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.

Cases: 490011

Reported Deaths: 6618
CountyCasesDeaths
Hennepin1016821593
Ramsey43388811
Dakota36714394
Anoka33545392
Washington22247262
Stearns18847202
St. Louis14915265
Scott13445107
Wright12635116
Olmsted1187890
Sherburne879474
Carver790941
Clay696288
Rice678691
Blue Earth604435
Kandiyohi582274
Crow Wing523682
Chisago502945
Otter Tail487171
Benton451890
Winona419749
Mower411931
Douglas395068
Goodhue390169
Nobles387347
Polk345363
McLeod341950
Beltrami339151
Morrison328147
Itasca315346
Becker315143
Lyon314045
Isanti310056
Steele304311
Carlton300649
Freeborn287124
Pine283616
Nicollet263341
Todd250330
Brown249137
Le Sueur238620
Mille Lacs230047
Cass221424
Waseca211217
Meeker208534
Martin190829
Wabasha18733
Roseau181017
Hubbard161041
Houston158214
Dodge15464
Renville152940
Redwood147127
Fillmore14029
Pennington139816
Chippewa137035
Cottonwood136120
Wadena131520
Faribault125017
Aitkin119233
Sibley118310
Watonwan11838
Rock116314
Kanabec109120
Pipestone101924
Yellow Medicine97817
Murray9548
Jackson94710
Swift87818
Pope8185
Marshall78715
Stevens7478
Lake74318
Clearwater72014
Lac qui Parle68816
Wilkin67711
Koochiching62111
Big Stone5173
Lincoln5122
Grant4928
Norman4808
Unassigned45368
Mahnomen4437
Kittson41121
Red Lake3615
Traverse3115
Lake of the Woods2231
Cook1190

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 337836

Reported Deaths: 5500
CountyCasesDeaths
Polk52116562
Linn19519317
Scott17180213
Black Hawk14973294
Woodbury13858214
Johnson1317875
Dubuque12452196
Dallas1023593
Pottawattamie9899146
Story965445
Warren515176
Clinton502884
Cerro Gordo501483
Webster495888
Sioux480469
Marshall465473
Des Moines428661
Muscatine426493
Buena Vista413337
Wapello4059110
Jasper388167
Plymouth369178
Lee354653
Marion341772
Jones285355
Henry279837
Bremer270655
Carroll266848
Crawford253435
Boone244830
Benton241554
Washington239247
Mahaska215846
Jackson210339
Dickinson204340
Tama203165
Kossuth198655
Delaware186340
Clay184525
Winneshiek183729
Fayette179535
Page178119
Buchanan178029
Wright174531
Hamilton173942
Cedar172923
Hardin170339
Harrison167870
Clayton160154
Butler159331
Mills148520
Floyd148141
Poweshiek148030
Cherokee146336
Lyon145741
Allamakee144948
Madison143318
Iowa140723
Hancock138030
Grundy132530
Winnebago130531
Calhoun129711
Cass129751
Jefferson128534
Appanoose123447
Louisa122644
Mitchell120740
Chickasaw119915
Union119331
Sac118818
Shelby117634
Emmet115440
Humboldt113925
Franklin109719
Guthrie109728
Palo Alto101721
Howard99722
Unassigned9790
Montgomery97036
Clarke95220
Keokuk92429
Monroe90028
Ida82132
Adair81630
Pocahontas80919
Davis76623
Monona76527
Greene73110
Lucas72321
Osceola68315
Worth6678
Taylor64112
Decatur5719
Fremont5619
Van Buren53818
Ringgold50720
Audubon4769
Wayne47521
Adams3194
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