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Carlos Ghosn fallout; Bitcoin plunges; Soup wars

1. End of a business legend: The arrest of Carlos Ghosn in Japan on Monday is forcing three...

Posted: Nov 20, 2018 11:42 AM
Updated: Nov 20, 2018 11:42 AM

1. End of a business legend: The arrest of Carlos Ghosn in Japan on Monday is forcing three major automakers to make tough decisions about their leadership.

Ghosn, the chairman of Nissan (NSANY) Mitsubishi Motors (MMTOF) and Renault (RNSDF), was detained by Japanese authorities after an investigation by Nissan revealed "significant acts of misconduct" over many years.

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Nissan said the misconduct included significantly under-reporting his compensation and misusing company assets. Ghosn is yet to respond to the allegations.

Ghosn is credited with rescuing Nissan and Renault, and stitching together three automakers into a global alliance. But he's now likely to be ousted as chair of all three.

Finance Minister Bruno Le Maire said that he would meet with representatives from Renault on Tuesday to discuss appointing interim management because Ghosn is "no longer capable of leading the group."

The French government owns 15% of Renault. Ghosn also serves as CEO at the carmaker.

Nissan's board will meet Thursday to remove Ghosn from his position. Mitsubishi has also asked its board of directors to "promptly remove" Ghosn as chairman.

Shares in Renault dropped another 3.5% on Tuesday after getting rocked in the previous trading session. Nissan stock shed 5.5% in Tokyo and shares in Mitsubishi declined nearly 7%.

2. Down goes bitcoin: The price of bitcoin has plunged 15% over the past 24 hours, at one point reaching a low of $4,200. It continues to swing wildly.

As is often the case with digital currencies, the cause of the crash is unclear. The US Securities and Exchange Commission recently cracked down on "initial coin offerings," and sales of crypto mining equipment appear to have slowed.

Bitcoin prices are now roughly 75% below record levels set a year ago at the height of a bubble.

3. Soup earnings: Investors are eagerly awaiting an earnings report from Campbell Soup (CPB) amid a fierce proxy fight for control of its board.

Activist investor Daniel Loeb wants to replace five members of the company's 12-person board. Campbell management says it knows the company best and can put it back on the right track.

The struggling 149-year-old company has faced a slew of problems including poor sales, an ill-fated acquisition of Bolthouse and the abrupt departure of its CEO this year.

If Campbell has a strong quarter, management could use the good results to bolster its case. But if earnings disappoint, Loeb will be ready to pounce.

4. Global market overview: US stock futures were lower, signaling another tough day of trading on Wall Street.

European markets opened in negative territory on Tuesday. Germany's DAX led the retreat, shedding over 1%.

In Asia, Japan's Nikkei dropped 1.1% while benchmark indexes in Shanghai and Hong Kong lost roughly 2%.

The Dow dropped 1.6% on Monday and the S&P 500 shed 1.7%. The Nasdaq tumbled 3% as tech stocks including Apple (AAPL), Facebook (FB), Amazon (AMZN) and Google parent Alphabet (GOOGL) suffered heavy losses.

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5. Earnings and economics: Barnes and Noble (BKS), Best Buy (BBY), Campbell Soup (CPB), Hormel Foods (HRL), Lowe's (LOW) and Target (TGT) are set to release earnings before the open.

Foot Locker (FL) and Gap (GPS) will follow after the close.

The US Census Bureau will release a report on housing starts for October at 8:30 a.m. ET.

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6. Coming this week:
Tuesday — BJ's Wholesale Club (BJ), Best Buy (BBY), Barnes and Noble (BKS), Campbell Soup (CPB), Target (TGT), TJX (TJX) and Gap (GPS) earnings
Wednesday — Deere & Co. (DE) earnings
Thursday — US markets closed for Thanksgiving
Friday — Black Friday; US markets close early

Minnesota Coronavirus Cases

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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
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Dodge8380
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Watonwan8334
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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
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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
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Davis4619
Monroe44312
Adair4408
Monona4332
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Decatur3160
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