Morning Brief

Stock futures fall | GE shares dive | Pinterest sets its IPO price


U.S. stock futures were lower this morning, meaning that the S&P 500's longest win streak in 18 months could come to an end today. The S&P 500 has been up for the past seven sessions, with the Dow and Nasdaq higher in six of the past seven trading days. (CNBC)

Image sharing website Pinterest said this morning it would offer 75 million of its Class A shares as part of its initial public offer and priced them in the range of $15 to $17 per share. The company plans to list under the symbol "PINS" on the NYSE. (Reuters)

Boeing (BA) shares were 4 percent lower in premarket trading after saying it would cut production of its 737 Max aircraft to 42 per month from 52, as it continues to work to return the aircraft to service following two fatal crashes.

* American Airlines extends flight cancellations (CNBC)

General Electric's (GE) stock took a dive this morning after it was downgraded to "underweight" from "neutral" by J.P. Morgan Securities analyst Stephen Tusa, who also cut his price target on the stock to $5 per share from $6. (CNBC)

On the data front, the government releases February factory orders this morning at 10 a.m. ET, with consensus forecasts calling for a 0.5% decline. Factory orders had increased by 0.1% in January. Separately, there are no earnings reports of note out today. (CNBC)


Kirstjen Nielsen is leaving her role as Homeland Security secretary as President Donald Trump intensifies his focus on the nation's border with Mexico. A White House aide told CNBC that Nielsen's departure was unexpected.

As the annual IRS filing deadline of April 15 approaches, just 17% believe their own taxes will go down, according to a NBC News/Wall Street Journal Poll. Republicans are the only group in which 30% or more believe they're getting a tax cut.

The U.K.'s political future looks as uncertain as ever with cross-party talks over Brexit still bearing no compromise ahead of crucial decisions. EU leaders will meet Wednesday and decide whether to grant the U.K. more time to leave. (CNBC)

Wells Fargo (WFC) was urged by Warren Buffett, its largest shareholder, to look outside of Wall Street for its next chief executive following the resignation of Tim Sloan. Buffett made his comments in an interview with the Financial Times.

Michael Avenatti, facing extortion charges, upped the ante in his feud with Nike (NKE) over the weekend, dumping 41-pages of documents which he claims are evidence showing the retailer "bribed players to attend 'Nike' colleges."

Amazon's (AMZN) satellite internet plan is increasingly looking like the one Elon Musk has at SpaceX. Among the reasons for the similarities, people tell CNBC, is that Jeff Bezos hired some of Musk's previous senior management.

Lyft threatened litigation against Morgan Stanley, accusing the firm of supporting short-selling for investors who are subject to lock-up agreements. CNBC reviewed a copy of this letter, which was signed by Lyft's counsel Peter Stris of the law firm Stris & Maher.


Carlyle Group (CG) will buy between 30% and 40% of Spanish energy company Cepsa from majority shareholder Mubadala, the Abu Dhabi state-owned investment arm. The stake is valued at up to $4.8 billion.

Fiat Chrysler (FCAU) will pay Tesla (TSLA) hundreds of millions of euros to allow Tesla's electric cars to be counted in its fleet. That move will allow it to avoid fines for violating new, tougher European Union emissions rules.

Wynn Resorts (WYNN) was upgraded to "buy" from "hold" at Jefferies, which notes an improved outlook in China and Macau as well as saying that risk related to a Massachusetts license review is more positively skewed.

Procter & Gamble (PG) was upgraded to "outperform" from "market perform" at Wells Fargo, which said CEO David Taylor has infused a sense of urgency and responsibility into the consumer products giant that will result in better performance.

Harley-Davidson (HOG) was downgraded to "market perform" from "outperform" at Wells Fargo, given weakness in the heavyweight motorcycle market as well as uncertainty surrounding tariffs.

Southwest Airlines (LUV) was downgraded to "market perform" from "outperform" at Raymond James, which cited risks related to the continuing grounding of Boeing's 737 Max jets.

Snap (SNAP) was upgraded to "outperform" from "sector perform" at RBC Capital due to several positive factors including evidence that Android platform improvements for the social media service are gaining traction.


"Game of Thrones" star Kit Harington hosted "Saturday Night Live" this weekend, appearing as his character Jon Snow in a parody. For his monologue, he fielded questions from the studio audience, including from Emilia Clarke, who plays Daenerys Targaryen. (NY Times)