It's about time to write off high-growth tech stocks, Goldman warned, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Sotheby's announced Monday that it's signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The top court scrapped a ruling from the Oregon Court of Appeals in favor of the same-sex couple. The owners of the bakery, which refused the make the cake due to religious...Politicsread more
Amazon responded this morning to Democratic Congresswoman Alexandria Ocasio-Cortez's claim that it pays warehouse workers "starvation wages" in a tweet that says it pays...Technologyread more
The nation's homebuilders reported solid confidence in the housing market in June, but levels dropped slightly due to concerns over trade issues, the high costs of...Real Estateread more
U.S. stock futures were pointing to a lower Wall Street open, following a Tuesday session that saw early gains fade to modestly lower closes. The six-session win streak for the Dow came to an end. The S&P 500 and Nasdaq both fell after five straight sessions of gains. However, the Dow stands at 3.3% away from its record, the S&P 500 about 2.3% away, and the Nasdaq about 4.3% away. (CNBC)
On today's economic calendar, the government is out with its May consumer price index at 8:30 a.m. ET. Meanwhile, as mortgage rates dropped to their lowest level in nearly two years last week, home loan applications surged 26.8% in just one week, according to the Mortgage Bankers Association. Refis rose a remarkable 47% week-to-week and 97% year-over-year. (CNBC)
* Corporate executives are fearing a recession in 2020, Duke survey shows (CNBC)
There are no major companies reporting earnings this morning before the opening bell. Lululemon (LULU), Restoration Hardware parent RH (RH), and Tailored Brands (TLRD), the company behind The Men's Wearhouse and Jos. A. Bank brands releases with their quarterly numbers after today's closing bell. (CNBC)
Shares of Dave & Buster's Entertainment (PLAY) were tanking nearly 20% after the restaurant chain reported quarterly profit of $1.13 per share, missing estimates by a penny. Revenue also missed. Dave & Buster's also lowered its full-year forecast. (MarketWatch)
Shares of Tesla were higher in premarket trading, after CEO Elon Musk told investors at the company's annual shareholder meeting Tuesday evening, "It won't be long before we have a 400-mile range car." He also said that sometime next year, Tesla drivers will be able to use self-driving features in their vehicles without intervention. (CNBC)
* Musk says Tesla still plans to offer insurance, but is waiting for an acquisition to close (CNBC)
* Musk says Tesla has designed a submarine car like the one in 'The Spy Who Loved Me' (CNBC)
The House Oversight Committee is set to vote today on whether to hold Attorney General William Barr and Commerce Secretary Wilbur Ross in contempt of Congress for failing to provide documents relating to the panel's investigation into the administration's decision to add a citizenship question to the 2020 Census. (CNBC)
Donald Trump Jr. is expected to testify before the Senate Intelligence Committee today after having been subpoenaed in May about his contacts with Russians during the 2016 presidential campaign. "My son's a very good person. My son was totally exonerated," President Donald Trump told reporters last month. (CNBC)
Trump and former Vice President Joe Biden repeatedly ripped into each other as unfit to lead the country as they both traveled to the battleground state of Iowa, giving voters a preview of what a 2020 general presidential election matchup between the two might look like. (NY Times)
* Most millionaires support a tax on wealth above $50 million: CNBC survey
Bernie Sanders, one of the many 2020 Democratic president candidates, plans a robust defense of his democratic socialist political philosophy today. There's growing concern among centrist Democrats that some of the Vermont senator's proposals on health care and climate change play into Trump's hands. (USA Today)
Hong Kong police repeatedly fired tear gas and rubber bullets into large crowds of protesters gathering around the local legislature today. The protests, which kicked off over the weekend and gathered an estimated 240,000 to million people, were aimed at stopping a government plan to allow extraditions to mainland China. (CNBC)
* History shows this week's Hong Kong protests are about much more than just one law (CNBC)
Huawei has scrapped the launch of new laptop as a result of being effectively barred from doing business with American suppliers. It's the first product launch the company has cancelled as a result of being put on a blacklist restricting its access to U.S. technology. (CNBC)
America's top two busiest container ports, the Los Angeles and the Long Beach ports, reported declines in export volumes in May in the midst of the ongoing trade war between the U.S. and China. For LA, it marks the port's seventh straight month of declines in exports. (CNBC)
The proposed United Technologies (UTX) and Raytheon (RTN) merger is running into opposition from activist investor Bill Ackman, who owns a significant position in UTX. Ackman wants the company to call off the deal, saying it makes no strategic sense. (CNBC)
* Hedge fund manager Dan Loeb also reportedly opposes the merger (NY Post)
Shares of CrowdStrike are set to begin trading today on the Nasdaq, under the ticker symbol CRWD, after the cybersecurity firm priced shares in its initial public offering at $34 each, above the high end of the range. The company raised $612 million ahead of its debut on public markets. (CNBC)
* No one on Wall Street recommends buying Beyond Meat as the last bullish analyst downgrades (CNBC)
Shares of National Beverage (FIZZ), owner of the LaCroix sparkling water brand, were under pressure again this morning. They fell on Tuesday to their lowest levels since 2016 following news of a lawsuit alleging its president considered falsely claiming its drink containers were free of a toxic chemical. (CNBC)
Chime, a digital bank without a single branch, quadrupled its customer base to four million in a single year by luring users with the promise of no-fee checking and saving accounts. "Our members are coming to us from the big banks," CEO Chris Britt told CNBC.
Qualcomm (QCOM) is running into opposition as it attempts to put an antitrust decision against the chipmaker on hold while it pursues an appeal. Both the FTC and South Korea's LG Electronics registered their opposition.
French technology company Dassault Systemes has agreed to acquire Medidata Solutions (MDSO) in an all-cash deal worth $5.8 billion on an enterprise value basis. Dassault said it was offering $92.25 per share for Medidata, a slight discount to Medidata's Tuesday close.
Mattel (MAT) rejected a second takeover offer from Bratz doll maker MGA Entertainment. Mattel's chief legal officer told MGA's CEO, in an email, that the board felt that the latest proposal was not in the best interests of Mattel and its shareholders.
PepsiCo (PEP) executive Laxman Narasimhan was named the new Chief Executive Officer at British consumer products giant Beckitt Renckiser. Narasimhan is PepsiCo's global chief commercial officer, and will become CEO at Reckitt in September.
Brinker International (EAT) was upgraded to "outperform" from "market perform" at Telsey Advisory Group. Telsey points to potential upside from the Chili's parent from its partnership with restaurant delivery service DoorDash.
The U.S. Women's National soccer team trounced Thailand 13-0, in their opening World Cup match, sparking questions about whether they should have run up the score so much. Abby Wambach, a veteran of four World Cups and the leading goal scorer in U.S. women's soccer history, quickly came to the defense of Team USA. (USA Today)
* Boston Bruins and St. Louis Blues face off for Stanley Cup glory in Game 7 (USA Today)
Disney released a new trailer for "Frozen 2," which explores why Elsa was born with mythic powers that now threaten her kingdom. Idina Menzel returns as the Snow Queen, along with Kristen Bell as Anna, Josh Gad as Olaf, and Jonathan Groff as Kristoff. The original "Frozen" generated over $1.3 billion in ticket sales worldwide and won two Oscars. (Variety)