Global markets are uneasy amid Turkey crisis
BY THE NUMBERS
Global markets and U.S. stock futures were lower this morning as concerns over the situation in Turkey continue. The Dow and S&P 500 were riding three-day losing streaks and coming off their first weekly drops in six weeks. (CNBC)
* Japan's Nikkei stock average drops almost 2% on Turkey concerns (CNBC)
The Turkish lira retraced some losses after touching a new record low in Asia's trade today following a recent geopolitics-triggered free fall in the currency. The lira last traded down by around 3.5 percent against the dollar at 6.6475. (CNBC)
* What went wrong for Turkey? Its economy is 'in the midst of a perfect storm' (CNBC)
Food distributor Sysco (SYY) is among the few companies scheduled to report quarterly earnings this morning, while Famous Dave's (DAV) and Jamba (JMBA) are among the handful of companies reporting after today's closing bell. (CNBC)
New York hedge fund Elliott Management now has a more than 8 percent stake in Nielsen Holdings (NLSN), according to the Wall Street Journal, and plans to push the TV-ratings firm to sell itself. They could unveil the effort as soon as today.
Tesla (TSLA) and CEO Elon Musk have been sued by investors who claim that the company and Musk fraudulently schemed to squeeze short sellers. The accusations center on Musk's tweets about taking the company private and saying funding had "been secured." (Reuters)
IN THE NEWS TODAY
President Donald Trump has renewed his war of words with iconic motorcycle maker Harley Davidson (HOG). He denounced the company's plan to shift some production abroad and appeared to back consumers who have called for a boycott. (CNBC)
* Auto industry caught in the trade war crosshairs (CNBC)
North and South Korea agreed today to hold a summit next month, even as doubts grow over efforts to end the North's nuclear weapons program. No date was announced for what will be the third meeting this year between the countries. (Reuters)
Rep. Keith Ellison denied allegations that he abused a woman with whom he had a romantic relationship. Ellison is deputy chairman of the DNC and running for Minnesota attorney general in Tuesday's primary. (Washington Post)
Ex-White House aide Omarosa Manigault Newman told NBC's "Meet the Press" that she secretly taped her firing by chief of staff John Kelly in the Situation Room to "protect myself." She also called Trump a "con," "liar" and a "racist."
Trump's Space Force will have to deal with lethal hypersonic weapons being developed by Russia and China, U.S. Air Force Gen. Paul Selva has warned. A hypersonic weapon can travel further, faster, for longer and is highly maneuverable. (CNBC)
An Alaska Air employee stole a turboprop plane Friday night from Seattle-Tacoma Airport before crashing at a nearby island. The rare incident highlights how the aviation industry is sometimes challenged to provide access as well as ensure security. (CNBC)
* 'Incredible maneuvers' by airline ground agent who stole plane baffles his employer (CNBC)
Some of the surviving students of the school shooting in Parkland, Florida are becoming more organized and ambitious. This fall, the young organizers are focusing on turning not-voters into voters for the midterm elections. (Axios)
STOCKS TO WATCH
VF Corp. (VFC) will spin off its denim business that houses Lee and Wrangler jeans into an independent public company, seeking to sharpen its focus on more profitable brands such as Vans shoes and The North Face outdoor wear.
Regional sports networks now owned by 21st Century Fox (FOXA) are drawing interest from multiple potential buyers, according to Bloomberg. They include Alphabet's (GOOGL) YouTube unit, Sinclair (SBGI), Amazon (AMZN), Apollo Global (APO), Blackstone (BX) and others. Walt Disney (DIS) is acquiring the sports networks along with other assets in a recently finalized deal, but had to agree to sell them to win regulatory approval.
JPMorgan (JPM) is partnering with Expedia (EXPE) to provide its credit card users with more flight and hotel options, according to a source. The new deal with the operator of the Expedia, Travelocity, Orbitz, and Hotwire websites began over the weekend.
Hilton Grand Vacations (HGV) said its board has terminated CFO James Mikolaichik for "conduct and behavior not consistent with the company's policies." The timeshare company said the behavior was not related to any issues involving its business or financial reporting.
Blue Apron (APRN) competitor HelloFresh said it no longer expected to break even during its fourth quarter. The meal kit company said it would increase growth-supporting investments and now expects to break even on an adjusted basis sometime during 2019.
Papa John's (PZZA) is offering financial help for its U.S. franchise holders for the remainder of the year. Papa John's sales have been hit amid controversial remarks made by founder John Schnatter. The company will reduce royalty payments, food prices and other costs.
Walmart's (WMT) Japanese supermarket unit Seiyu is drawing interest from Japan discount retailer Don Quijote Holdings, which said it would be interested in buying Seiyu if Walmart puts it up for sale. The Nikkei business daily had reported last month that Walmart would sell Seiyu, but Walmart responded by saying it had not decided to sell.
Cheniere Energy (LNG) has signed a 25-year supply agreement with Taiwan state-owned oil and gas company CPC, beginning in 2021. The deal is valued at about $25 billion.
WATERCOOLER
Brooks Koepka, one of the longest hitters in golf, held off Tiger Woods to win the 2018 PGA Championship. Woods had the full-throated support of the fans, but Koepka didn't waver, finishing two strokes ahead of Woods. (NY Times)