Morning Brief

Dow under pressure | Amazon smashes earnings | Uber sets IPO range

BY THE NUMBERS

U.S. stock futures were lower this morning after the Dow and S&P 500 saw marginal losses in Thursday's session. The S&P 500 posted its first two-session losing streak in a month, while the Dow saw its second straight negative session. The Nasdaq outperformed, posting an all-time intraday high, but failed to close at a new record. (CNBC)

* Cryptocurrencies shed $10 billion in an hour (CNBC)

On the data calendar, investors get a look at first-quarter GDP today at 8:30 a.m. ET. Economists expect growth of 2.5%, a far cry from early estimates of near zero percent. The University of Michigan's final April consumer sentiment index is out at 10 a.m. ET. (CNBC)

Dow stocks Exxon Mobil (XOM) and Chevron (CVX) report quarterly earnings this morning, along with American Airlines (AAL), AstraZeneca (AZN), Deutsche Bank (DB), and Bloomin' Brands (BLMN). There are no after-the-bell earnings scheduled today. (CNBC)

Exxon Mobil shares sink as oil giant's quarterly profits badly miss expectations (CNBC)
American Airlines shares drop after mixed results, sees higher fuel costs ahead (CNBC)
* Deutsche Bank posts 67% profit rise after merger talks collapse (CNBC)

Intel (INTC), also a Dow stock, was 7% lower in premarket trading after the company posted a weaker-than-expected revenue forecast for the year of $69 billion. The company did beat on earnings, reporting 89 cents per share, 2 cents higher than Wall Street analysts had expected. (CNBC)

Amazon's (AMZN) stock was less than 1% higher in premarket trading after it reported quarterly earnings that smashed Wall Street forecasts and revenue that came in line with estimates. However, the company's second-quarter operating profit guidance came in below estimates. (CNBC)

* Amazon to spend $800 million to make free one-day shipping the default for Prime members (CNBC)

Uber unveiled the terms for its initial public offering today. The ride-hailing company set a price range of $44 to $50 per share for its IPO, valuing it at $84 billion at the high end. The company will seek to raise about $9 billion in its IPO and will offer 180 million shares. (CNBC)

* PayPal to invest $500 million in Uber (Reuters)

IN THE NEWS TODAY

CNBC has learned that New York Gov. Andrew Cuomo, who has raised millions of dollars during his campaigns over the years, has indicated to associates in recent days that he will be opening his fundraising network exclusively to Joe Biden.

* Biden Foundation suspends operations (CNBC)
* Biden makes early play for Pennsylvania in 2020 (CNBC)

President Donald Trump addresses the National Rifle Association's annual convention in Indianapolis today. The president is likely to receive a rousing reception despite some dissatisfaction with his gun-control record. (WSJ)

Trump tweeted this morning that his administration did not pay a $2 million medical bill demanded by North Korea for the release of hostage Otto Warmbier. The president made the claim a day after The Washington Post reported that he approved the payment.

Chinese President Xi Jinping told world leaders at the China's Belt and Road forum that he's committed to reforming the nation. Notably, Xi said his country will increase intellectual property protection and "stop arbitrary technology transfer." (CNBC)

The Senate provides a backdrop for the next big public event in the Mueller story, with Attorney General William Barr set to testify about the report next Wednesday. (NY Times)

A federal judge in Washington state blocked a Trump administration rule that would prohibit taxpayer-funded family planning clinics from referring patients to abortion providers. The policy was due to go into effect on May 3. (Reuters)

* Trump's offshore oil-drilling plan sidelined indefinitely (WSJ)

The Wall Street Journal reported, citing unnamed sources, that Renault plans to propose to partner Nissan that the companies merge under a new holding company. Shareholders would get a 50% stake in the new company.

Tesla (TSLA) CEO Elon Musk and the SEC sought a second delay and requested to provide the court another joint submission on or before April 30, indicating whether they have reached an agreement to settle a dispute over Musk's Twitter use. (Reuters)

A computer that aims to translate thoughts into natural sounding speech has been hailed by its developers as an "exhilarating" breakthrough. Researchers designed the system to help restore speech to people with paralysis or neurological damage. (CNBC)

Google knows everywhere you go. Here's how to stop and delete tracking (CNBC)

STOCKS TO WATCH

Starbucks (SBUX) posted fiscal second-quarter earnings of an adjusted 60 cents per share, 4 cents higher than Wall Street's estimates. Revenue came in at $6.31 billion, higher than the $6.32 billion analysts had expected. The coffee chain also raised its full-year earnings forecast.

Toy-maker Mattel (MAT) reported a loss of 44 cents per share in its first quarter, compared with the expected loss of 56 cents. Revenue was $689 million, topping Refinitiv consensus estimates of $645 million.

Ford (F) delivered stronger-than-expected first-quarter earnings of 44 cents per share. Wall Street expected 27 cents a share. The company's automotive segment revenue was $37.24 billion, higher than the forecast of $37.08 billion. Total revenue was lower than a year earlier.

AutoNation (AN) posted mixed results during its first quarter, with earnings beating expectations but revenue falling short. Same-store sales at the big dealership chain dropped 5% compared to the year-ago period.

Colgate-Palmolive (CL) exceeded estimates with its first-quarter earnings and revenue. The consumer brands giant said organic sales — net sales excluding the impact of foreign exchange, acquisitions, and divestitures — increased 3.0%.

Grubhub (GRUB) reported better-than-expected first-quarter earnings and revenue. The restaurant delivery service said that more than a half million customers ordered food on its apps each day during the quarter. That's up 19% from last year.

WATERCOOLER

It's opening weekend for "Avengers: Endgame," the final chapter in a four-film franchise featuring characters from across the Marvel universe. The film is expected to break numerous box-office records. (CNBC)

The first round of the 2019 NFL draft is complete. USA Today has a rundown of who won and who lost on the opening night as well as some of the knee-jerk reactions.