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

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 67649

Reported Deaths: 1912
CountyConfirmedDeaths
Hinds5613118
DeSoto365831
Harrison252036
Madison242266
Rankin228334
Jackson227642
Jones189958
Forrest180656
Washington166341
Lee146241
Lauderdale141292
Neshoba128692
Lamar122014
Oktibbeha112239
Bolivar111334
Warren109333
Lowndes107737
Panola105913
Sunflower103925
Scott100320
Lafayette97316
Copiah95428
Pike93636
Leflore93363
Holmes89248
Grenada84721
Yazoo83112
Pontotoc8278
Lincoln81741
Monroe79655
Simpson79630
Leake78825
Wayne76721
Coahoma76013
Tate73429
Marshall6959
Marion67720
Union63616
Adams62325
Winston62016
Covington61213
George5815
Pearl River55039
Newton54211
Tallahatchie53110
Attala52225
Walthall50220
Chickasaw46219
Noxubee45711
Alcorn4285
Calhoun4189
Tishomingo4175
Prentiss41210
Claiborne40713
Smith40513
Clay39614
Hancock39014
Jasper3869
Tippah36613
Itawamba35910
Tunica3377
Clarke32726
Montgomery3265
Lawrence3238
Yalobusha31510
Humphreys29311
Quitman2691
Carroll26111
Greene25012
Perry2367
Webster23412
Kemper23314
Amite2326
Jefferson Davis2316
Wilkinson21213
Stone1995
Sharkey1975
Jefferson1967
Benton1441
Choctaw1344
Franklin1272
Issaquena261
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 99390

Reported Deaths: 1733
CountyConfirmedDeaths
Jefferson13109243
Mobile9947207
Montgomery6835148
Madison537834
Tuscaloosa421373
Unassigned359961
Baldwin354425
Shelby328335
Marshall316736
Lee267845
Morgan239318
Etowah212131
DeKalb181913
Calhoun178414
Elmore172338
Walker152664
Houston139812
Russell13682
St. Clair133817
Limestone133313
Dallas132323
Franklin127420
Cullman122512
Colbert118113
Autauga116921
Lauderdale116719
Escambia108217
Talladega102614
Jackson9894
Tallapoosa85579
Chambers84138
Dale83424
Blount8004
Chilton7926
Butler76436
Coffee7616
Covington73520
Pike7097
Clarke6629
Barbour5755
Marion57424
Lowndes57224
Marengo55215
Hale47626
Bullock46411
Winston45311
Perry4424
Bibb4385
Wilcox42910
Monroe4214
Randolph40110
Pickens4009
Conecuh39310
Washington39112
Sumter36018
Lawrence3491
Macon33514
Crenshaw3185
Choctaw28312
Cherokee2737
Henry2633
Geneva2611
Clay2585
Greene25111
Lamar2222
Fayette2075
Cleburne1271
Coosa1012
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