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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

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 297321

Reported Deaths: 6805
CountyCasesDeaths
DeSoto19814231
Hinds18949395
Harrison16886282
Rankin12842265
Jackson12750234
Lee9720163
Madison9516204
Jones8035148
Forrest7289138
Lauderdale6872228
Lowndes6061140
Lamar593381
Lafayette5767114
Washington5232130
Bolivar4630124
Oktibbeha443095
Panola433698
Pearl River4212132
Warren4144115
Pontotoc411071
Marshall405995
Monroe3996129
Union397174
Neshoba3848171
Lincoln3624104
Hancock352978
Leflore3400121
Sunflower320986
Tate303974
Pike302697
Scott296171
Alcorn292763
Yazoo292066
Itawamba290675
Coahoma283069
Tippah280065
Copiah279959
Simpson277581
Prentiss271258
Marion258878
Wayne255641
Leake254172
Covington250280
Grenada248878
Adams235778
George232745
Newton232753
Winston222179
Jasper214145
Tishomingo213266
Attala206971
Chickasaw201954
Holmes182870
Clay179452
Stone173429
Tallahatchie171739
Clarke170773
Calhoun158628
Smith153833
Yalobusha145736
Greene128133
Walthall125441
Montgomery123540
Noxubee123431
Perry123235
Lawrence121421
Carroll119425
Amite112435
Webster111132
Jefferson Davis102731
Tunica99824
Claiborne99030
Benton94024
Humphreys93128
Kemper91423
Quitman77514
Franklin76420
Choctaw70117
Jefferson62827
Wilkinson62727
Sharkey49217
Issaquena1676
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Alabama Coronavirus Cases

Cases: 499411

Reported Deaths: 10149
CountyCasesDeaths
Jefferson719951403
Mobile36396741
Madison32674469
Tuscaloosa24391423
Montgomery22789523
Shelby22250219
Baldwin19915289
Lee15070161
Calhoun13961296
Morgan13785255
Etowah13413327
Marshall11458215
Houston10121264
Elmore9509190
Limestone9435139
St. Clair9050228
Cullman8993183
Lauderdale8628214
DeKalb8507175
Talladega7643165
Walker6600260
Jackson6551104
Autauga634492
Blount6252128
Colbert6007121
Coffee5261104
Dale4680107
Russell407534
Franklin400779
Covington3996107
Chilton3911104
Escambia379473
Tallapoosa3637143
Clarke344553
Chambers3432111
Dallas3428142
Pike292973
Marion288796
Lawrence285787
Winston258568
Bibb246058
Marengo244657
Geneva240270
Pickens225757
Barbour213851
Hale212569
Fayette202657
Butler201466
Henry183541
Cherokee178140
Monroe166739
Randolph165141
Washington157036
Macon147845
Crenshaw146755
Clay146254
Cleburne140141
Lamar133933
Lowndes133151
Wilcox123225
Bullock117736
Conecuh107224
Perry106427
Sumter100832
Coosa90324
Greene88732
Choctaw55723
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