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Morning Brief

Dow futures higher | Boeing's distress continues | Tiger Woods takes the Masters

BY THE NUMBERS

U.S. stock futures were modestly higher this morning. The S&P 500 and Nasdaq finished Friday trading at their highest levels since Oct. 3, and both have posted three consecutive weekly gains. The Dow is sitting about 2% below its record high. (CNBC)

* Oil edges lower as supply concerns check losses (Reuters)

It's a light day for the U.S. economic calendar, with only the New York Fed's Empire State Manufacturing Index scheduled to be out today. The 8:30 a.m. ET release is expected to show the index rising to 6.0 for April from March's 3.7. (CNBC)

The earnings calendar is also light, but contains several notable names including Goldman Sachs (GS), Citigroup (C), Charles Schwab (SCHW), and M&T Bank (MTB). All will be out before the opening bell, while JB Hunt Transport (JBHT) will be out with numbers after today's close. (CNBC)

IN THE NEWS TODAY

American Airlines (AAL) extended cancellations of flight's involving Boeing's (BA) 737 MAX jet through Aug. 19, affecting about 115 flights per day. Southwest Airlines (LUV) on Friday removed the jet from its schedule through Aug. 5. (CNBC)

President Donald Trump's re-election campaign raised more than $30 million in the first quarter of 2019, his campaign said over the weekend. That far outpaces the total raised by individual Democratic candidates during that period. (Reuters)

The Wall Street Journal reported that former Fed officials and foreign central bankers said Trump's combative stance toward the U.S. central bank could over time weaken the institution and its role in the economy.

U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to a Reuters report, citing two sources briefed on the discussions.

Tiger Woods completed a comeback from personal and professional adversity over the weekend by capturing his fifth Masters title and his 15th major tournament. Woods, 43, became the second-oldest winner of the Masters. (NY Times)

* Adidas may have underestimated Tiger's ability to come back — this private equity firm could win big as a result (CNBC)

Apple (AAPL) is spending "hundreds of millions" of dollars on new video games for its upcoming Arcade subscription service, which was announced last month in Cupertino, according to a report in the Financial Times.

* Huawei is 'open' to selling 5G chips to Apple for iPhones, marking a big shift in strategy (CNBC)

Lyft (LYFT) is recalling several thousand electric bikes in three cities due to some braking issues, the ride-hailing company said over the weekend. The recall affects bicycles in New York, Washington, and San Francisco. (Reuters)

Walmart (WMT) and Kroger (KR) were among retail companies sent letters by the Food and Drug Administration asking for a plan of action to prevent the sale of tobacco products to minors. The agency threatened penalties and fines. (CNBC)

STOCKS TO WATCH

Facebook's (FB) board will be getting a new look, with long-time board members Erskine Bowles and Reed Hastings departing. The company announced that neither would stand for re-election later this year after serving on the board since 2011.

Anheuser-Busch InBev (BUD) has added Citigroup (C) and Bank of America (BAC) to its roster of banks working on a $5 billion Asian initial public offering, according to Reuters. Morgan Stanley (MS) and JPMorgan Chase (JPM) are already participants in the deal.

Alliance Data's (ADS) Epsilon marketing unit will be bought by French advertising giant Publicis for $4.4 billion, in a move to expand its North American presence.

Clovis Oncology (CLVS) is discontinuing trials for a drug that targets bladder cancer, after a review of data showed that the drug may not provide a meaningful clinical benefit.

Waste Management (WM) is near a deal to buy smaller rival Advanced Disposal Services (ADSW) for $2.9 billion or $33.15 per share in cash, according to the Wall Street Journal. That would represent a 22 percent premium over Advanced Disposal's Friday closing price.

Wells Fargo (WFC) was downgraded to "neutral" from "buy" at Goldman Sachs and removed from the "Conviction Buy" list. Goldman questions the bank's ability to meet near-term and long-term financial targets.

Caesar's Entertainment (CZR) will name Affinity Gaming Chief Executive Officer Anthony Rodio as its next CEO and will evaluate takeover interest in the casino operator, according to the Wall Street Journal.

Catalent (CTLT) is near a deal to buy closely held Paragon Bioservices for $1.2 billion, according to the Wall Street Journal. The contract drug manufacturer would expand its presence in gene therapy drugs with the acquisition of Paragon.

WATERCOOLER

I promise, no spoilers. The eighth and final season of "Game of Thrones" premiered last night on HBO, and the hype for Sunday's season premiere was astronomical. Here's a recap of the first episode for those who watched. (USA Today)