| What to watch today: Coronavirus closes Shanghai Disney, tech layoffs and Stumpf banking ban | | |  | FRI, JAN 24, 2020 | | | | AS OF FRI, JAN 24, 2020 • 07:21 ET | | Dow Jones Fut | | 29,160.09 | | Current: | 29,195.00 | | Change: | 68.00 | | Impl. Open: | 78.91 | | | S&P 500 Fut | | 3,325.54 | | Current: | 3,333.00 | | Change: | 7.00 | | Impl. Open: | 8.16 | | | NASDAQ 100 Fut | | 9,216.98 | | Current: | 9,276.50 | | Change: | 28.25 | | Impl. Open: | 49.52 | | | Russell 2000 Mini | | 1,685.01 | | Current: | 1,692.10 | | Change: | 6.60 | | Impl. Open: | 6.99 | | | U.S. stock futures are pointing to a higher open ahead of the Friday session, with the final disposition of the holiday-shortened trading week still to be determined. The Dow is currently on track to post a losing week, its second in four weeks, while the Nasdaq is likely to rise for the seventh week in a row after a record close Thursday. The S&P 500 is just below breakeven for the week, and would post its eighth weekly gain in since weeks if it can erase that deficit. (CNBC) | | | American Express (AXP), a Dow component, releases earnings before today's opening bell. No major earnings reports are scheduled after today's closing bell, and no economic reports out today. (CNBC)
Dow stock Intel (INTC) was rising 5% in premarket trading after the chipmaker reported better-than-expected adjusted quarterly profit and revenue after the bell Thursday. Results were helped by improvement in personal computer and data center demand, and Intel also gave an upbeat current quarter outlook as well as announcing a 5% dividend increase. (CNBC) | | | | Democrats will press their final day of arguments today before skeptical Republican senators at President Trump's impeachment trail, focusing on the second article of impeachment, obstruction of Congress' investigation. House prosecutors made an expansive case yesterday that he abused power like no other president in history, swept up by a "completely bogus" Ukraine theory pushed by attorney Rudy Giuliani. (AP) | | | | Former VP Joe Biden leads other candidates for the Democratic presidential nomination, while several others appeared to be gaining momentum in their bid for the White House, according to a Reuters/Ipsos national opinion poll. The online poll showed that 24% of registered Democrats and independents supported Biden, while 20% backed U.S. Senator Bernie Sanders and 12% said they would vote for U.S. Senator Elizabeth Warren. | | | | The Trump administration is set to release a report today that outlines its short-term and long-term plans for enlisting e-commerce companies to combat counterfeit products on their platforms. The Wall Street Journal reported that law enforcement will begin identifying cases immediately and "seek all available statutory authorities to pursue civil fines and other penalties against these entities." | | | | J.P. Morgan Chase (JPM) CEO Jamie Dimon got a 1.6% raise to $31.5 million for his work in 2019 after his bank posted record earnings and shares of the company surged. Dimon's compensation package includes $1.5 million in salary and $30 million in performance-based incentives. (CNBC) | | | | The U.S. government announced that former Wells Fargo CEO John Stumpf has been banned from ever working at a bank again and will pay $17.5 million for scandals in which millions of fake accounts were set up to meet sales quotas. Regulators plans to target other individuals, including former executives, for their role in the scandals. (CNBC) | | | | Home DNA-testing company 23andMe is laying off about 100 people, or 14% of its staff, on Thursday, in the wake of declining sales. The company plans to tighten its focus on the DTC business and its therapeutics arm while scaling back its clinical studies arm. Additionally, TripAdvisor is planning to cut 200 jobs, or 5% of its total workforce. (CNBC) | | | | Jim Lehrer, co-host and later host of the nightly PBS "NewsHour" that for decades offered a thoughtful take on current events, has died. He was 85. Lehrer died "peacefully in his sleep," according to PBS. He had suffered a heart attack in 1983 and more recently, had undergone heart valve surgery in April 2008. (AP) | | Ford (F) expects to take a pretax hit of about $2.2 billion in the fourth-quarter due to contributions to its employee pension plans and retirement benefits. | | | | Ericsson (ERIC) posted a smaller-than-expected profit for the fourth quarter, with the Swedish telecom equipment maker hit by higher costs for 5G development as well as a weaker U.S. market. | | | | Broadcom (AVGO) struck a deal to supply Apple (AAPL) with wireless components for Apple products through 2023, in a deal that could be worth billions. Apple currently accounts for about 20% of Broadcom's annual revenue. Skyworks Solutions (SWKS) shares are under pressure following the news that competitor Broadcom signed the supply deal. | | | | E*Trade (ETFC) earned an adjusted 84 cents per share for the fourth quarter, 1 cent above estimates, with revenue also above consensus. The bottom line number excludes 8 cents of negative impact from restructuring and special charges. The online brokerage company saw a drop in net interest income and higher non-interest expenses, but also reported record customer trading activity. | | | | Discover Financial (DFS) came in a penny above estimates with quarterly earnings of $2.25 per share, with revenue essentially in line with forecasts. Evercore downgraded the credit card and financial services provider to "underperform" from "in line" following the report, saying it sees pressure on Discover's bottom line this year from higher investments, increased credit costs and fewer buybacks. | | With no one matching all six numbers drawn on Wednesday, the top prize has jumped to $373 million for Saturday night's drawing. For this Powerball jackpot, the cash option is $253.7 million. That amount would be reduced by a federal 24% withholding, or about $60.9 million, leaving you with $192.8 million. (CNBC) | |  | | |
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