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May 24, 2018

Stocks are set for a mixed open after Dow wipes out a 167 point deficit- May 24, 2018.- Moning Squawk | CNBC


The S&P 500 and Nasdaq also posted their highest closes since March 16 on Wednesday.
Dow Jones Fut
24,886.81
Current: 24,841.00
Change: -18.00
Impl. Open: -33.81
S&P 500 Fut
2,733.29
Current: 2,730.00
Change: -0.75
Impl. Open: -2.89
NASDAQ 100 Fut
6,953.63
Current: 6,962.25
Change: 5.25
Impl. Open: 4.62
Russell 2000 Mini
1,627.61
Current: 1,630.20
Change: 0.60
Impl. Open: 1.84
Quotes as of 5/24/2018 7:23:39 AM ET

BY THE NUMBERS

Futures were mixed this morning after a Wednesday afternoon rally that saw the Dow wipe out a 167 point deficit and the other major averages stage a similar rebound. The S&P 500 and Nasdaq posted their highest closes since March 16. (CNBC)

•  Cramer: Prepare for more pain in home-building stocks (CNBC)
•  Shipping revolution could prompt crude prices to soar (CNBC)

Twenty-First Century Fox (FOXA) is being urged by activist investor Chris Hohn to engage with Comcast (CMCSA), if the CNBC and NBCUniversal parent does indeed make a formal offer for the Fox assets that Walt Disney (DIS) already bid for. Hohn also disclosed a 7.4 percent stake in Fox. (CNBC)

CNBC has learned that Goldman Sachs made $200 million in profit on a single day in February as calm in stock markets was shattered with a historic surge in volatility. The bank positioned itself to benefit if the Cboe Volatility Index, also called the "fear index."

Ride-hailing company Uber announced its first-quarter financials, reporting strong sales growth and a new valuation of $62 billion. Uber plans to sell between $400 million and $600 million in stock at $40 per share to investors. (CNBC)

•  Airbnb and cities battle over illegal short-term rentals (CNBC)

Retailer Best Buy (BBY) headlines this morning's corporate earnings reports , with Hormel Foods (HRL), McKesson (MCK), Medtronic (MDT) and Sanderson Farms (SAFM) also issuing quarterly numbers. After-the-bell reports today include Autodesk (ADSK), Gap (GPS), Lionsgate (LGF), Ross Stores (ROST) and Shoe Carnival (SCVL).

The Justice Department opened a criminal probe into the possibility that traders are manipulating the price of cryptocurrencies, according to Bloomberg. The investigation surrounds the practice of spoofing and flooding the market with fake orders.
IN THE NEWS TODAY
The U.S. Department of Commerce has started an investigation into automobile imports to determine whether they "threaten to impair the national security." President Donald Trump asked Commerce Secretary Wilbur Ross to carry out the probe. (CNBC)

•  Trump's tariff threat vexes global auto manufacturers (WSJ) 

A New York City federal judge ruled that Trump cannot block users on his Twitter feed. Judge Naomi Reice Buchwald said that Trump is violating the U.S. Constitution by preventing certain Americans from viewing his tweets on @realDonaldTrump. (CNBC)

•  Read the tweets that got these people blocked by Trump (CNBC)

Jared Kushner, Trump's son-in-law, was granted a permanent security clearance after operating under an interim clearance. The clearance had been withheld from Kushner for more than a year pending completion of a background check. (CNBC)

A senior minister from North Korea called Vice President Mike Pence a "political dummy" for comparing North Korea to Libya. Pence told Fox News that the reclusive regime could end up like the North African country "if Kim Jong Un doesn't make a deal" with the U.S. (CNBC)

•  North Korea demolishes what it says is a nuclear test site (AP)

Scientists in Hawaii captured photos and videos of blue methane flames burning from cracks in the pavement as Kilauea volcano gushes lava in the background. One scientist said the methane can cause explosions when it's ignited while trapped underground. (AP)

Jets chairman Christopher Johnson said his players can take a knee or perform another type of protest without fear of facing repercussions. League owners adopted a policy that said players can face a fine if they don't stand for the national anthem. (Newsday)

•  Trump praises new NFL policy on national anthem protests (USA Today)

Apple (AAPL), which already curtailed its vision for disrupting the automotive industry, signed a deal with Volkswagen to turn some of the carmaker's new T6 Transporter vans into Apple's self-driving shuttles for employees, The New York Times reported.

Germany's biggest bank, Deutsche Bank (DB), announced this morning plans to reduce global staffing levels by about 7,000, or 7 percent, with a disproportionate 25 percent headcount cut in its stocks sales and trading business. (CNBC)

Johnson & Johnson (JNJ) and suppliers were hit with a $21.7 million verdict in a California case involving a woman who said she developed cancer after being exposed to asbestos in J&J's baby powder product. In April, a New Jersey jury ordered J&J to pay $117 million to a man who sued on similar claims. (Reuters)

STOCKS TO WATCH

L Brands (LB) reported quarterly profit of 17 cents per share, beating estimates by a penny, with the Victoria's Secret parent's revenue also beating forecasts. However, the company also issued weaker-than-expected current quarter earnings guidance.

Williams-Sonoma (WSM) beat estimates by 9 cents with quarterly profit of 67 cents per share, with revenue also above forecasts. The home furnishings retailer also raised its full-year outlook.

Procter & Gamble (PG) said it would continue investing in Russian plants in the coming years, despite increasing risks due to deteriorating U.S.-Russian relations.

KKR (KKR) is in talks to buy privately held BMC Software for about $10 billion, according to the New York Post. The paper also said KKR continues to work with hospital operator HCA (HCA) to bid more than $10 billion for Envision Healthcare (EVHC).

WATERCOOLER

Billionaire entrepreneur Elon Musk, unhappy with Tesla's recent coverage, ripped into big media companies. Musk said he plans to create a site where the public can "rate the core truth of any article and track the credibility" of every reporter over time. (CNBC)

CONTRIBUTORS

News Associate
Senior Producer