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Instagram founders out; Nike earnings; Versace on the block

1. Instagram founders out: Shares in Facebook were lower in premarket trading after Kevin S...

Posted: Sep 25, 2018 11:59 AM
Updated: Sep 25, 2018 11:59 AM

1. Instagram founders out: Shares in Facebook were lower in premarket trading after Kevin Systrom and Mike Krieger, the founders of Instagram, announced they will leave the business.

Systrom, Instagram's CEO, and Krieger, its chief technology officer, sold the business to Facebook in 2012 for $1 billion. They said they were "planning on taking some time off to explore our curiosity and creativity again."

Bloomberg News reported that Systrom and Krieger are leaving because of tensions with Zuckerberg over the direction of Instagram. Spokespeople for Facebook and Instagram declined to comment further on why the executives had decided to step down.

2. Nike earnings Nike is set to report earnings after the closing bell.

Nike has had a good year so far. US sales are growing and the stock is up 35%. The company recently took a gamble with its new "Just Do It" campaign featuring Colin Kaepernick, but early indications suggest it has delivered another boost to sales.

3. Versace on the block: Shares in Michael Kors dropped 8% on Monday following reports that it's nearing a deal to acquire Versace.

Bloomberg reported the US handbag maker is close to buying Versace in a deal that values the Italian fashion house at around $2 billion. The purchase could be announced as soon as this week.

4. Global market overview: US stock futures were flat.

European markets opened higher. Stocks in Asia ended the session mixed.

The Dow Jones industrial average closed 0.7% lower on Monday, while the S&P 500 dropped 0.4%. The Nasdaq gained 0.1%.

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5. Earnings and economics: Manchester United will release earnings before the open, with Cintas and KB Home following after the close.

The Conference Board will publish its consumer confidence report for September at 10 a.m. ET.

Novartis, the Swiss phrama company, said it would cut approximately 1,700 jobs in its home market in the next four years. Shares gained 0.9%.

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6. Coming this week:
Tuesday — KB Home and Nike earnings; US consumer confidence
Wednesday — Bed Bath & Beyond and Carmax earnings; Federal Reserve interest rate decision; US new home sales for August
Thursday — Rite Aid, Carnival and Accenture earnings; final revision of US second-quarter GDP
Friday — End of Q3

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 15229

Reported Deaths: 723
CountyConfirmedDeaths
Hinds99925
Lauderdale73561
Madison72023
Scott65012
Neshoba63038
Jones59825
Forrest55338
DeSoto5337
Rankin4217
Leake42112
Holmes39728
Copiah3104
Jackson30513
Attala29216
Yazoo2734
Newton2714
Leflore25831
Harrison2577
Lincoln25628
Monroe25525
Lamar2355
Oktibbeha23512
Lowndes2119
Pearl River20931
Pike20211
Adams19615
Noxubee1856
Wayne1771
Warren1719
Washington1687
Covington1652
Bolivar16011
Jasper1574
Smith15011
Lee1496
Kemper14411
Clarke14318
Chickasaw13312
Lafayette1314
Coahoma1214
Carroll11711
Marion1159
Clay1124
Winston1121
Claiborne1112
Lawrence1021
Simpson1010
Yalobusha905
Hancock9011
Tate891
Grenada893
Wilkinson889
Itawamba877
Union835
Marshall833
Montgomery831
Sunflower813
Jefferson Davis772
Tippah7311
Panola703
Webster691
Calhoun644
Humphreys607
Amite601
Walthall550
Tunica543
Prentiss523
Perry503
Choctaw432
Jefferson421
Tishomingo320
Pontotoc323
Stone300
Franklin282
Tallahatchie271
Quitman260
George251
Alcorn171
Benton150
Greene121
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 17359

Reported Deaths: 618
CountyConfirmedDeaths
Mobile2191115
Jefferson1780102
Montgomery163238
Tuscaloosa73814
Marshall6879
Franklin5457
Lee54033
Shelby50319
Tallapoosa42364
Butler40217
Chambers35325
Walker3442
Elmore3398
Madison3274
Baldwin2839
Dallas2603
Morgan2511
Etowah24811
DeKalb2433
Lowndes23812
Coffee2291
Sumter2206
Autauga2164
Houston2094
Bullock2034
Pike1980
Colbert1782
Russell1670
Marengo1636
Lauderdale1612
Hale1598
Calhoun1543
Choctaw1518
Barbour1501
Wilcox1447
Clarke1422
Cullman1260
Randolph1257
Marion12111
St. Clair1181
Pickens1114
Dale1100
Talladega1093
Chilton1001
Limestone940
Greene944
Winston880
Covington771
Jackson772
Crenshaw763
Macon754
Henry742
Bibb721
Washington686
Blount611
Escambia573
Lawrence480
Geneva400
Conecuh391
Coosa381
Monroe372
Perry370
Cherokee373
Clay272
Lamar230
Fayette150
Cleburne141
Unassigned00
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