Morning Brief

Stock futures higher | Chevron to Buy Anadarko Petroleum | Banks report earnings


U.S. stock futures were higher this morning. The Dow remains on track for its first losing week in three, but the Nasdaq is on track for a third straight positive week and the S&P 500 is likely to do the same by moving into positive territory for the week at the open. (CNBC)

* European stocks edge higher amid investor caution over global growth (CNBC)

Chevron (CVX) announced plans this morning to acquire oil and gas producer Anadarko Petroleum (APC) in a cash and stock deal the company valued at $33 billion. Shares of Anadarko surged to 30% in pre-market trading following the news. Chevron shares were down about 2%. (CNBC)

The fate of today's trading may be altered - or bolstered - by key earnings reports out this morning. Those reports will come from JPMorgan Chase (JPM) and Wells Fargo (WFC), with PNC Financial (PNC) also scheduled to report before the opening bell. There are no reports after today's closing bell. (CNBC)

* JP Morgan beats analysts' expectations on record revenue and profit (CNBC)

Economic reports due today include the government's March reading on import and export prices. At 10 a.m. ET, the University of Michigan's preliminary April consumer sentiment index is expected to come in at 98, slightly lower than the 98.4 registered at the end of March. (CNBC)


Republican Sen. Kevin Cramer, N.D., became the fourth member of his party's caucus to tell reporters he would vote against President Donald Trump's expected nomination for former pizza executive Herman Cain to join the board of the Federal Reserve. (CNBC)

Gregory Craig, who was White House counsel under President Barack Obama, was indicted on charges of lying and hiding information related to his work for Ukraine. He faces up to five years in prison for each of the two counts. (CNBC)

The Washington Post reported, citing Homeland Security officials, that the White House tried to pressure immigration authorities to release detainees onto the streets of "sanctuary cities" to retaliate against Trump's political adversaries.

Walt Disney (DIS) said it would launch its Disney+ streaming service in November, at a cost of $6.99 a month. Films released in 2019 will be available on the service as soon as their theatrical and home entertainment windows have closed. (CNBC)

* Bob Iger says Disney's brand gives new streaming service an edge over Netflix (CNBC)

Uber released its long-awaited IPO prospectus. The ride hailing company will list on the New York Stock Exchange under the symbol "UBER." The filing comes about two weeks after rival Lyft (LYFT) debuted on the public markets. (CNBC)

SpaceX launched its Falcon Heavy rocket on its inaugural commercial mission yesterday evening. This was the second flight for Falcon Heavy, which became the most powerful rocket in use in the world after SpaceX's successful test flight in 2018. (CNBC)

Rite Aid (RAD) said it will start selling CBD creams, lotions and lip balms in Washington and Oregon this month, following other drugstore chains in testing public demand for cannabis-based consumer products. (CNBC)


Boeing (BA) CEO Dennis Muilenburg said 96 flights have been made in a test of updated 737 MAX software and that so far, it is working as designed. Separately, the FAA will hold a meeting today with major airlines and pilot unions to discuss the 737 MAX jet.

Toyota (TM) told Reuters it has been contacted by more than 50 companies since announcing free access to various electric vehicle patents last week.

Tesla (TSLA) has halted online sales of the $35,000 base version of its model 3, although it can still be ordered by phone or at stores. The lowest priced Model 3 available online is the $39,500 "Standard Plus", which includes Tesla's Autopilot feature.

Charter Communications (CHTR) has been targeted in a complaint from Big3 Basketball LLC, one of the bidders for regional sports networks being sold by Walt Disney. Big3 Basketball alleged in a letter to the FCC and the Justice Department that Charter is undermining the sale process by threatening to drop those channels. Charter's biggest shareholder - Liberty Media - is also bidding for those networks. Charter responded by saying it welcomes the opportunity to discuss a future carriage agreement with the winning bidder.

Mosaic (MOS) shares are under pressure after the fertilizer producer said it was suspending production at phosphate mines in Brazil. This comes after Mosaic was unable to obtain a deadline extension to implement new rules on dam stability.

Redfin (RDFN) was rated "outperform" at Wedbush Securities, with a price target of $30 per share for the real estate website operator.


"60 Minutes" will have a sanctioned preview clip of the opening scene of the "Game of Thrones" season premiere on Sunday night. The show is expected to air at 9 p.m. ET on HBO in the U.S. (Deadline)