Amazon, Facebook and Tesla headline busy week of earnings: Morning Brief

Monday, July 22, 2019

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WHAT TO WATCH

Monday will be the quiet before a storm of second quarter earnings that will flood the market, in the busiest week yet for the reporting period.

Ahead of a key reading on U.S. Q2 economic growth later this week, earnings season ramps up in earnest. Thus far, more than 20% of the S&P 500’s market cap has reported Q2 results — and the overwhelming majority have beaten estimates, according to Credit Suisse.

This week, about 25% of the S&P 500 will gear up to release results, which include tech heavyweights Alphabet (GOOG), Amazon (AMZN), Facebook (FB) and Tesla (TSLA). Dow components like AT&T (T), Caterpillar (CAT), and embattled Boeing (BA) — which last week said it would take a nearly $5 billion charge against Q2 earnings from its 737 MAX 8 fiasco — will also report.

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The Huawei logo is pictured on the company's stand during the 'Electronics Show - International Trade Fair for Consumer Electronics' at Ptak Warsaw Expo in Nadarzyn, Poland, May 10, 2019. Picture taken May 10, 2019. To match Special Report HUAWEI-POLAND/SPYING REUTERS/Kacper Pempel

TOP NEWS

Huawei CEO Ren Zhengfei: 'Shutting Huawei out is the start of the US falling behind': In an exclusive interview, Ren Zhengfei, founder and CEO of Huawei, spoke out about the Trump administration’s move to target the Chinese tech giant and emphasized that it does not need U.S. companies in order to survive. [Yahoo Finance]

Also: White House to meet with tech execs on Huawei ban [Reuters]

Oil rises on Middle East Gulf tensions; Libya field resumes output: Oil prices rose on Monday on concerns that Iran's seizure of a British tanker last week may lead to supply disruptions in the Middle East Gulf, although gains were capped as Libya resumed output at its largest oil field. [Reuters]

Huawei exec: ‘Google is still trying to supply to Huawei’: Google (GOOG, GOOGL) has applied for an export license with the U.S. Department of Commerce to source its Android Operating System to Huawei, Kevin Ho, the head of the Chinese company’s consumer business, told Yahoo Finance — raising hopes for the embattled telecommunications giant’s fastest growing segment. [Yahoo Finance]

CBS stations go dark for DirecTV customers amid contract dispute with AT&T: CBS (CBS) and AT&T (T) failed to renew their contact, resulting in millions of DirecTV subscribers losing access to CBS programming. [Reuters]

Fed's jumbled messaging catches Trump's attention ahead of key meeting: The Federal Reserve has had a rough two days of communicating its policy to the public, risking confusing market participants ahead of a critical July 31 meeting where the central bank could deliver the first interest rate cut in over 10 years. [Yahoo Finance]

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