Revenue is expected to be flat at JPMorgan Chase in the first quarter and down at Wells Fargo. Bank stocks have struggled this year, so any indication of a recovery later this year will be welcomed.
Shares in JPMorgan Chase have increased 8.8% this year, less than the broader market. Wells Fargo's stock has gained only 3.6%.
Wells Fargo's business has been hurt by rising legal fees, a tarnished reputation and tough sanctions from federal regulators. One big question is whether it's any closer to naming a new CEO.
2. Uber IPO: Uber on Thursday filed paperwork for an IPO that is likely to be one of the biggest public offerings ever for a technology company.
Uber CEO Dara Khosrowshahi admitted to the company making "missteps" on its road to go public. The startup has faced a long list of scandals, including allegations of sexism and harassment.
The transportation company lost $1.8 billion in 2018, an unprecedented sum for a company about to go public.
Documents filed by Uber revealed that its revenue was up 42% in 2018 to $11.3 billion. In its fourth quarter, Uber had 3.9 million drivers on its platform and users took 1.5 billion trips.
3. Tesla announcements: Tesla (TSLA) has announced several changes to its model offerings and pricing.
The carmaker said that all of its vehicles will now come with autopilot as standard. It said the feature would be included for less than the prior cost of the autopilot option.
Tesla said it would stop selling its cheapest Model 3 online. It also said it would start leasing the Model 3, but the cars must be returned at the end of the lease for use in a Tesla ride-hailing network.
The company endured a tough 2018 after months of manufacturing hangups and delays in rolling out the Model 3. It surprised investors by posting back-to-back quarterly profits at the end of last year.
4. Global market overview: US stock futures were pointing higher. European and Asian markets were mostly lower.
The Dow Jones industrial average dipped 0.1% on Thursday. The S&P 500 closed flat and the Nasdaq ended down 0.2%.
5. Earnings and economics: Disney (DIS) stock was 1.5% higher in extended trading after the company showed off the new streaming service Disney+.
Disney announced Thursday that the service will cost $6.99 a month, undercutting Netflix (NFLX).
Chinese trade data for March were published on Friday. While exports were stronger than anticipated, imports came bellow expectations.
The outlook for exports remains gloomy.
"While a US-China trade deal looks increasingly within reach, the reversal of US tariffs would only provide a small boost to exports," said Julian Evans-Pritchard, senior China economist at Capital Economics.
No comments:
Post a Comment