U.S. Secretary of State Mike Pompeo says Huawei CFO Meng Wanzhou, who is under house arrest in Canada and facing extradition to America, is not a bargaining chip in the trade...Technologyread more
Boris Johnson will be meeting President Donald Trump to discuss a potential post-Brexit trade deal just as he tries to court EU leaders for a new withdrawal agreement.World Politicsread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Accountants in Hong Kong took to the streets on Friday to call for the government to accept five demands of the people, including the complete withdrawal of a now-suspended...China Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
The unlikely alliance would in theory enjoy a relatively comfortable majority in the parliament's lower house but would rely on a handful of sympathetic but unaligned...Europe Politicsread more
Bank Indonesia on Thursday cut its key policy rate by 25 basis points to 5.5% to support growth amid an increasingly fragile global economy.Central Banksread more
Meanwhile, investors look ahead to Fed Chair Jerome Powell's speech at a yearly central banking symposium in Jackson Hole, Wyoming.Asia Marketsread more
The U.S Energy Information Administration (EIA) says Australia is on track to consistently export more LNG than Qatar.Oil and Gasread 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.