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GE earnings; Wells Fargo fine; Pound pummeled

1. GE earnings: General Electric is reporting earnings before the opening bell on Friday.GE's...

Posted: Apr 20, 2018 12:57 PM
Updated: Apr 20, 2018 12:57 PM

1. GE earnings: General Electric is reporting earnings before the opening bell on Friday.

GE's stock has plunged 18% since its last earnings report on January 24, reflecting the company's deep financial and legal woes.

It is planning to sell $20 billion worth of businesses. CEO John Flannery has signaled he is willing to go further by breaking up GE's vast empire, which includes everything from MRI machines to jet engines.

2. Banking fines: Wells Fargo is facing a $1 billion fine for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The fine will be announced as early as Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a person familiar with the enforcement action.

Shares in Wells Fargo slid in premarket trading.

Barclays CEO Jes Staley has survived a UK investigation into his attempt to identify a whistleblower at the bank, but the American boss will have to pay a fine.

3. Pound takes a hit: The British pound has fallen sharply after Bank of England Governor Mark Carney cast doubt on the timing of the next hike in interest rates raise in the United Kingdom.

Economists were expecting a rise in May, but Carney told the BBC late Thursday that the timing was not set in stone, given recent mixed economic data and uncertainty about Brexit.

The pound dropped 0.8% against the dollar and slid again early on Friday to trade at $1.40. That is a sharp reversal from earlier this week, when it touched $1.43, the highest level since the Brexit referendum in June 2016.

4. Pharma frenzy subsides: Allergan said it had decided not to join a bidding war for biotech firm Shire, the latest twist in a takeover tussle that has sent Shire stock surging. Allergan's shares climbed in premarket trading.

Japan's Takeda said Thursday it had considered paying about -42.4 billion ($60 billion) for Shire, but that its proposal had been rebuffed. Takeda said it would continue talking to Shire about a possible bid.

Shire gained as much as 12% on Thursday, but dropped 3.5% on Friday.

5. Global market overview: US stock futures were pointing lower early on Friday.

European markets opened mixed, while markets in Asia finished the session lower.

The Dow Jones industrial average closed 0.3% lower on Thursday, while the S&P 500 fell 0.6% and the Nasdaq shed 0.8%.

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6. Companies and economics: Baker Hughes, Honeywell and State Street are set to report earnings before the opening bell.

Chinese tech company ZTE, which sells smartphones and other telecommunications equipment around the world, hit back at the US government's decision to ban it from buying components from American companies.

ZTE said the move was "extremely unfair" and that the company "cannot accept it." Its shares, which trade in Hong Kong and Shenzhen, have been suspended since the Commerce Department announced the ban Monday.

Canadian inflation data will be released at 8:30 a.m. ET on Friday. Eurozone consumer confidence report will follow at 10 a.m. ET.

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7. Coming this week:

Friday - State Street and GE earnings

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 1462456

Reported Deaths: 20308
CountyCasesDeaths
Marion2005922494
Lake992001456
Allen903391005
Hamilton70705539
St. Joseph63078746
Elkhart48098622
Vanderburgh46217523
Tippecanoe42115330
Johnson37119516
Hendricks35078455
Porter33900460
Madison28036530
Clark25186321
Vigo24768341
LaPorte22894307
Monroe22201243
Howard21344372
Delaware20937363
Hancock18289217
Kosciusko17513199
Bartholomew17399212
Warrick16060212
Wayne15757296
Floyd15399252
Grant14898293
Morgan13934230
Boone13172136
Noble11421140
Dearborn11355112
Henry11312201
Shelby11231150
Marshall11041166
Dubois10782152
Jackson10174104
DeKalb9944128
Cass9942142
Lawrence9914219
Huntington9823139
Gibson9131125
Montgomery9005140
Knox8762124
Harrison8718111
Whitley844771
Steuben8340102
Jasper8069113
Putnam795197
Clinton792994
Miami7914133
Wabash7598138
Jefferson7551124
Ripley6993111
Adams6508101
Scott629086
Daviess6266127
White602379
Greene5913111
Clay587173
Wells5814120
Decatur5754118
Jennings572276
Fayette5657121
Posey529146
LaGrange512996
Randolph4925128
Washington482067
Owen480398
Fountain463579
Spencer438156
Starke434086
Sullivan432164
Fulton426790
Orange412682
Jay403964
Rush395736
Carroll371349
Franklin369850
Perry362155
Vermillion345062
Pike308945
Tipton307974
Parke305038
Pulaski266973
Blackford266755
Newton228359
Brown222654
Benton213321
Crawford211231
Switzerland189414
Martin181921
Warren169520
Union163619
Ohio119516
Unassigned0742

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 2403645

Reported Deaths: 30922
CountyCasesDeaths
Franklin2596932036
Cuyahoga2572672998
Hamilton1666711699
Montgomery1103831586
Summit1066861382
Lucas895171149
Butler78647924
Stark747301383
Lorain62885783
Warren49934468
Mahoning49735909
Lake46850586
Clermont43541428
Delaware38876210
Trumbull38576748
Medina37611416
Licking36901401
Fairfield33848331
Greene32124416
Portage31381356
Clark30277440
Richland28251420
Wood27660289
Allen24372392
Miami22806389
Muskingum22298244
Columbiana22095399
Wayne21275354
Tuscarawas18847423
Erie18041221
Ashtabula17932338
Marion17503231
Scioto16553203
Ross16163249
Pickaway15536173
Hancock15251227
Geauga15244221
Lawrence13847186
Huron13399182
Union1329683
Belmont13255247
Jefferson12864257
Sandusky12770197
Athens11949106
Knox11511195
Seneca11454200
Ashland10795174
Darke10673196
Washington10564168
Auglaize10152141
Crawford9854175
Shelby9699155
Brown9400140
Fulton9235148
Guernsey9109115
Defiance9057134
Highland9035143
Logan8955141
Clinton8719121
Mercer8640111
Madison8568104
Preble8002160
Williams7848135
Putnam7731135
Ottawa7629120
Champaign7556112
Jackson7383114
Perry714598
Coshocton7043136
Morrow694580
Fayette662287
Hardin6219125
Pike617086
Gallia594989
Adams5779124
Van Wert5779120
Henry565592
Hocking5521103
Carroll4828100
Wyandot482289
Holmes4747161
Paulding401163
Meigs375071
Monroe299368
Noble279851
Harrison279461
Morgan276848
Vinton239845
Unassigned08
Fort Wayne
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Angola
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Huntington
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Feels Like: 28°
Decatur
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Van Wert
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A gusty south wind pushes temperatures above the freezing mark Tuesday afternoon.
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