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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.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

7. Coming this week:

Friday - State Street and GE earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 304023

Reported Deaths: 3580
CountyCasesDeaths
Hennepin641421113
Ramsey27059502
Anoka21526225
Dakota21268190
Washington13529113
Stearns13524108
St. Louis8433108
Scott820154
Wright746139
Olmsted653534
Sherburne570941
Clay483956
Carver455913
Blue Earth405214
Rice403136
Kandiyohi396821
Crow Wing353431
Nobles304929
Chisago304410
Otter Tail300522
Benton293348
Winona273730
Mower257423
Douglas250735
Polk248923
Morrison228029
Lyon213411
Beltrami211917
McLeod205011
Becker199815
Goodhue196728
Steele19137
Itasca185523
Isanti184917
Todd178413
Carlton177715
Nicollet158725
Freeborn15125
Mille Lacs149931
Le Sueur144911
Cass138610
Waseca137811
Brown136415
Pine13138
Meeker12398
Roseau11454
Hubbard111924
Martin111220
Wabasha10301
Redwood91619
Chippewa8527
Dodge8380
Cottonwood8333
Watonwan8334
Renville83124
Wadena7736
Sibley7724
Rock7569
Aitkin75529
Pipestone71018
Houston6854
Fillmore6770
Yellow Medicine63311
Pennington6277
Kanabec59613
Murray5783
Swift5758
Faribault5422
Pope5281
Stevens5063
Clearwater5058
Jackson4841
Marshall4758
Lake4066
Koochiching3855
Wilkin3715
Unassigned36759
Lac qui Parle3613
Lincoln3511
Norman3417
Big Stone3072
Mahnomen2904
Grant2726
Kittson2138
Red Lake2053
Traverse1461
Lake of the Woods951
Cook660

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 225897

Reported Deaths: 2345
CountyCasesDeaths
Polk33451334
Linn14206164
Scott1116385
Black Hawk10849134
Woodbury10323124
Johnson948636
Dubuque918291
Story677621
Dallas633657
Pottawattamie624570
Sioux369125
Webster357833
Cerro Gordo351544
Marshall347846
Clinton327540
Buena Vista304114
Des Moines287920
Muscatine286468
Warren279611
Plymouth274242
Wapello255071
Jones229813
Jasper217443
Marion204320
Lee202217
Carroll197322
Bremer194212
Henry18227
Crawford174316
Benton169519
Tama153840
Jackson144313
Delaware143221
Washington140214
Dickinson138210
Boone136311
Mahaska126727
Wright12336
Clay11714
Buchanan116410
Hardin115010
Page11294
Clayton11105
Hamilton11059
Cedar107413
Harrison106729
Calhoun10617
Kossuth10566
Floyd104116
Mills10407
Fayette103310
Lyon10268
Butler10116
Poweshiek98913
Winneshiek96212
Iowa94612
Winnebago91723
Hancock8607
Louisa85816
Sac8578
Grundy85611
Chickasaw8494
Cherokee8374
Cass80823
Allamakee79911
Mitchell7884
Appanoose78710
Humboldt7695
Union7676
Shelby76211
Emmet76024
Guthrie75215
Franklin73521
Jefferson7112
Madison6804
Unassigned6620
Palo Alto6514
Keokuk5967
Pocahontas5574
Howard5529
Greene5220
Osceola5211
Ida48713
Clarke4824
Taylor4643
Montgomery46211
Davis4619
Monroe44312
Adair4408
Monona4332
Fremont3573
Van Buren3555
Worth3550
Lucas3236
Decatur3160
Wayne2987
Audubon2952
Ringgold2112
Adams1692
Rochester
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Mason City
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Hi: 36° Lo: 17°
Feels Like: 24°
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Hi: 35° Lo: 16°
Feels Like: 27°
Austin
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Feels Like: 25°
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A Sunny and Mild Saturday Expected
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