DOJ escalates Big Tech scrutiny with new antitrust probe: Morning Brief

Wednesday, July 24, 2019

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WHAT TO WATCH

Boeing (BA) announces quarterly results before the market open and all of the attention will be on the troubled 737 MAX jets and Boeing’s full-year outlook. Analysts polled by Bloomberg expect Boeing to report adjusted earnings of $1.96 per share on $20.45 billion in revenue for the second quarter.

After the bell, investors will shift their focus to Facebook (FB) and Tesla (TSLA).

Facebook’s second-quarter results will be pivotal for the company. Daily and monthly active user figures will be closely watched. In the first quarter, Facebook reported 1.56 billion daily active users (DAU), and 2.38 billion monthly active users (MAU). Both DAUs and MAUs increased 8% year-over-year. For the second quarter, analysts expect 1.59 billion DAUs and 2.41 billion MAUs for Facebook.

Updates on Facebook’s cryptocurrency project Calibra are also expected on the company’s earnings conference call. Facebook is expected to report adjusted earnings of $2.24 per share on $16.5 billion of revenue, according to data compiled by Bloomberg.

Finally, Tesla takes the hot seat. Analysts surveyed by Bloomberg expect Tesla to report an adjusted earnings loss of 31 cents per share on $6.44 billion in revenue.

Other notable earnings reports scheduled for Wednesday include Anthem (ANTM), AT&T (T), Caterpillar (CAT), Freeport-McMoran (FCX), Norfolk Southern (NSC), Northrop Grumman (NOC), UPS (UPS), V.F. Corp (VFC) before market open. Deutsche Bank (DB), Ford (F), GlaxoSmithKline (GSK), Las Vegas Sands (LVS), O’Reilly (OLRY), PayPal (PYPL), Spirit Airlines (SAVE), Xilinx (XLNX) will report after the market close.

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TOP NEWS

This photo combo of images shows the Amazon, Google and Facebook logos. (AP Photo, file)

DOJ escalates Big Tech scrutiny with new antitrust probe: The U.S. Justice Department sent the strongest signal yet that it’s prepared to take on technology giants like Facebook and Google, announcing a broad antitrust review into whether the companies are using their power to thwart competition. [Bloomberg]

WeWork is looking to go public in September: WeWork Cos. is looking to go public in September, said people familiar with the plans who asked not to be identified because they were private. WeWork’s initial public offering is expected to be the largest of the year after Uber Technologies Inc.’s $8.1 billion IPO in May. [Bloomberg]

Snap's 2Q user growth tops expectations: Snap (SNAP) beat revenue estimates and added more users than expected in its fiscal second quarter, reflecting the company’s efforts to attract and retain users on the Snapchat platform through new content developments and an Android app upgrade launched this spring. [Yahoo Finance]

Chipotle sales beat expectations, stock jumps: Chipotle’s (CMG) second-quarter sales smashed expectations, and the stock soared more than 3% in after-hours trade and hit all-time highs. [Yahoo Finance]

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