContin-maker Purdue Pharma is exploring bankruptcy protection amid accusations of igniting a nationwide opioid crisis by ruthlessly marketing and misleading doctors and patients about the dangers of the highly addictive narcotic. (CNBC)

FDA puts 15 national retailers on notice for allegedly selling tobacco products to minors (CNBC)

Papa John's (PZZA) reached an agreement with its founder John Schnatter, under which he would leave the board after a mutually acceptable independent director was appointed. The settlement signals an end to the acrimonious battle between the pizza chain and its former chairman. (Reuters)

California's high-speed rail agency is asking the Trump administration to reconsider its plans to pull funding from the state's bullet train project. It also warned that any "clawback" of federal funds already spent "would be disastrous." (CNBC)

Fiat Chrysler (FCAU) plans a major ramp-up of production for its two best-selling brands, Jeep and Ram, by adding a new assembly plant in Detroit as part of a $4.5 billion investment program announced last week.

Bugatti, the French sports car brand owned by German automaker Volkswagen, unveiled today the most expensive new car ever built, the Bugatti La Voiture Noire with a price tag of $19 million. It was developed to mark Bugatti's 110th anniversary. (CNBC)

Lottery officials announced that a South Carolina resident has stepped forward to claim the $1.5 billion Mega Millions jackpot from last October, the largest jackpot payout to a single winner in U.S. history, but elected to remain anonymous. (AP)


Salesforce (CRM) earned an adjusted 70 cents per share in its fourth quarter, beating estimates by 15 cents. Revenue also beat forecasts, but the stock came under pressure on a weaker-than-expected first quarter revenue and profit outlook.

Barrick Gold (GOLD) CEO Mark Bristow said he wants to speak to rival gold miner Newmont Mining (NEM) about a possible Nevada joint venture, even as Newmont rejects Barrick's $18 billion takeover bid as inadequate.

Marriott (MAR) CEO Arne Sorenson is set to testify before a Senate Panel Thursday about the data breach involving the records of up to 383 million customers of its Starwood unit.

New York-based hedge fund Barington Capital plans to urge L Brands (LB) to separate its Bath & Body Works unit from its flagship Victoria's Secret operation, according to the Wall Street Journal.

GameStop (GME) announced a new stock buyback program of up to $300 million. The videogame retailer also said it is continuing its strategic and financial review. Shares were higher in the premarket.


Starbucks (SBUX) is launching a new drink. Starting today, customers can buy a Cloud Macchiato, described by the coffee giant as a "cloud of cold milk foam that's light and smooth, topped with espresso shots and finished with signature caramel drizzle cross-hatch." (CNBC)

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