Dow futures slightly lower ahead of Federal Reserve meeting - CNBC

U.S. stock index futures were mixed Tuesday morning, as market participants braced for the first day of the Federal Reserve's interest rate meeting.

At around 02:00 a.m. ET, Dow futures dipped 25 points, indicating a negative open of more than 15 points. Futures on the S&P and Nasdaq were seen pointing in opposite directions.

Market focus is largely attuned to the U.S. central bank, with policymakers set to begin a two-day meeting later on Tuesday.

The Federal Reserve is expected to leave borrowing costs unchanged, despite fresh demands from President Donald Trump to cut interest rates.

Investors are likely to closely monitor whether policymakers at the central bank lay the groundwork for a rate cut later in the year.

Fresh hopes for looser monetary policy have eased tensions in risk asset markets, which were hit hard last month by escalating trade tensions between the world's largest economies.

On the data front, housing starts and building permits for May are scheduled for 8:30 a.m. ET.

In corporate news, Parsons will report its latest results before the opening bell. The construction and engineering company, known for building airports and subways, is poised to release its first quarterly earnings since an initial public offering (IPO) earlier this year.

Jabil Circuit and La-Z-Boy will report their latest quarterly results after market close.

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https://www.cnbc.com/2019/06/18/stock-market-wall-street-monitors-federal-reserve-meeting.html

2019-06-18 05:46:31Z
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Comcast Launches Eye Control For The TV, An Aid For Physically Disabled Viewers - Deadline

Comcast has launched a feature enabling viewers with physical disabilities like spinal cord injuries or amyotrophic lateral sclerosis (ALS) the ability to navigate their television using only their eyes.

Xfinity X1 eye control is a web-based remote for tablets and computers that pairs with an existing eye gaze system and allows viewers with a single glance to change the channel, access the DVR or search for programs.

The free service addresses a sizable population of TV viewers. According to Comcast, more than 48 million people in the U.S. have physical or mobility disabilities, and every day about 15 people are newly diagnosed with ALS, or Lou Gehrig’s disease.

“Changing the channel on a TV is something most of us take for granted but until now, it was a near-impossible task for millions of viewers,” Comcast VP of Accessibility Tom Wlodkowski said. “When you make a product more inclusive you create a better experience for everyone and we’re hoping our new X1 feature makes a real difference in the lives of our customers.”

X1 eye control uses a web page remote control that works seamlessly with existing eye gaze hardware and software, Sip-and-Puff switches and other assistive technologies. After customers pair the web-based remote with their set-top-box, each time they gaze at a button, the web-based remote sends the corresponding command to the television.

”We are pleased to see how Comcast continues to make their products and solutions accessible,” said Tara Rudnicki, President North America Tobii Dynavox, a leading provider of touch and eye tracking assistive technology hardware and software. “As an assistive technology company, we want to empower our users to live independent lives.  With the X1 Eye Control now enabled with eye gaze, it will come to great use for many of them.”

Here is a video of Philadelphia resident Jimmy Curran using the new setup:

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https://deadline.com/2019/06/comcast-launches-eye-control-for-the-tv-an-aid-for-physically-disabled-viewers-1202633522/

2019-06-17 14:53:00Z
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Huawei bracing for a 40% to 60% drop in international smartphone shipments - Ars Technica

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Kevin Frayer/Getty Images

Hot off the news of Huawei cancelling a laptop launch and delaying its foldable smartphone, we're now starting to see hard numbers for just how much the Trump Administration's export ban may affect the Chinese company's business. A report from Bloomberg claims to detail Huawei's internal estimates, saying the company is expecting a 40 to 60 percent drop in international smartphone shipments due to the export ban. Huawei does about half its smartphone business internationally, and with 206 million phones sold in total in 2018, this would work out to about 40 million to 60 million sales lost.

The Bloomberg report also has talk of Huawei pulling its next smartphone launch, the Honor 20, if sales aren't up to snuff. The phone launches on June 21 in parts of Europe, but the report says "executives are monitoring the launch and may cut off shipments if it sells poorly as expected." Carriers also need to be considered in this equation, and the report notes that two of the largest carriers in France have already opted out of selling the device.

This morning Huawei sent a response to the report to Ars and other outlets, saying the Honor 20 launch was still on schedule for June 21, and the Honor 20 Pro would be available in overseas markets "soon."

