Dow Jones Futures: Home Depot Stock Dives, Roku Falls; Broadcom, ServiceNow Rise While Medicines Stock Skyrockets - Investor's Business Daily

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1. Dow Jones Futures: Home Depot Stock Dives, Roku Falls; Broadcom, ServiceNow Rise While Medicines Stock Skyrockets  Investor's Business Daily
2. Dow set to open at new record, led by Boeing  CNBC
3. Dow May Reach Another Record on Trade Optimism, Though Home Depot Disappoints  Barron's
4. What to watch today: Dow to rise, Home Depot warns on outlook, and New York AG probes WeWork  CNBC
5. Dow Jones Industrial Average Futures Rise, but Home Depot Stock Falls  Barron's
6. View full coverage on Google News

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2019-11-19 11:50:40Z
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Home Depot cuts 2019 forecast after sales miss, shares crater - CNBC

Home Depot shares tumbled Tuesday after the company once again cut its 2019 forecast, and also reported same-store sales well below estimates.

The company said revenue, which also missed analysts' targets, was hurt by investments it is making in its business. Earnings came in a penny better than expected.

Shares of Home Depot were down about 5% in premarket trading.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $2.53, adjusted, vs. $2.52 expected
• Revenue: $27.22 billion vs. $27.53 billion expected
• Same-store sales growth, global: 3.6% vs. 4.7% expected

Home Depot said earnings fell to $2.8 billion, or $2.53 per share, from $2.9 billion, or $2.51 per share, a year ago. Analysts had expected the company to earn $2.52 per share.

Sales increased 3.5% to $27.22 billion, just shy of analysts estimates of $27.53 billion.

Sales at U.S. stores open at least 12 months rose 3.8%. Analysts were expecting a 4.7% gain.

Home Depot also cut its sales forecast for the year. It said it now expects sales to grow by 1.8%, down from a prior estimate of 2.3%. The company also cut its same-store sales forecast for the fiscal year. It now expects growth of 3.5%, compared with an earlier forecast of 4%. 

Home Depot said its average customer ticket in the third quarter was $66.36, which was higher than it saw in the year ago quarter. Sales per square foot also rose to $449.17 from the year-ago period.

Last quarter, the Atlanta-based company trimmed its full-year revenue outlook, partially due to potential tariff impacts. It estimated the Dec. 15 tariffs and the 25% tariffs already in place could raise its cost of sales by about $2 billion, or about 2% of annual sales.

Home Depot CEO Craig Menear also cited continued lumber deflation for the lower sales forecast.

Rival Lowe's is slated to report its earnings before the bell on Wednesday. Shares of Home Depot hit a 52-week high on Monday of $239.31. The stock, which is valued at $262 billion, has risen 39% as of Monday's close. Rival Lowe's, which has a market value of nearly $89 billion, has gained 24% year to date.

Read the full press release here.

Correction: An earlier version of this story misstated the forecast for global same-store sales. Analysts were predicting a gain of 4.7%.

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2019-11-19 10:55:00Z
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Stocks point to a continued record run on Wall Street - Fox Business

The week closes with all three major averages at record highs.

U.S. equity futures are indicating a higher open to trading on Tuesday, the day after another trio of records.

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The three major futures indexes are pointing to a gain of 0.4 percent, with the Dow adding 100 points..

All three major indexes opened the week by rising above the all-time highs they set on Friday. The S&P 500 rose 0.1 percent to 3,122.03. The Dow Jones Industrial Average also gained 0.1 percent to 28,036.22, and the Nasdaq composite climbed 0.1 percent to 8,549.94.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	28036.22	+31.33	+0.11%
SP500	S&P 500	3122.03	+1.57	+0.05%
I:COMP	NASDAQ COMPOSITE INDEX	8549.93773	+9.11	+0.11%

Asian shares are mixed as investors remain cautious over prospects for an agreement in trade talks between the United States and China.

Japan’s benchmark Nikkei 225 edged 0.1 percent lower, Hong Kong’s Hang Seng gained 0.8 percent, while the Shanghai Composite was up 0.4 percent.

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The Chinese Central Bank cut the seven-day reverse repurchase rate to 2.50 percent from 2.55 percent fueling expectations that Beijing will continue to ease monetary policies, accoridng to Reuters.

