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Carlos Ghosn in trouble; Brexit business; China tech earnings

1. Trouble for Nissan, Renault and Mitsubishi: Nissan says that an internal investigation i...

Posted: Nov 19, 2018 12:00 PM
Updated: Nov 19, 2018 12:00 PM

1. Trouble for Nissan, Renault and Mitsubishi: Nissan says that an internal investigation into its chairman, Carlos Ghosn, has turned up evidence of "significant" financial wrongdoing.

The revelation has major implications for the global auto industry. Ghosn is also chairman of Renault and Mitsubishi Motors (MMTOF), and the driving force behind an alliance that links the three carmakers.

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Nissan (NSANY) said in a statement that Ghosn has for years been under-reporting his income in Japan. It said "numerous other significant acts of misconduct have been uncovered," including personal use of company assets.

The Japanese carmaker said it would seek to remove Ghosn as chairman. Japanese media reported that Ghosn was being questioned by prosecutors and could be arrested.

"Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation," Nissan said in a statement. "We will continue to do so."

Stocks had stopped trading in Japan when the statement was released, but Nissan shares listed in Frankfurt dropped over 10%. Renault (RNSDF) shares trading in Paris plunged as much as 13%.

2. Brexit support: Prime Minister Theresa May is likely to find a receptive audience Monday when she talks up her Brexit deal at a meeting of the Confederation of British Industry.

John Allan, president of the influential business lobby, will endorse her deal to withdraw from the European Union, saying it "minimizes the damage to our economy," according to a copy of his remarks released in advance.

"While companies in this room would be the first to say that it is not perfect, it does open a route to a long-term trade arrangement and unlocks transition — the very least that companies need to prepare for Brexit," he is expected to say.

"So our message to the politicians is this — listen to the businesses in your constituencies — and everyone who depends upon them," he will add.

The pound strengthened 0.2% to trade at $1.28 on Monday, clawing back some of the losses suffered last week when key UK government ministers resigned and said they would not support the deal. It still needs to be signed off by the other 27 EU member states and the UK parliament.

3. Global market overview: US stock futures were little changed.

European markets opened with gains of roughly 0.5%. Stocks in Asia had a solid session, advancing by as much as 1%.

The Dow added 0.5% on Friday and the S&P 500 gained 0.2%. The Nasdaq shed 0.2%. For the week, all three major indexes declined about 2%.

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4. Earnings and economics: Xiaomi earnings beat estimates Monday, in what should be a boost for the company's beleaguered Hong Kong-listed shares. The Chinese smartphone maker posted profit of 2.5 billion yuan ($360 million) for the three months ended in September. Revenue grew 49%.

Chinese e-commerce firm JD.com (JD) will publish earnings before the US open.

L Brands (LB), the parent company of Bath and Body Works and Victoria's Secret, will release earnings after the close. The retailer's stock is down 40% for the year.

One big problem is Victoria's Secret, which younger customers have abandoned in favor of cheaper brands. Last week, unconfirmed reports indicated that CEO Jan Singer has resigned as head of the brand.

Intuit (INTU) and Urban Outfitters (URBN) will also report after the close.

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5. Coming this week:
Monday — L Brands (LB), Urban Outfitters (URBN), JD.com Inc. (JD) earnings
Tuesday — BJ's Wholesale Club (BJ), Best Buy (BBY), Barnes and Nobels (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

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296745

Reported Deaths: 6783
CountyCasesDeaths
DeSoto19731230
Hinds18881393
Harrison16780282
Rankin12787265
Jackson12643229
Lee9703161
Madison9484203
Jones8005147
Forrest7250138
Lauderdale6847227
Lowndes6033140
Lamar590980
Lafayette5747113
Washington5229130
Bolivar4620124
Oktibbeha442194
Panola432396
Pearl River4193132
Warren4138115
Pontotoc410771
Marshall404492
Monroe3993128
Union396474
Neshoba3822170
Lincoln3564104
Hancock350277
Leflore3389119
Sunflower319286
Tate303374
Pike301796
Scott295271
Alcorn292463
Yazoo290865
Itawamba290275
Coahoma282069
Tippah279565
Copiah279259
Simpson276680
Prentiss271158
Wayne254541
Leake253172
Marion252778
Covington249780
Grenada248578
Adams235078
George232445
Newton231252
Winston221979
Jasper213845
Tishomingo212965
Attala206870
Chickasaw201453
Holmes182770
Clay179251
Stone173029
Tallahatchie171439
Clarke169672
Calhoun158528
Smith153033
Yalobusha145536
Greene127933
Walthall124540
Noxubee123131
Montgomery122939
Perry122235
Lawrence120621
Carroll119025
Amite112235
Webster111132
Jefferson Davis102731
Tunica99523
Claiborne99129
Benton93924
Humphreys93027
Kemper90423
Quitman77414
Franklin76219
Choctaw69817
Jefferson62827
Wilkinson62427
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 498076

Reported Deaths: 10094
CountyCasesDeaths
Jefferson716711387
Mobile36294737
Madison32616468
Tuscaloosa24340421
Montgomery22739519
Shelby22174218
Baldwin19873289
Lee15039157
Calhoun13832293
Morgan13753254
Etowah13390325
Marshall11448211
Houston10124264
Elmore9483190
Limestone9420138
St. Clair9022227
Cullman8984182
Lauderdale8612214
DeKalb8489175
Talladega7606165
Walker6585259
Jackson6545104
Autauga632492
Blount6236127
Colbert6001121
Coffee5264103
Dale4671107
Russell406933
Franklin399878
Covington3993106
Chilton3898103
Escambia379173
Tallapoosa3622143
Clarke344053
Chambers3431111
Dallas3422142
Pike293373
Marion288695
Lawrence284985
Winston258368
Bibb246160
Geneva240370
Marengo238857
Pickens225457
Barbour213651
Hale212269
Fayette202057
Butler201466
Henry183541
Cherokee178039
Monroe166739
Randolph164840
Washington156836
Macon147745
Crenshaw146255
Clay145954
Cleburne139841
Lamar133733
Lowndes132751
Wilcox122925
Bullock117336
Conecuh107024
Perry106127
Sumter99732
Coosa90224
Greene88532
Choctaw55323
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