A 40 to 60 percent drop in smartphone shipments almost seems optimistic. It's hard to imagine any informed consumer outside of China picking up a Huawei phone with so much uncertainty surrounding the brand. Once the 90-day support window runs out, it's unclear if customers will have access to security updates and future Android updates or if the Google Play Store and Google apps will continue to work. Huawei must mostly be hoping that uninformed consumers will pick up its smartphones, unaware of all the turmoil the company is going through.

Aftermarket prices have already cratered for Huawei phones, and some trade-in shops are refusing to accept Huawei devices. This perceived drop in value should affect the new prices of Huawei phones, too; if Huawei does manage to sell some devices, it may be at a steep discount.

Even if Huawei does manage to move some units, the company is unable to buy new components from US vendors or from international vendors that are using US technology. A Bloomberg report from last month said Huawei built up a "three-month stockpile" of components ahead of the export ban, so anything the company sells now is dipping into that stockpile. Eventually, Huawei's hoard of components will dry up, and then the shortages will start.

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https://arstechnica.com/gadgets/2019/06/huawei-bracing-for-a-40-to-60-drop-in-international-smartphone-shipments/

2019-06-17 15:41:00Z
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Sotheby's auction house is being taken private by group controlled by art collector Patrick Drahi - CNBC

Sotheby's auction in Hong Kong.

Anthony Wallace | AFP | Getty Images

Sotheby's auction house announced Monday that it has signed an agreement to be acquired by BidFair USA, a venture wholly owned by French media entrepreneur and art collector Patrick Drahi.

Sotheby's stakeholders will receive $57 per share in cash as a result of the transition, a premium of 61% to the company's stock price on Friday. The deal is valued at $3.7 billion.

The transaction, if approved by shareholders, would result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

The stock rallied about 57% in early trading Monday following the news.

President of French telecoms and media group Altice, Patrick Drahi smiles during the inauguration of the Altice Campus in Paris on October 9, 2018.

Eric Piermont | AFP | Getty Images

"Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family," Sotheby's CEO Tad Smith said in a press release. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."

Sotheby's was No. 2 in the world among art auction houses in the first half of 2018 with a turnover of more than $2 billion. CNBC's David Faber first reported that Sotheby's would be sold, citing people familiar with the matter.

LionTree Advisors is serving as financial advisor to Sotheby's while Sullivan & Cromwell is acting as legal counsel.

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https://www.cnbc.com/2019/06/17/sothebys-is-in-talks-to-be-sold-sources.html

2019-06-17 13:46:41Z
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Sotheby's auction house is being taken private by group controlled by art collector Patrick Drahi - CNBC

Sotheby's auction in Hong Kong.

Anthony Wallace | AFP | Getty Images

Sotheby's auction house announced Monday that it has signed an agreement to be acquired by BidFair USA, a venture wholly owned by French media entrepreneur and art collector Patrick Drahi.

Sotheby's stakeholders will receive $57 per share in cash as a result of the transition, a premium of 61% to the company's stock price on Friday. The deal is valued at $3.7 billion.

The transaction, if approved by shareholders, would result in Sotheby's returning to private ownership after 31 years as a public company traded on the New York Stock Exchange.

The stock rallied about 57% in early trading Monday following the news.

President of French telecoms and media group Altice, Patrick Drahi smiles during the inauguration of the Altice Campus in Paris on October 9, 2018.

Eric Piermont | AFP | Getty Images

"Patrick Drahi is one of the most well-regarded entrepreneurs in the world, and on behalf of everyone at Sotheby's, I want to welcome him to the family," Sotheby's CEO Tad Smith said in a press release. "This acquisition will provide Sotheby's with the opportunity to accelerate the successful program of growth initiatives of the past several years in a more flexible private environment."

Sotheby's was No. 2 in the world among art auction houses in the first half of 2018 with a turnover of more than $2 billion. CNBC's David Faber first reported that Sotheby's would be sold, citing people familiar with the matter.

LionTree Advisors is serving as financial advisor to Sotheby's while Sullivan & Cromwell is acting as legal counsel.

