Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Trump went after Draghi for opening the door for more monetary stimulus in Europe, which would weaken the euro relative to the dollar.Marketsread more
Shares of Beyond Meat soared 18% in premarket trading Tuesday, surpassing $200 per share.Food & Beverageread more
UBS believes a rate cut from the Federal Reserve would do little to lift the market.Marketsread more
Investors bracing themselves for lower Federal Reserve rates should think about loading up on health care stocks, history shows.Marketsread more
Canaccord Genuity's Tony Dwyer warns that If the Fed fails on Wednesday to signal a rate cut, the June rally could hit the skids.Trading Nationread more
Elon Musk has said that a brain-computer interface is 'coming soon,' but he is known for overly ambitious deadlines. Still, some of the boldest tech ideas are going to be...Technology Executive Councilread more
The yield on the benchmark 10-year Treasury note fell to its lowest level since September 2017 as the Fed began its two-day policy meeting.Bondsread 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.