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%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

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.

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

7. Coming this week:

Friday - State Street and GE earnings

West Lafayette
Clear
72° wxIcon
Hi: 82° Lo: 60°
Feels Like: 72°
Kokomo
Broken Clouds
70° wxIcon
Hi: 80° Lo: 57°
Feels Like: 70°
Rensselaer
Broken Clouds
64° wxIcon
Hi: 78° Lo: 57°
Feels Like: 64°
Fowler
Broken Clouds
64° wxIcon
Hi: 80° Lo: 57°
Feels Like: 64°
Williamsport
Scattered Clouds
72° wxIcon
Hi: 83° Lo: 58°
Feels Like: 72°
Crawfordsville
Broken Clouds
66° wxIcon
Hi: 81° Lo: 58°
Feels Like: 66°
Frankfort
Scattered Clouds
73° wxIcon
Hi: 81° Lo: 58°
Feels Like: 73°
Delphi
Broken Clouds
67° wxIcon
Hi: 81° Lo: 57°
Feels Like: 67°
Monticello
Broken Clouds
67° wxIcon
Hi: 79° Lo: 57°
Feels Like: 67°
Logansport
Overcast
66° wxIcon
Hi: 80° Lo: 57°
Feels Like: 66°
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 51079

Reported Deaths: 2756
CountyConfirmedDeaths
Marion12019693
Lake5588248
Elkhart353959
Allen2939134
St. Joseph210669
Hamilton1691101
Cass16449
Hendricks1454100
Johnson1340118
Porter82638
Tippecanoe7709
Vanderburgh7276
Clark69544
Madison67464
LaPorte61628
Howard59858
Bartholomew59745
Kosciusko5754
Marshall5449
Noble51328
LaGrange4849
Boone48244
Jackson4783
Delaware47152
Hancock46736
Shelby45425
Floyd40644
Morgan34231
Monroe34028
Grant31826
Dubois3046
Henry30018
Montgomery29720
Clinton2903
White27410
Dearborn25823
Decatur25632
Lawrence25225
Vigo2528
Warrick25029
Harrison21722
Greene19432
Miami1932
Jennings17912
Putnam1738
DeKalb1694
Scott1649
Wayne1546
Daviess15017
Perry14710
Orange13723
Steuben1362
Jasper1352
Ripley1307
Franklin1278
Gibson1202
Wabash1162
Carroll1142
Fayette1067
Whitley1066
Starke1043
Newton10010
Huntington942
Jefferson862
Wells821
Randolph794
Fulton731
Knox710
Jay700
Washington681
Pulaski661
Clay645
Rush613
Posey570
Spencer541
Owen521
Benton510
Sullivan501
Adams491
Brown431
Blackford402
Fountain352
Crawford330
Switzerland320
Tipton321
Parke270
Martin260
Ohio230
Vermillion200
Warren151
Union140
Pike110
Unassigned0193

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events