Chinese indexes were rising moderately despite the continuing unrest in Hong Kong. Police have tightened their blockade over Hong Kong Polytechnic University, where some protesters are trapped and hundreds who left have been arrested.

Police in riot gear move through a cloud of smoke as they detain a protester at the Hong Kong Polytechnic University in Hong Kong, Monday, Nov. 18, 2019. Hong Kong police fought off protesters with tear gas and batons Monday as they tried to break th

The U.S. market has been on a tear since early October, and indexes have been on a nearly uninterrupted run as worries about a possible recession have faded. Solid economic data, better corporate earnings than analysts expected and interest-rate cuts by the Federal Reserve have all helped.

That leaves negotiations in the U.S.-China trade war as the remaining wild card for the market. President Trump had earlier hoped to have signatures on the first phase of a trade deal by now, at a major international summit that was scheduled for this past weekend. But the president of the summit’s host nation, Chile, canceled the meeting last month amid nationwide protests.

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The two sides are continuing to negotiate, with stock markets around the world swinging on every hint of progress or tension.

The Associated Press contributed to this article.

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2019-11-19 09:24:09Z
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Boeing attracts bids for 50 of its embattled 737 Max jets at Dubai Air Show - CNBC

An aerial photo shows Boeing 737 MAX aircraft at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.

Lindsey Wasson | Reuters

DUBAI, United Arab Emirates — Boeing managed to reach day three of the Dubai Air Show with bids for 50 of its embattled 737 Max jets, a day after getting a firm order for 10 of the jets from leisure airline SunExpress.

Kazakhstan carrier Air Astana announced Tuesday a letter of intent for 30 of the Max jets, which have been grounded globally since March following two devastating crashes in the span of five months that killed 346 people.

The bid, which comes on top of a reported firm order from a mystery buyer for 20 of the Max jets, represents a vote of confidence for a plane whose dangerous defects triggered the largest crisis in the aviation industry this year.

Air Astana's commitment, valued at $3.6 billion, is not a firm order, and all of the deals of the last week remain subject to the aircraft receiving regulatory approval to return to service. The Kazakh airline is also a customer of Boeing's French rival Airbus, which has raked in massive deals this week and so far overshadowing those of the American plane-maker.

The Wall Street Journal on Tuesday reported 10 orders for Boeing's 737 MAX 7 and 10 for its 737 MAX 10 from an undisclosed buyer, citing people familiar with the matter.

Tuesday's news follows an increased order for the Max 737 8 jets from Turkey-based airline SunExpress, which added a firm order for 10 of the planes, worth $1.2 billion at list prices, in addition to a previous order of 32. A steep discount is typically negotiated by airlines.

The announcements mark a win for Boeing, but its total of $5.6 billion in orders so far pales in comparison to the tally of Airbus, which has so far inked around $30 billion in orders at list prices. Europe's largest aerospace company on Monday won orders for 120 of its A320neo jets from Air Arabia and 50 of its A350s from Dubai flagship carrier Emirates, valued at approximately $14 billion and $16 billion, respectively.

Ahead of the confirmation of its Airbus order, Air Arabia was reportedly in talks with Boeing as recently as two weeks before the show.

The Dubai Air Show, known for record-breaking mega deals, typically sees fierce competition for deals from rivals Airbus and Boeing, who each own approximately half of the market for large commercial airliners. But the American plane-maker's presence has been subdued thus far, weighed down by the crashes, ensuing safety concerns and the grounding of its fleet of roughly 400 jets around the world.

The aerospace giant has struggled this year, with new orders all but drying up as a result. British Airways parent, International Consolidated Airline Group, said during the Paris Air Show in June that it intends to buy 200 of the 737 Max planes, but that order has not been firmed up.

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2019-11-19 09:16:00Z
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Sales of grounded Boeing 737 MAX pick up steam at Dubai Airshow - Reuters

DUBAI (Reuters) - Boeing’s 737 MAX took center stage at the Dubai Airshow on Tuesday as the U.S. planemaker prepared to announce orders for dozens of aircraft as it seeks to restore confidence in the jet amid a worldwide grounding, people familiar with the matter said.

