May had failed to win a parliamentary majority on Britain's withdrawal from the European Union.Europe Politicsread more
Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Danish shipping group A.P. Moller-Maersk on Friday posted first-quarter profit close to expectations and warned that trade tensions and slowing economic growth constitute...Earningsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Check out the companies making headlines midday Friday:
Wells Fargo — The beleaguered bank's stock dropped more than 2% after CFO John Shrewsberry warned of a net interest income fall that could range between 2% and 5%. Shrewsberry's warning overshadowed better-than-expected earnings.
J.P. Morgan Chase — Shares of J.P. Morgan Chase rose 4% after the bank reported record first-quarter profit and revenue, citing higher interest rates. The company said its earnings per share totaled $2.65 billion and revenue reached $29.9 billion, exceeding Wall Street estimates from Refinitiv.
Walt Disney — Disney surged 9% after announcing its Disney+ video streaming service, which is cheaper than Netflix's basic subscription. The media giant will roll out the ad-free streaming platform on Nov. 12 in the U.S., and it expects to spend about $1 billion in 2020 on original content including several series from Marvel and Star Wars.
PNC Financial — Shares of PNC Financial rose 2.6% after the bank reported first-quarter earnings that were in line with expectations, while revenue of $4.286 billion surpassed a Refinitiv estimate. However, the bank also reported a rise in expenses and provision for credit losses as a result of loan growth.
Anadarko Petroleum, Chevron — Shares of Anadarko Petroleum surged 33.9% after Chevron announced that it will be acquiring the oil and gas driller in a cash and stock deal valued at $33 billion. This would be the 11th biggest merger ever for an energy and power company. Chevron dropped 4.7% on the news.
First Republic — First Republic shares dropped over 2% following the company's mixed first quarter earnings report. First Republic Bank's revenue fell short at $807.4 million versus Refinitiv's estimated $814.2 million. The company reported higher-than-expected EPS, coming in at $1.26 per share compared to Refinitiv's estimated $1.22.
Allegheny Technologies — Allegheny Technologies dropped 7.8% after the specialty metals company issued disappointing guidance for its first-quarter earnings. Allegheny said it expects earnings of 10 to 13 cents per share. Analysts polled by FactSet expected guidance in a median of 25 cents per share. The company cited a larger negative impact from continued disruption in third party nickel powder billet supply and higher operating costs than it had originally anticipated.
Conduent — Conduent shares sank 7% after director Michael Nevin resigned from the company's board effective immediately. Jesse Lynn, general counsel of Icahn Enterprises, has been designated as a replacement for Nevin, a move which is subject to the company's approval.
Verso — Verso shares dipped 4% in midday trading after the paper mill company announced B. Christopher DiSantis has stepped down as president and CEO. Leslie Lederer, former CEO of Catalyst Paper Company, has been named interim CEO.
GrubHub — Shares of the food delivery platform dropped more than 6% after analysts at Wedbush lowered their price target on the stock, citing growing competition in the restaurant delivery business. Grubhub stock is also under pressure as Uber revealed in its IPO prospectus that its takeout delivery service, Uber Eats, brought in $1.5 billion in revenue last year.
Deutsche Bank — Shares of the German lender rose more than 3% on reports that senior government officials do not see any potential dangers to a merger with Commerzbank. Some have suggested a deal between the two banks would create an institution too big to fail. Deutsche Bank and Commerzbank have been in merger talks since mid-March.