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Apr 16, 2018

CNBC | Wall Street attempts to avoid first back-to-back losses of April after downturn - April 16, 2018.


Despite Friday's downturn, the Dow, S&P 500, and Nasdaq are coming off their second weekly gain in three weeks.
Dow Jones Fut
24,360.14
Current: 24,516.00
Change: 180.00
Impl. Open: 188.86
S&P 500 Fut
2,656.30
Current: 2,677.25
Change: 20.00
Impl. Open: 20.95
NASDAQ 100 Fut
6,628.34
Current: 6,692.50
Change: 51.75
Impl. Open: 55.16
Russell 2000 Mini
1,549.51
Current: 1,560.30
Change: 7.40
Impl. Open: 10.19
Quotes as of 4/16/2018 9:16:44 AM ET

BY THE NUMBERS

Futures were higher this morning. Despite Friday's downturn, the Dow, S&P 500, and Nasdaq are coming off their second weekly gain in three weeks, and if they can sustain the positive pre-market momentum, all three would avoid their first back-to-back losses of April. (CNBC)

•  Cramer's game plan: Washington headwinds could overwhelm earnings (CNBC)

Bank of America (BAC) reported a quarterly profit of 62 cents per share, 3 cents above estimates, with revenue also above forecasts. The bank's results were helped by improved loan growth and deposits, among other factors. After today's closing bell, Netflix (NFLX) is out with quarterly numbers. (CNBC)

WPP Group (WPP) shares were 5 percent lower in premarket after founder and CEO Martin Sorrell stepped down. Two of the ad agency's executives, Mark Read and Andrew Scott, will take on Sorrell's duties while the company searches for a new CEO. Sorrell resigned amid a board investigation of misconduct allegations, saying the situation was disrupting WPP. (WSJ)

The economic calendar kicks off the week in busy fashion, with a number of key reports ahead. At 8:30 a.m. ET, the government issues March retail sales and the New York Fed issues its Empire State manufacturing index. At 10 a.m. ET, economists are expecting the monthly sentiment index from the National Association of Home Builders and the government is out with February business inventories. (CNBC)

Atlanta Fed President Raphael Bostic has a public appearance in Alabama this afternoon, while Dallas Fed President Rob Kaplan participates in an economic forum in Florida. Soon-to-be retiring New York Fed President William Dudley joins CNBC for an interview at 10 a.m. ET.
IN THE NEWS TODAY
President Donald Trump tempered his preference for a more robust attack on Syria after caution from this Pentagon chief, The Wall Street Journal reported. Trump ordered targeted military action in the country late Friday, following an alleged chemical weapons attack.

•  Russia warns of 'consequences' for US-led strike on Syria (CNBC)
•  Mnuchin to announce details of new Russian sanctions (USA Today)

Former FBI Director James Comey called President Trump "morally unfit to be president" in a Sunday night interview with ABC News. Comey also said it is "possible" that Russia has something it can blackmail Trump with.

•  Trump calls Comey 'slippery' and 'WORST FBI Director in history' (CNBC)
•  Here are the most revealing things Comey said in first interview since Trump fired him (CNBC)

Trump's approval rating declined to 39 percent, down four points from last month, in the latest NBC/Wall Street Journal poll. The poll also found that Democrats are showing more enthusiasm for voting this fall than Republicans.

Some Republicans reportedly see the race for the next House speaker as wide open and will be so as long as Paul Ryan maintains his plans to stay through the end of the year. Majority Leader Kevin McCarthy and Majority Whip Steve Scalise are considered frontrunners. (WSJ)

Former first lady Barbara Bush, following a recent series of hospitalizations, is in "failing health" and won't seek additional medical treatment, according to a Bush family spokesperson. The person didn't elaborate as to the nature of Bush's health problems. (AP)

Apple (AAPL) apparently designed a gold-colored version of the iPhone X but hasn't released it yet, according to regulatory filings. Apple only released silver and space grey versions when the $999 device hit the market at the end of last year. (CNBC)

To make it easier to get rid of leftover prescription drugs, CVS Health (CVS) and Walgreens (WBA) are installing machines for disposal in their drugstores. Drug disposal programs are seen as one way to help stem the growing opioid crisis. (CNBC)

Starbucks (SBUX) continued to come under harsh criticism today after two black men were arrested as they sat in a coffee shop in Philadelphia. Later, CEO Kevin Johnson released an apology to the two men and said the company has begun an investigation. (Reuters)

Airline travelers were stranded and thousands were without power after slow-moving storms over the weekend generated record or near-record snowfall and low temperatures in the Midwest. (Reuters)

High winds and heavy rain hit the Northeast, making for tough conditions for the 122nd running of the Boston Marathon today , five years after a deadly bombing killed three spectators and maimed more than 260 others during the iconic race. (USA Today)

STOCKS TO WATCH

General Electric (GE) will take a $4.2 billion first quarter charge, following an earnings restatement that cuts 2016 and 2017 profit by a total of 30 cents per share. The restatement is in line with prior guidance, and is related to updated accounting standards.

The low-cost carrier Allegiant Air is under pressure following a "60 Minutes" investigation that's raising safety concerns. Shares of parent company Allegiant Travel (ALGT) were losing about 6 percent in premarket trading.

Icahn Enterprises (IEP) is selling majority-owned unit Tropicana Entertainment for $1.85 billion. Tropicana's real estate operations are going to Gaming and Leisure Properties (GLPI). Tropicana's gaming and hotel operations are merging with Eldorado Resorts (ERI).

Shire (SHPG) struck a deal to sell its cancer drug business to French drug maker Servier for $2.4 billion. The deal comes amid takeover interest surrounding the British drug company from Japan's Takeda Pharmaceutical.

Qualcomm (QCOM) will refile its antitrust application in China for approval of its planned deal to buy NXP Semiconductors (NXPI), according to Reuters. The move is aimed at pushing back a prior April 17 deadline and giving regulators more time to consider the deal.

Xerox's (XRX) largest shareholder, billionaire Darwin Deason, filed a lawsuit alleging that CEO Jeff Jacobson was told by the board to stop talks with Japan's Fujifilm but instead raced to strike a deal.

Volkswagen's commercial-vehicles unit said it's considering a full takeover of Navistar International (NAV), an Illinois-based truck maker valued at about $3.66 billion, an ambitious move for the German automaker just days after naming a new CEO.

WATERCOOLER

Dwayne Johnson proved his movie star might after his film "Rampage" $34.5 million in ticket sales in its North American debut. The film, which received weak reviews, involves mutant animals and was marketed squarely around Johnson's presence. (NY Times)

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