Wall Street Hopes FAANG Stocks Will Deliver
Investors at Wall Street are hoping that the first-quarter earnings of the recent market drivers would be strong to wash ways their worries caused the recent sell-off in the high-flying FAANG group of stocks.
The current valuations of Facebook Inc. (FB), Amazon.com Inc. (AMZN), Apple Inc. (AAPL), Netflix (NFLX), and Google parent Alphabet Inc. (GOOGL) are below their recent peaks. The market could be buoyed up if their earnings beat or at least meet estimates.
Netflix will be the first among the FAANG group to report. The video-streaming leader will report on Monday along with Bank of America (BAC) as the earnings continue. The Retail sales report will top bill the economic reporting.
Impact of China’s Tariffs on U.S. Jets not Substantial
According to aviation executives, the planned tariffs of China on U.S. business jets may not favor rivals instantly despite concerns it could put the American companies at a disadvantage in the fast-growing Chinese market.
On Monday, Carlos Brana, senior vice president of civil aircraft at Dassault Aviation, said the trade between Beijing and Washington is a potential threat to U.S. plane makers including Boeing Co. (BA) and Gulfstream. However, the price is just one of the many parameters before a sale can be concluded.
Qualcomm Refiles Anti-Trust Application with China
Qualcomm Inc.’s (QCOM) proposed takeover of NXP Semiconductors (NXP) is still up in the air pending China’s clearance to complete the approval by 9 global regulators. The Chinese commerce ministry told Qualcomm to withdraw its antitrust application last Saturday and refile the same on Monday.
The deadline is due on April 17 but since China has yet to decide on the matter, it was better for QCOM to withdraw and refile. The move prevented the collapse of the deal.
More Legal Cases Against J&J Looms
With a New Jersey jury’s verdict awarding $117 million to supplier claiming his asbestos-related cancer was caused by long-term use of Johnson & Johnson’s (JNJ) Baby Powder is bad news for the company.
Legal experts and plaintiffs’ lawyers said that the resolved case could open more legal cases by thousands claiming the widely-used product caused cancer. J&J has been beset with nearly 6,000 cases claiming its baby powder and Shower to Shower products cause ovarian cancer.
Domino’s Pizza Opens Online “Hotspots”
Food delivery wars have intensified now that Domino’s Pizza Inc. (DPZ) added online ordering for more than 150,000 new delivery “hotspots” at U.S. parks, beaches and other destinations that do not have traditional addresses.
Being the pioneer and dominant player in restaurant delivery, the move opens new sales opportunities for Domino’s. Traditional eateries and supermarkets are under pressure from third-party delivery “disruptors” that have venture capitalist support or subject to less stringent profit expectations.