GE earnings; Wells Fargo fine; Pound pummeled

1. GE earnings: General Electric is reporting earnings before the opening bell on Friday.GE's...

Posted: Apr 20, 2018 11:57 AM
Updated: Apr 20, 2018 11:57 AM

1. GE earnings: General Electric is reporting earnings before the opening bell on Friday.

GE's stock has plunged 18% since its last earnings report on January 24, reflecting the company's deep financial and legal woes.

It is planning to sell $20 billion worth of businesses. CEO John Flannery has signaled he is willing to go further by breaking up GE's vast empire, which includes everything from MRI machines to jet engines.

2. Banking fines: Wells Fargo is facing a $1 billion fine for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The fine will be announced as early as Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a person familiar with the enforcement action.

Shares in Wells Fargo slid in premarket trading.

Barclays CEO Jes Staley has survived a UK investigation into his attempt to identify a whistleblower at the bank, but the American boss will have to pay a fine.

3. Pound takes a hit: The British pound has fallen sharply after Bank of England Governor Mark Carney cast doubt on the timing of the next hike in interest rates raise in the United Kingdom.

Economists were expecting a rise in May, but Carney told the BBC late Thursday that the timing was not set in stone, given recent mixed economic data and uncertainty about Brexit.

The pound dropped 0.8% against the dollar and slid again early on Friday to trade at $1.40. That is a sharp reversal from earlier this week, when it touched $1.43, the highest level since the Brexit referendum in June 2016.

4. Pharma frenzy subsides: Allergan said it had decided not to join a bidding war for biotech firm Shire, the latest twist in a takeover tussle that has sent Shire stock surging. Allergan's shares climbed in premarket trading.

Japan's Takeda said Thursday it had considered paying about -42.4 billion ($60 billion) for Shire, but that its proposal had been rebuffed. Takeda said it would continue talking to Shire about a possible bid.

Shire gained as much as 12% on Thursday, but dropped 3.5% on Friday.

5. Global market overview: US stock futures were pointing lower early on Friday.

European markets opened mixed, while markets in Asia finished the session lower.

The Dow Jones industrial average closed 0.3% lower on Thursday, while the S&P 500 fell 0.6% and the Nasdaq shed 0.8%.

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6. Companies and economics: Baker Hughes, Honeywell and State Street are set to report earnings before the opening bell.

Chinese tech company ZTE, which sells smartphones and other telecommunications equipment around the world, hit back at the US government's decision to ban it from buying components from American companies.

ZTE said the move was "extremely unfair" and that the company "cannot accept it." Its shares, which trade in Hong Kong and Shenzhen, have been suspended since the Commerce Department announced the ban Monday.

Canadian inflation data will be released at 8:30 a.m. ET on Friday. Eurozone consumer confidence report will follow at 10 a.m. ET.

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7. Coming this week:

Friday - State Street and GE earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 87807

Reported Deaths: 2002
CountyConfirmedDeaths
Hennepin25454917
Ramsey10349316
Dakota6995125
Anoka5596132
Stearns367023
Washington349255
Scott236632
Olmsted225327
Nobles192016
Blue Earth15566
Wright14937
Carver13197
Rice12908
St. Louis128229
Mower12614
Clay121340
Sherburne106313
Kandiyohi9112
Winona82818
Lyon6344
Steele5132
Freeborn5043
Nicollet49516
Watonwan4954
Benton4923
Todd4722
Le Sueur4413
McLeod4382
Waseca4228
Chisago4211
Crow Wing41018
Otter Tail3734
Beltrami3654
Goodhue3219
Martin2909
Itasca26413
Polk2624
Becker2372
Pine2360
Isanti2340
Carlton2311
Douglas2291
Cottonwood2140
Pipestone2089
Morrison1901
Dodge1880
Chippewa1851
Sibley1693
Meeker1662
Wabasha1660
Unassigned16552
Brown1642
Murray1492
Rock1450
Yellow Medicine1442
Mille Lacs1363
Faribault1290
Jackson1251
Cass1233
Renville1206
Roseau1090
Pennington1081
Fillmore1050
Houston1040
Swift1041
Kanabec1008
Koochiching1003
Lincoln950
Redwood930
Stevens901
Pope820
Hubbard710
Aitkin691
Big Stone660
Wadena610
Grant574
Wilkin553
Norman510
Lake480
Marshall481
Mahnomen451
Lac qui Parle410
Red Lake370
Traverse290
Clearwater240
Lake of the Woods201
Kittson130
Cook60

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 78552

Reported Deaths: 1255
CountyConfirmedDeaths
Polk15133256
Johnson496227
Woodbury486561
Black Hawk431686
Linn3722105
Story326317
Scott271227
Dubuque266140
Dallas265338
Pottawattamie195137
Buena Vista193312
Marshall175634
Sioux12753
Wapello124357
Webster118414
Muscatine105452
Clinton104618
Plymouth100120
Cerro Gordo98621
Crawford9804
Warren9226
Jasper74232
Des Moines7247
Marion7014
Tama68531
Carroll6275
Henry5974
Lee5857
Wright5571
Dickinson4756
Bremer4597
Boone4557
Washington42711
Louisa41915
Franklin33117
Mahaska32619
Delaware3183
Hamilton3143
Jackson2923
Floyd2913
Winneshiek2835
Benton2781
Clay2773
Hardin2731
Winnebago26211
Butler2572
Clarke2533
Emmet24810
Shelby2411
Jones2393
Allamakee2375
Poweshiek2368
Lyon2323
Buchanan2291
Clayton2273
Cedar2171
Guthrie2115
Kossuth2090
Chickasaw2030
Grundy2002
Madison1992
Sac1980
Cherokee1792
Howard1795
Iowa1791
Fayette1781
Mitchell1750
Hancock1712
Harrison1692
Humboldt1693
Calhoun1672
Mills1621
Palo Alto1560
Pocahontas1502
Monroe14410
Page1410
Lucas1386
Jefferson1321
Cass1282
Monona1281
Osceola1210
Appanoose1193
Taylor1191
Union1193
Davis1134
Van Buren1081
Worth1000
Keokuk891
Montgomery855
Ida840
Greene820
Fremont790
Wayne792
Adair621
Decatur580
Audubon551
Ringgold412
Adams270
Unassigned150
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