Friday, August 30, 2019
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WHAT TO WATCH
Campbell Soup (CPB) takes center stage when it reports quarterly results ahead of the opening bell.
The soup giant is expected to report fourth-quarter adjusted earnings of 42 cents per share on $1.98 billion in revenue, according to data compiled by Bloomberg.
In the previous quarter, despite the soft soup sales, investors were encouraged by Campbell Soup’s better-than-expected overall results and outlook for the full year. Nevertheless, soup sales have continued to weigh on the company as consumers shift away from processed canned foods to healthier alternatives. The options market is implying a 5.7% move in either direction following Campbell’s results.
Meanwhile, market watchers can expect the following economic data on Friday:
Personal income, July (0.3% expected, 0.4% prior)
Personal spending, July (0.5% expected, 0.3% prior)
PCE deflator MoM, July (0.2% expected, 0.1% prior)
PCE deflator YoY, July (1.6% expected, 1.6% prior)
MNI Chicago PMI, August (48.0 expected, 44.4 prior)
University of Michigan Sentiment Survey, August final (92.5 expected, 92.1 prior)
China's yuan on course for worst month since 1994: China's yuan drifted lower on Friday, set for its worst month since the country's currency reform in 1994, due to trade tensions with the United States and a slowdown in the domestic economy. At the end of domestic trading, onshore spot yuan finished at 7.1452 per dollar as of 0830 GMT, 22 pips weaker than the previous late session close of 7.1430. [Reuters]
Tesla hikes prices for Model 3, other cars in China: U.S. electric vehicle maker Tesla Inc. (TSLA ) had raised prices for some vehicles in China as the yuan trades at its weakest levels in more than a decade. The starting price for the Model X sport utility vehicle (SUV) is now 809,900 yuan ($114,186), versus 790,900 yuan previously, according to Tesla's China website on Friday. [Reuters]
Crypto exchange says it’ll handle regulators better than Libra: One of the world’s largest cryptocurrency exchanges Binance said it has learned a valuable lesson from the push back on Facebook Inc.’s (FB) Libra and will take a different approach as it works on a rival project. Malta-based crypto platform Binance is ready to engage with all regulators from day one as it prepares to roll out its Venus digital currencies. [Bloomberg]
Taco Bell scales back menu: Big changes are coming to Taco Bell menus starting September 12, according to the company. In order to simplify current menu options and make room for future menu items, Taco Bell plans to cut nine items. [Yahoo Finance]
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Editor’s Note: In observance of Labor Day, there will be no Morning Brief on Monday, September 2. When Morning Brief returns on Tuesday, September 3, it will look a little different. We hope you enjoy the change.
Correction: The headline of the Thursday, August 29, 2019 Morning Brief was updated for accuracy.