BY THE NUMBERS
Dow futures were pointing to a gain at this morning's Wall Street open as U.S. oil prices extended their bounce back to four straight sessions. West Texas Intermediate crude, the American benchmark, collapsed Monday on concerns over demand and storage scarcity. (CNBC)
On the economic front, the government on Friday said that orders for durable goods plunged 14.4% in March as the coronavirus economic halt took hold. Estimates had called for an 11.9% decline. Durable goods are defined as items ranging from toasters to airplanes that are meant to last three years or more. (CNBC)
The Dow's 400-point rally nearly evaporated Thursday on confusion over Gilead Sciences' remdesivir, a closely watched drug being testing against the coronavirus. Gilead took issue with a draft document accidentally published by the World Health Organization that showed disappointing results from a remdesivir clinical trial in China. (CNBC)
Three Dow components are out with earnings, starting with American Express, which reported better-than-expected adjusted quarterly profit of $1.98 per share. That excluded an increase in credit reserves to $2.6 billion from $809 million a year earlier. Revenue of $10.3 billion in Q1 fell short of forecasts.
Verizon beat estimates by 3 cents with adjusted quarterly earnings of $1.26 per share. Revenue of $31.6 billion in Q1 was below Wall Street expectations. The company cut its full-year outlook. Verizon said it had a strong start to 2020 prior to the pandemic, and that it expects to emerge from the crisis stronger.
On Thursday, after the close, Intel reported adjusted first-quarter profit of $1.45 per share, beating estimates. Revenue of $19.8 billion in Q1 also exceeded forecasts. However, the chipmaker issued a disappointing second-quarter forecast, and said it would not give guidance for the full year.
IN THE NEWS TODAY
The nation will be watching in the coming days to see how Georgia's aggressive plan to reopen parts of its economy unfolds. Tattoo parlors, gyms and hair salons can open Friday, with restaurants in the state allowed to serve dine-in meals and movie theaters permitted to sell tickets starting Monday. (AP)
The Associated Press reports that President Donald Trump and Vice President Mike Pence in private conversations repeatedly approved Republican Georgia Gov. Brian Kemp's phase 1 reopening before health advisors changed Trump's mind. In a reversal, the president first Wednesday and then on Thursday said he's unhappy with Kemp's plan.
The president on Friday plans to sign a $484 billion relief bill that funds aid programs for small businesses, and provides hospital grants and money for coronavirus testing. The legislation easily passed the House on Thursday after it got Senate approval earlier in the week. (CNBC)
Trump said, at the White House's daily coronavirus briefing, that he may extend national social distancing guidelines until early in the summer or later. Trump's remarks came a day after multiple White House officials acknowledged the U.S. would likely still be dealing with the coronavirus by the fall and winter when the flu season kicks up. (CNBC)
An estimated 13.9%, or 2.7 million, New Yorkers likely have had Covid-19, according to preliminary results of coronavirus antibody testing released by Democratic Gov. Andrew Cuomo. Actual reported cases in New York are a fraction of that, at almost 264,000 with 20,982 deaths. (CNBC)
Globally, there are more than 2.7 million confirmed cases with least 191,613 deaths. The U.S. has the most cases of any country, with nearly 870,000 infections and 49,963 deaths, according to Johns Hopkins University data on Friday morning.
STOCKS TO WATCH
E-Trade Financial (ETFC) missed estimates by 19 cents a share, with earnings of 72 cents. Revenue also missed forecasts. The online brokerage firm, which is in the process of being bought by Morgan Stanley (MS), was hurt by factors related to the pandemic, as well as merger-related expenses and its provision for credit losses.
Continental Resources (CLR) has halted most of its oil production in North Dakota and notified customers it would not supply crude oil at current prices, according to a Reuters report.
Pearson (PSO) reported a 5% drop in first-quarter revenue, as the education products company is hit by school closures around the globe. The company has seen a significant increase in the user of its digital products, however.
Sanofi (SNY) beat estimates on both the top and bottom lines for the first quarter, as the drugmaker benefited from stockpiling of its drugs that treat pain and fever. Results also got a boost from strong sales of eczema treatment Dupixent.
Tesla (TSLA) raised prices for two variants of its China-made Model 3 sedans, after China officials cut electric vehicle subsidies.
L Brands (LB) filed a complaint against private-equity firm Sycamore Partners, for trying to pull out of a deal to buy the company's Victoria's Secret unit. Sycamore wanted a lower price due to the impact of the Covid-19 pandemic, but failed a lawsuit after L Brands declined to renegotiate.
Boeing (BA) is planning to cut 787 Dreamliner production in half and announce job cuts when it reports first-quarter earnings, according to a Bloomberg report. Boeing is due to report first-quarter results on April 29.
Hertz (HTZ) is working with debt restructuring advisers on options to boost its finances, according to a Reuters report, as the coronavirus outbreak slashes demand for rental cars.
DraftKings makes its Nasdaq debut today, after the sports betting company completed a $3.3 billion reverse merger with blank check company Diamond Eagle Acquisition.
J.C. Penney (JCP) is in advanced bankruptcy talks with lenders, according to The Wall Street Journal. The talks are said to focus on loans that would allow the retailer to continue operating during a court-supervised bankruptcy filing.
United Airlines (UAL) will require all flight attendants to wear a face-covering or mask while on duty, beginning today. The flight attendants union welcomed the move, but is asking that passengers be required to do the same.
Alphabet's (GOOGL) Google unit is cutting marketing budgets by as much as 50% for the second half of the year, according to internal materials viewed by CNBC.
Edwards Lifesciences (EW) earned $1.51 per share for its latest quarter, beating estimates by 18 cents a share. The medical products maker's revenue also topped Wall Street forecasts. The company lowered its forecast for the year, however, saying the Covid-19 pandemic will have its biggest negative impact in the current quarter, followed by a gradual recovery
WATERCOOLER
The Cincinnati Bengals selected Louisiana State University's Joe Burrow with the first pick of the NFL Draft on Thursday, which was held online in a bid to stem the spread of the coronavirus. The 23-year-old quarterback won the Heisman Trophy last December before leading the Tigers to a national championship the next month. (Reuters)