U.S. stock futures pointed lower this morning following the long holiday weekend after Apple (AAPL) revised its revenue forecast due to the fast-spreading coronavirus. That comes after record closes for the S&P 500 and Nasdaq on Friday, and two consecutive weekly gains for the Dow, S&P 500, and Nasdaq. Four of the 11 S&P sectors (real estate, tech, utilities, and consumer staples) are at record highs, and stocks remain on track for their best monthly performance since last June. (CNBC)
Shares of Apple (AAPL) were down more than 3% in the premarket after the company said it does not expect to meet its quarterly revenue forecast because of lower iPhone supply globally and weak Chinese demand as a result of the coronavirus outbreak. Apple initially said it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter and has not provided an updated forecast for its fiscal second-quarter revenue. (CNBC)
On today's economic calendar, the Empire State Manufacturing Index is out at 8:30 a.m. ET. The National Association of Home Builders issues its February sentiment index at 10 a.m. ET. (CNBC)
Retail giant Walmart (WMT) leads this morning's list of corporate earnings reports, with Advance Auto Parts (AAP) and Medtronic (MDT) also out with quarterly numbers. Companies releasing earnings after the closing bell include Agilent (A), Groupon (GRPN), La-Z-Boy (LZB), and TiVo (TIVO).
Former New York City Mayor Mike Bloomberg qualified today for his first appearance in a Democratic presidential primary debate. Former Vice President Joe Biden, ex-Mayor Pete Buttigieg, and Sens. Amy Klobuchar, Bernie Sanders, and Elizabeth Warren have all qualified for tomorrow's debate, so far. (NBC News)
The director of a Chinese hospital located in the city at the center of the coronavirus outbreak has died, adding to the number of medical staff who have lost their lives to the contagious disease. As of yesterday, a total of 72,436 people were confirmed in China to have the virus, while 1,868 people have died. (CNBC)
China will accept applications for new tariff exemptions for 696 products imported from the United States including pork, beef, soybeans, liquefied natural gas, and crude oil. Firms seeking exemptions on the additional tariffs on U.S. products, imposed during the escalation of the China-U.S. trade dispute, can submit applications from March 2. (Reuters)
More than 1,000 alumni of the Justice Department released a letter condemning Attorney General William Barr over his intervention in the prison sentence of Roger Stone, a close associate of President Donald Trump. Stone is scheduled to be sentenced Thursday in federal court in Washington, but his lawyers have asked the judge for a new trial. (CNBC)
The Boy Scouts of America filed for Chapter 11 bankruptcy protection early today, as it faces mounting legal costs from defending itself against lawsuits alleging sexual abuse of boys. Only the national organization filed for Chapter 11 and that local councils that provide programming and other services are financially independent. (NBC News)
Dairy Farmers of America has agreed to buy Dean Foods, America's largest milk producer, for $425 million. The dairy co-operative will also assume Dean's liabilities as part of the deal to acquire 44 of the company's facilities, as well as other assets. Dean filed for Chapter 11 bankruptcy protection in November. (CNBC)
STOCKS TO WATCH
HSBC (HSBC) announced that it would shed $100 billion in assets, and revamp its U.S. and European operations in a move that will result in 35,000 job cuts over the next three years.
Xerox (XRX) plans to host a dinner this week for shareholders of HP Inc. (HPQ), according to Reuters. The dinner is being labeled a "charm offensive" by some, as Xerox tries to convince the computer and printer maker to accept a $35 billion takeover bid.
General Motors (GM) will exit Australia, New Zealand, and Thailand in order to cut costs and move out of what it considers underperforming markets. The automaker will take a total of $1.1 billion in cash and non-cash charges in connection with the move.
General Electric (GE) could be prevented from continuing to supply engines for a new Chinese passenger jet. That's according to Reuters, which said the government is considering such a move.
Kroger (KR) now has Warren Buffett's Berkshire Hathaway as a stakeholder, with Berkshire revealing a $549.1 million stake in the grocery chain in its latest quarterly SEC filing. Berkshire also took a new stake in Biogen (BIIB), and reduced stakes in Wells Fargo (WFC) and Goldman Sachs (GS).
Dell Technologies (DELL) is near a deal to sell its RSA cybersecurity unit to private-equity firm STG Partners for more than $2 billion, according to The Wall Street Journal.
Franklin Resources (BEN) is in talks to buy asset manager Legg Mason (LM), according to people familiar with the matter who spoke to the Journal. Legg Mason currently has a market value of more than $3.5 billion.
WATERCOOLER
Amazon (AMZN) founder and CEO Jeff Bezos announced the launch of a new Earth Fund that the e-commerce chief plans to use to combat the effects of climate change. He said in an Instagram post that he's pledging $10 billion to start the Bezos Earth Fund. (CNBC)
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