Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
Supreme Court Justice Ruth Bader Ginsburg has completed a three-week course of radiation therapy for cancer, the top court said in a statement Friday.Politicsread more
Multinationals that rely on the supply chain from China are tumbling after President Donald Trump ordered them to find alternatives to their Chinese operations.Marketsread more
Lowe's is vying for a category of customer that Home Depot has traditionally dominated — the professional contractor.Retailread more
Epstein, a former friend of Presidents Donald Trump and Bill Clinton, was arrested by FBI agents in New Jersey in early July as he stepped off his private plane, which had...Politicsread 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.