Friday, April 13, 2018
What to watch today
On Friday morning, JPMorgan Chase (JPM), Citi (C), Wells Fargo (WFC), and PNC Financial (PNC) will all report earnings, marking the unofficial beginning of first quarter earnings season. Results from JPMorgan and Wells Fargo, two of the three largest banks in the country by assets, will be the most closely watched, and investors will pay careful attention to any commentary from JPMorgan CEO Jamie Dimon on the company’s earnings call.
Trump orders review of U.S. Postal Service following criticism of Amazon: President Donald Trump on Thursday ordered the creation of a task force to study the U.S. Postal Service and its financial difficulties, after recently claiming without evidence that deliveries for Amazon.com Inc. (AMZN) were costing the service money. The task force will look into the post office’s business model, similar to a commission set up by U.S. President George Bush in 2002. [Reuters]
Trump u-turn on TPP may help him win allies in China trade fight: President Donald Trump’s move on Thursday to put the Trans-Pacific Partnership back on the agenda shows that he may have a new appreciation of the trade pact’s strategic value as he threatens tariffs on China. Trump had withdrawn from the agreement during his first week in office, citing threats to American workers. Eleven other nations in the Asia Pacific, including key U.S. allies, completed the deal last month. [Bloomberg]
White House plans to escalate trade pressure on China: The Trump White House, confident that its hard-line strategy is succeeding, is planning to ratchet up the pressure on China by focusing on new tariffs and threatening to block Chinese technology investment in the U.S., according to officials familiar with the strategy. [The Wall Street Journal]
Rite Aid shareholders sour on Albertsons deal: Some Rite Aid Corp. (RAD) shareholders plan to oppose a merger with grocer Albertsons Cos. that they believe undervalues the struggling pharmacy chain. Rite Aid’s shares have fallen about 20% since the companies said they would merge on Feb. 20, a sign of deepening investor disapproval. Albertsons is closely held. Rite Aid said Thursday that same-store sales fell 1.7% in its fourth quarter, the sixth straight period of declines for the key metric. [The Wall Street Journal]
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