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More Qualcomm; EU trade response; Tiffany earnings

1. Qualcomm still in the spotlight: Shares in Qualcomm were up 4% premarket after the ...

Posted: Mar 16, 2018 2:18 PM
Updated: Mar 16, 2018 2:18 PM

1. Qualcomm still in the spotlight: Shares in Qualcomm were up 4% premarket after the Financial Times reported that Paul Jacobs, the former CEO and son of Qualcomm's founder, is working to raise money to take the company private.

Qualcomm's market capitalization is around $89 billion.

The chip maker was recently the target of a hostile takeover bid from Broadcom. The $117 billion offer was formally withdrawn two days after President Donald Trump stopped the deal, citing national security concerns.

2. Trade tensions running high: The European Union is expected to release a full list of US products that it will target for retaliatory measures if Trump follows through on his plan to impose tariffs on EU steel and aluminum.

European Trade Commissioner Cecilia Malmstr-m said last week that the bloc is considering new tariffs on products including US orange juice, bourbon, denim, cranberries, peanut butter and motorcycles.

Analysts are worried that tit-for-tat responses could spark a trade war that would slow economic growth and raise prices for consumers.

New research by the University of Pennsylvania demonstrated that a full-blown trade war would erase any economic benefits from the US tax cuts passed last year.

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3. Earnings: Tiffany & Co will release its earnings before the open. In January, the famed jewelry company lowered its outlook for 2018.

Signet Jewelers, which owns mall-based chains Kay, Jared and Zales, reported earnings earlier this week that disappointed investors. Its shares dropped sharply on Wednesday in reaction to the results.

Deutsche Bank has issued its full year results, but shares in the German lender were little changed.

Shares in Adobe Systems were set to rise after the firm reported better-than-expected quarterly results on Thursday.

4. Global stock market overview: There's not a lot of enthusiasm in stock markets.

US stock futures were holding steady while European markets were mixed in early trading. Most Asian markets closed with losses.

On Thursday, the Dow Jones industrial average rose 0.5%, while the S&P 500 and Nasdaq posted mild losses.

One of the highest profile market movers on Thursday was Snap. Shares dropped by about 4% after Rihanna criticized Snapchat for an advertisement that appeared to mock her experience with domestic violence.

5. A titan steps aside: Legendary business tycoon Li Ka-shing is retiring.

CK Hutchison Holdings, the company that he built into one of the biggest businesses in Asia, has announced that Li will step down as chairman in May.

6. 10 years on: It's been 10 years since the collapse of Bear Stearns.

The fall of the investment bank marked the unofficial start to the global financial crisis.

Watch for CNNMoney coverage on Friday looking back at one of darkest moments in recent financial history.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

7. Coming this week:

Friday -- Tiffany earnings

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