FILE PHOTO: An aerial photo shows Boeing 737 MAX aircraft at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019. REUTERS/Lindsey Wasson /File Photo

Boeing was expected to announce the orders, which could be worth $5-6 billion, a day after securing the first firm order for the aircraft since the grounding from Turkey’s SunExpress.

Global regulators banned commercial flights of Boeing’s fastest-selling jet in March after two fatal accidents.

Boeing is in the process of modifying software and pilot training which will require regulatory approvals.

In other news, budget airline easyJet exercised the purchase rights to order 12 more Airbus A320neo aircraft, Airbus said on Tuesday.

Airbus is also prepared to unveil an order for 8 of its small A220 jets from Air Senegal, delegates said.

Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus jets including 12 A330neo powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric.

However, there were no immediate signs that Dubai’s Emirates was ready to finalize a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world’s largest international airline.

The fate of the order hinges on negotiations over the larger Boeing 777X for which Emirates is the largest customer. Emirates has indicted it wants to restructure the order following delays and sources say it could use the pending 787 deal as leverage.

(This story has been refiled to add missing word “said”, paragraph 1)

Reporting by Tim Hepher; editing by Shri Navaratnam and Jason Neely

Our Standards:The Thomson Reuters Trust Principles.

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2019-11-19 06:19:00Z
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At LA Auto Show, Ford releases new electric Mustang Mach-E - an SUV - KABC-TV

LOS ANGELES (KABC) -- The first big reveal of the L.A. Auto Show is a new Mustang.

Specifically, the 2021 Mustang Mach-E. If that name sounds familiar, it's because it's a play on Mach 1 which was Ford's force to be reckoned with starting in the Mustang's original heyday in the 1960s.

Now, in a very different world, the Mach-E. It has four doors, an SUV shape, and it's pure electric.

"One thing that people thought about electrics is that they were a rational buy. That's really not true. If we've learned one thing about this first generation of electric cars is that early adopters want really good product," said Jim Farley

Ford might not be the first to the modern electric car party, but they rolled out the Mach E in a big way, at a Hawthorne Airport hangar.

It may or may not have been a coincidence, but the electric Mustang's big reveal took place just yards from Elon Musk's huge local complex, where the name "Tesla" can be seen in giant letters by drivers on the nearby 105 Freeway.

The Mach-E's early stats seem impressive. Depending on model, there will 200 to 300 miles of driving range. The vehicle will also feature advanced connectivity, a wide public charging network, and a starting price in the mid-$40,000 range before any incentives are subtracted.

So is this the right direction for the Mustang?

"When you think about a coupe, that's not going to work for everyone. Now that it's an EV SUV, I think in a market like Los Angeles, all of a sudden they may see some new customers," said Jessica Caldwell, an insights analyst with Edmunds.com.

Ford wants to make it clear, the Mach-E will be a Mustang, not the Mustang. They have no plans to stop making the internal combustion two-door that's so loved.

"No, I think that's what's cool about this car. If anything it preserves them, because we have this totally clean one as well," noted Ford's Jim Farley.

They're taking orders right now, for delivery by the end of 2020.

And if you go to the L.A. Auto Show to see the new electric Mustang, here's something to put things in perspective. The L.A. Convention Center opened in 1971, and the auto show has been held there ever since.

Back in those early days, the hottest car in the Ford display was the Mustang Mach 1. Nearly 50 years later, in that same building now called West Hall, Ford's display will include the Mustang Mach-E. A very different kind of car, in every way.

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2019-11-19 04:09:37Z
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Stocks on track to build on records as investors remain optimistic on U.S.-China trade talks - MarketWatch

Stock-index futures pointed to a higher start for Wall Street on Monday, with equities set to build on last week’s push to records as investors remain optimistic over U.S.-China trade talks.

How are the major benchmarks doing?

Futures on the Dow Jones Industrial Average YMZ19, +0.04%  rose 92 points, or 0.3%, to 28,045, while S&P 500 futures ESZ19, -0.03%  gained 6.95 points, or 0.2%, to 3,124.25. Nasdaq-100 futures were up 26.75 points, or 0.3%, at 8,345.50.