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https://www.cnbc.com/2019/06/17/sothebys-is-in-talks-to-be-sold-sources.html

2019-06-17 13:46:28Z
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Stocks making the biggest moves premarket: Pfizer, Array Biopharma, Boeing, Lockheed, Disney & more - CNBC

Check out the companies making headlines before the bell:

Pfizer – The drugmaker is buying Array Biopharma for $48 per share in cash, or $11.4 billion, including debt. That's a 62% premium over Array's Friday close. Array specializes in treatments for diseases where there is a large unmet need, as well as cancer drugs.

Boeing – Boeing CEO Dennis Muilenburg told reporters at the Paris Air Show that it will take time to win back the confidence of its customers following the two fatal crashes involving the 737 Max jet. He also said the company had failed to communicate properly with regulators and customers about problems with a cockpit warning system.

Lockheed Martin – Lockheed executive Greg Ulmer said he is not concerned that the proposed merger of Raytheon and United Technologies would affect the F-35 program or put pressure on its profit margins. Ulmer is program manager for the F-35.

Walt Disney – Disney was downgraded to "in-line" from "outperform" at Imperial Capital on a valuation basis, with the stock up nearly 26% since the "outperform rating was put in place in November.

Deutsche Bank – Deutsche Bank plans to create a so-called "bad bank" to hold billions in non-core assets, according to Reuters. The move is said to be in conjunction with an overhaul of the bank's trading operations.

Alibaba – Alibaba is proposing an eight-for-one stock split, in a move designed to increase flexibility in capital raising. The proposal will be brought up at the China e-commerce giant's July 15 annual meeting.

Deere – R.W. Baird upgraded Deere to "outperform" from "neutral." Baird said the bad weather which has driven up the price of corn and other commodities will also spur demand for farm equipment.

Keane Group – Keane and rival oilfield services firm C&J Energy announced an all-stock merger of equals, valuing the combined company at $1.5 billion excluding debt.

Goldman Sachs – Goldman will combine four of its units that invest in private companies into one new operation, according to The Wall Street Journal. The paper said the newly created unit would be nearly as big as KKR and about one third the size of Blackstone.

Target – Target said its registers are back online after outages over the weekend that prevented shoppers from making purchases on Saturday, and some from using credit cards on Sunday. The retailer said neither incident was caused by a cyberattack.

Papa John's – Papa John's dismissed KPMG as its auditor and hired Ernst & Young. Earlier this year, KPMG had said the pizza chain did not maintain effective control over its financial reporting.

FedEx – China's state news agency Xinhua said the country's investigation into FedEx should not be seen as retaliation for trade tensions between the U.S. and China. China launched a probe over parcels intended for telecom giant Huawei delivered to the wrong address.

Symantec – Symantec was upgraded to "buy" from "neutral" at Mizuho Securities, citing the cybersecurity software maker's valuation after the stock fell 31 percent since the beginning of 2018.

Keurig Dr Pepper – BMO Capital upgraded the beverage maker's stock to "outperform" from "market perform," saying the stock's valuation discount to its non-alcohol peers is now too large to ignore.

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2019-06-17 11:40:24Z
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Pfizer to buy cancer drug developer Array for $10.64 billion - Yahoo Finance

FILE PHOTO: The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S.

(Reuters) - Pfizer Inc said on Monday it would acquire Array Biopharma Inc for $10.64 billion in cash, giving it access to the target's approved drugs for skin cancer and the targeted cancer medicines in its pipeline.

The offer of $48 per Array share represents a premium of about 62% to the stock's close on Friday. Array's shares surged 56% in light premarket trade.

Pfizer has been investing in cancer drugs and gene therapies in the face of competition for its blockbuster pain drug Lyrica.

The U.S. Food and Drug Administration last year approved Array's oral combination treatment for use in patients with the deadliest form of skin cancer.

The company is also testing its triple combo therapy in colorectal cancer patients.

"(The acquisition) sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer's existing expertise in breast and prostate cancers," Chief Executive Officer Albert Bourla said.

Pfizer said it expects to complete the deal in the second half of 2019.

The transaction is expected to add to earnings beginning 2022, and will be dilutive to adjusted earnings per share by between 4 and 5 cents this year and in 2020, Pfizer said.

(Reporting by Tamara Mathias in Bengaluru; Editing by James Emmanuel and Sriraj Kalluvila)

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https://finance.yahoo.com/news/pfizer-buy-cancer-drug-developer-112749802.html

2019-06-17 11:27:00Z
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