Morning Brief

What to watch today: Dow to rise as Disney pops, Bloomberg gets ready and the Bull's move


U.S. stock futures were pointing to a higher open on Wall Street this morning after the Dow and S&P 500 closed again at records, putting them on pace to continue their weekly winning streaks, barring a major selloff today. After just five November trading days, the Dow was already up 2.3% for the month, with the S&P 500 up 1.6% and the Nasdaq up 1.7%. (CNBC)

* Treasury yields steady after surging Thursday the most since Trump's election (CNBC)

Disagreeing on the veracity of reports that powered stocks higher Thursday, Trump trade advisor Peter Navarro said there's no agreement to roll back tariffs as part of a "phase one" U.S.-China trade deal. Trump economic advisor Larry Kudlow said "tariff agreements" would be part of any pact. (The Hill)

* China's exports and imports fell less than expected in October (CNBC)

On the U.S. economic calendar, at 10 a.m. ET, the University of Michigan is out with its mid-November consumer sentiment index and the government issues September wholesale inventories. Earnings reports slow today, with Duke Energy (DUK) and Revlon (REV) out this morning. No major companies are out with numbers after the bell. (CNBC)

Dow stock Walt Disney (DIS) was soaring about 5% in the pre-market after the media and theme park giant reported late Thursday quarterly earnings and revenue that beat expectations. CEO Bob Iger told CNBC the Disney+ streaming video service is "ready to go" for its Tuesday launch. (CNBC)

* Disney+ will be distributed on Amazon's Fire TV (CNBC)

Gap shares were sinking about 8% in premarket trading after the struggling retailer said after-the-bell Thursday that CEO Art Peck is stepping down. Robert Fisher, son of the Gap's founders, is taking the job on an interim basis. Gap also warned on full-year guidance. (CNBC)


Mike Bloomberg, the billionaire former mayor of New York City, is preparing to enter the Democratic presidential primary. A top advisor to Bloomberg released a statement, saying Bloomberg wants to see President Donald Trump defeated and grows "increasingly concerned that the current field of candidates is not well positioned to do that." (CNBC)"

Democratic presidential contender Pete Buttigieg unveiled plans today to invest more than $1 trillion in child care and affordable housing over the next decade as part of a package of proposals targeting the middle class. (CNBC)

The House Intelligence Committee subpoenaed acting White House Chief of Staff Mick Mulvaney to testify today, as part of the Trump impeachment inquiry. Mulvaney is expected to be a no-show, falling in line with several other officials who were ordered by the president not to cooperate. (NBC News)

* Former National Security Adviser John Bolton, not under subpoena, failed to appear (NBC News)
* State Department official sees Trump-Ukraine conduct as 'injurious to the rule of law' (NBC News)
* Ivanka Trump says impeachment probe aimed at undoing 2016 vote (AP)

A Buffalo Wild Wings employee died and at least 10 people checked themselves into hospital after being exposed to a strong chemical cleaning agent at a restaurant in Burlington, Massachusetts, authorities said. (Reuters)

Market leading e-cigarette company Juul is halting sales of its popular mint flavor, following the release of two damaging studies this week that showed the company's role in a dramatic spike in teen use. The Trump administration is expected to announce a temporary ban on flavored e-cigarettes, including mint, as soon as this week. (CNBC)

Alibaba (BABA) is planning to launch its Hong Kong IPO in the last week of this month, according to sources who spoke to Reuters. The China-based online retailer is hoping to raise up to $15 billion in the offering. (Reuters)

The parent company of Sears and Kmart secured a $250 million lifeline and announced plans to shut 96 more stores. That will leave the business with 182 locations. The financing came from lenders that include owner Eddie Lampert. (CNBC)


Booking Holdings (BKNG) earned an adjusted $45.36 per share for its latest quarter, beating estimates. However, the operator of Priceline and other travel websites saw revenue come in slightly below forecasts. It also warned on future earnings.

Activision Blizzard (ATVI) exceeded estimates with adjusted quarterly profit of 32 cents per share. Revenue also beat. The video game maker said it saw record growth in subscriptions during the quarter, thanks in large part to its game World of Warcraft: Classic.

Take-Two Interactive (TTWO) reported better-than-expected fiscal second quarter adjusted earnings and revenue, helped by strong results for the company's NBA, Grand Theft Auto, and Red Dead Redemption games. However, Take-Two also warned on current-quarter guidance.

Zillow Group (ZG) lost an adjusted 12 cents per share for the third quarter, smaller than the 21 cent loss that Wall Street had anticipated. The real estate website operator's revenue was also better than estimated. It also issued an upbeat forecast.

Dropbox (DBX) came in 2 cents ahead of estimates with adjusted quarterly profit of 13 cents per share, with the cloud storage company's revenue also above estimates. The company said it benefited from its new desktop app, which was introduced in September.


The iconic Charging Bull sculpture will move from its current place in Bowling Green park near the New York Stock Exchange. City officials said that safety concerns were behind the move. The statue has seen controversy over the years, including Occupy Wall Street protests. (CNBC)