Morning Brief: Ford halts production of popular pickup truck

Thursday, May 10, 2018

What to watch today

At 8:30 a.m. ET, the consumer price index for April will be released, which is expected to show prices rose 2.5% over last year and 2.2% on a “core” basis, which strips out the more volatile costs of food and energy. Also on the economic calendar will be the weekly report on initial jobless claims.

And on the earnings calendar, the biggest corporate report of the day should come after the bell when Nvidia (NVDA) reports results for its first quarter, while other headliners will include tech sector earnings out of newly-public Dropbox (DBX) and Symantec (SYMC).

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Top news

REUTERS/Rebecca Cook/File Photo
REUTERS/Rebecca Cook/File Photo

Ford will halt all production of its popular F-Series pickupWith key components about to run out, Ford (F) is pulling the plug on production of its most profitable and popular model, the F-150. The move means approximately 4,000 workers at Ford’s Dearborn Truck Plant will be temporarily laid off, joining roughly 3,600 workers at Ford’s truck plant in Kansas City who were told to stay home earlier this week. [CNBC]

Fox results disappoint while focus shifts to Disney-Comcast tussle: Twenty-First Century Fox Inc. (FOXA), Rupert Murdoch’s film and TV company, reported weaker earnings in its latest quarter, even as a looming deal to offload most of its entertainment assets took the focus off the results. Excluding some items, profit amounted to 51 cents a share last quarter, New York-based Fox said Wednesday. That missed the average of analysts’ estimates of 53 cents a share [Bloomberg]

Qualcomm unveils $10B stock repurchase program: Qualcomm Inc. (QCOM) unveiled a new plan to buy back $10 billion in stock, replacing an earlier repurchase program that was almost exhausted. The San Diego-based company, the world’s largest maker of mobile-phone chips, said the plan authorized by the board has no expiration date. The previous buyback was a $15 billion program that had $1.2 billion remaining. [Bloomberg]

Axa Equitable raises $2.75B in biggest 2018 US IPO: Axa Equitable Holdings Inc., encompassing the American operations for French insurance giant Axa SA, fell almost $1 billion short of its targeted share sale in what was still the biggest U.S. initial public offering of the year. Axa Equitable Holdings raised $2.75 billion, selling 137.25 million shares for $20 each. That was short of its targeted range of $24 to $27 apiece. [Bloomberg]

Goldman Sachs is slowing down tech hiring: Goldman Sachs (GS), the elite Wall Street bank which has been fiercely competing against Silicon Valley for tech talent, is tapping the brakes on tech division hiring. Elisha Wiesel, Goldman’s chief information officer, spoke about the shift while touting the unit’s growth over the past year at a town hall for company engineers last week. Yahoo Finance obtained a transcript of the talk. [Yahoo Finance]

For more of the latest news, go to Yahoo Finance

President Donald Trump, from left, greets Tony Kim, Kim Hak Song, seen in the shadow, and Kim Dong Chul, three Americans detained in North Korea for more than a year, as they arrive at Andrews Air Force Base in Md., Thursday, May 10, 2018. First lady Melania Trump also greet them at right. (AP Photo/Susan Walsh)
President Donald Trump, from left, greets Tony Kim, Kim Hak Song, seen in the shadow, and Kim Dong Chul, three Americans detained in North Korea for more than a year, as they arrive at Andrews Air Force Base in Md., Thursday, May 10, 2018. First lady Melania Trump also greet them at right. (AP Photo/Susan Walsh)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.

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