Morning Brief

Dow gains in jeopardy | Nike shares tumble | Boeing's first order cancellation



U.S. stock futures were lower this morning, putting the Dow's gain for the week in jeopardy. However, the S&P 500 and Nasdaq remain on pace for positive weeks, with the Nasdaq likely to post its 12th positive week in the past 13. (CNBC)

* German 10-year bond yield turn negative for first time since 2016 amid fears of a recession (CNBC)

Nike (NKE) shares were 4 percent lower in premarket after it reported quarterly earnings of 68 cents per share for its fiscal third quarter, three cents above estimates, with revenue in line with forecasts. However, it also warned of a sales slowdown for the current quarter. (CNBC)

The National Association of Realtors will issue its February report on existing home sales at 10 a.m. ET. At the same time, the government is out with wholesale inventories for January. Separately, retailers Tiffany (TIF) and Hibbett Sports (HIBB) release quarterly numbers this morning in an otherwise light day for earnings. (CNBC)


Airline Garuda Indonesia said today it is requesting a cancellation to its current order for 49 Boeing (BA) 737 Max jets valued at $6 billion. Reuters said the company may change its 737 Max order to another type of Boeing jet.

CNBC has learned that several top Democratic donors have told former Vice President Joe Biden that they won't help him raise funds in the early stages of the party's 2020 presidential primary. They're skeptical if he can win.

President Donald Trump is expected to meet with leaders of five Caribbean nations today from his Florida resort, Mar-a-Lago. He's expected to thank the leaders for their support for peace and democracy in Venezuela. (AP)

Nearly 20 Russian missiles that the U.S. is currently unable to defend against were recently moved to a military testing site, signaling another milestone for the Kremlin's hypersonic weapons program, CNBC reported.

* White House won't share Trump's talks with Putin (USA Today)

The European Union agreed to postpone the United Kingdom's exit from the bloc. The length of the delay will depend on whether or not the British Parliament accepts the previously negotiated withdrawal agreement. (CNBC)

Federal scientists said vast areas of the United States are at risk of flooding this spring. Roughly 13 million people could be exposed to major flooding, making this a "potentially unprecedented" flood season. (NY Times)

Tesla (TSLA) CEO Elon Musk sent an email to employees saying that vehicle deliveries should be a "primary priority" for all employees as the quarter draws to a close. Read CEO Musk's entire email to employees here. (CNBC)

Layoffs are beginning at Fox following the entertainment company's sale to Disney (DIS). The ax fell at the film division, wiping away much of the senior leadership at Fox's marketing, distribution and consumer products arms. (Variety)

Uber and Pinterest, two of the highest profile internet companies planning to go public this year, have picked the New York Stock Exchange as the venue for their stock listings, according to Reuters, citing sources familiar with the matter.

Facebook (FB) confirmed it stored up to 600 million user account passwords without encryption and viewable as plain text to tens of thousands of company employee. Facebook said it planned to notify those affected. (CNBC)


GameStop (GME) named George Sherman as its new chief executive officer. Sherman had most recently been CEO of privately owned Victra, a retailer of Verizon products. Sherman had previously worked at Advance Auto Parts (AAP) and Best Buy (BBY), and will start his new role at the videogame retailer in April.

Murphy Oil (MUR) sold its Malaysian oil and gas assets to Thai energy producer PTTEP for $2.13 billion. Murphy Oil said the proceeds would be used to pay down debt, buy back shares, and to make possible acquisitions.

New software for Boeing's (BA) 737 MAX jets will be tested by American Airlines (AAL) pilots on simulators this weekend, according to a pilots union representative who spoke to Reuters.

Hyatt Hotels (H), Marriott (MAR), Wyndham (WYN) and other hotel chains lost a bid to have a class action suit dismissed. The hotel companies are accused of agreeing not to advertise against each other on online travel sites like Orbitz and Expedia.

Anheuser-Busch InBev (BUD) was sued by MillerCoors over its Bud Lite ad campaign. MillerCoors said the ads deceive consumers into believing that its Miller Lite and Coors Lite brands contain corn syrup.

Newmont Mining's (NEM) deal to merge with Goldcorp (GG) is running into opposition from hedge fund Paulson & Co., one of Newmont's biggest shareholders. The fund sent a letter to Newmont CEO Gary Goldberg saying that under current terms, it could not support the transaction.

Novartis (NVS) set an April 9 date for the spin-off of its Alcon eye care business. The spin-off will be done with a distribution to current shareholders, with Alcon listing on its own on the New York Stock Exchange in the U.S.

Best Buy (BBY) was upgraded to "outperform" from "perform" at Oppenheimer, based on improved sales and stronger earnings at the electronics retailer.

Cintas (CTAS) reported adjusted quarterly profit of $1.84 per share, 13 cents above consensus forecasts, while the provider of uniforms and other workplace services saw revenue come in slightly below forecasts.


More than a decade after hit Western series "Deadwood" ended, HBO released the first look at the movie. The film, "Deadwood: The Movie," is expected to premiere on the network on May 31. (Variety)