Read: With Dow, S&P 500 at records, investors ignore ‘material deterioration’ in global economy

The Dow DJIA, +0.80%  last week rose 1.2%, ending Friday at 28,004.89 topping the 28,000 milestone for the first time as it posted its 11th record close of 2019. The S&P 500 SPX, +0.95% logged a 0.9% weekly rise, also setting a record Friday with a finish at 3,120.46. The Nasdaq Composite COMP, +0.73%  also posted an all-time closing high Friday, capping a 0.8% weekly gain with a finish at 8,540.83.

See: Why Dow 28,000 could mark that ‘blowoff top’ bears have been predicting

What’s driving the market?

Analysts said optimism over U.S.-China trade talks remain a pillar of support for equities. Chinese state media outlet Xinhua over the weekend said Chinese Vice Premier Liu He, the country’s top trade negotiator, held a phone conversation with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Saturday, describing the discussions as “constructive.”

The Trump administration is likely to issue Monday a 90-day extension of a license allowing U.S. companies to continue doing business with Chinese telecom giant Huawei Technologies Co., Reuters reported Sunday night. Huawei was added to a federal list of restricted entities earlier the year, which are suspected as working against U.S. national security interests, and its status has been seen as a key issue in trade negotiations.

Meanwhile, China’s central bank on Monday lowered the interest rate on its regular reverse repurchase open market operations for the first time since October 2015 in an effort to boost market confidence and buoy slowing growth.

“If China wants to ease the short-term economic pain, lower tariffs via a phase one trade deal would go a long way,” said Jasper Lawler, head of research at London Capital Group, in a note.

“Optimism that a partial trade deal can be done largely explains the rally in U.S. equities that took the Dow Jones to 28,000 for the first-time last week,” he said. “‘Constructive’” discussions in a phone call between the two sides over the weekend continues the positive mood music about a phase one deal.”

Analysts said they were also keeping an eye on Hong Kong, as protests continued and police stormed a university campus after an all-night siege.

The economic calendar is light, featuring a home-builder index for November at 10 a.m. Eastern Time.

Which stocks are in focus?

Shares of Boeing Co. BA, +1.15%  edged 0.9% higher in premarket action after it announced that SunExpress exercised options for 10 additional 737 MAX 8 aircraft, with a value of $1.2 billion, according to list prices. The order adds to the previous 32 MAX planes ordered by SunExpress.

Shares of Ford Motor Co. F, +1.82%  were up 1.2% in premarket trade after the auto maker announced Sunday its “Mustang Mach E,” it’s first all-electric SUV.

HP Inc. HPQ, +0.25%  rejected a $33.5 billion takeover offer from Xerox Holdings Corp. XRX, +0.75%  Sunday, saying the cash-and-stock offer undervalues the company, but said it remains open to exploring other options for consolidation.

On Sunday, Saudi Aramco said it would aim for a valuation of $1.6 trillion to $1.7 trillion from the planned initial public offering of the state-owned energy giant, falling well short of the initial $2 trillion targeted by Saudi Crown Prince Mohammed bin Salman. That would still make the oil giant’s trading debut the world’s biggest ever IPO by valuation.

How are other markets trading?

The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, -0.38%  rose 1.8 basis points to trade at 1.853% after falling 9.7 basis points during the previous five trading days amid mixed global economic data.

In commodities markets, a barrel of West Texas Intermediate crude for December delivery CLZ19, -0.71%  fell 16 cents, or 0.3% to trade at $57.56 and the price of gold for December delivery GCZ19, -0.25%  fell $9, or 0.6%, to $1459.30 an ounce.

The U.S. dollar edged about 0.1% lower relative to a basket of its trading rivals, according to the ICE U.S. Dollar index DXY, -0.10%.

In Asia overnight, stocks traded higher, with the China CSI 300 000300, +0.80%  gaining 0.8%, Japan’s Nikkei 225 NIK, +0.49%  advancing 0.5% and Hong Kong’s Hang Seng HSI, +1.35%  limbing 1.4%.

In Europe, stocks were mixed; the Stoxx Europe 600 SXXP, -0.15%  was up 0.2%.

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2019-11-18 12:16:00Z
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