Three central banks cut interest rates: Morning Brief

Wednesday, August 7, 2019

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WHAT TO WATCH

Ride-sharing giant Lyft (LYFT) and streaming company Roku (ROKU) will release quarterly results after the market close.

In its second earnings report as a public company, Lyft is expected to report an adjusted loss of $1 per share on $809.43 million of revenue, according to data compiled by Bloomberg.

Daily active riders, average revenue per rider and contribution profit will be in focus. Lyft is expected to report 21.86 million daily active riders during the second quarter, which represents 35% increase year-over-year. Wall Street analysts anticipate average revenue per rider jumped 19% from last year to $38.81.

Roku also faces its moment of truth after the bell. The stock has been on fire this year, surging more than 220%. Wall Street is expecting Roku to report an adjusted loss of 21 cents per share on $224.46 million during the second quarter. The options market is currently implying about a 19% move in either direction following the report.

Other notable reports scheduled for Wednesday include CVS (CVS), New York Times (NYT), Teva Pharmaceuticals (TEVA), Wendy’s (WEN) before market open; Booking Holdings (BKNG), e.l.f. Beauty (ELF), Fox (FOXA), IAC/InterActive Corp (IAC), Jack in the Box (JACK), Marathon Oil (MRO), Skyworks (SWKS), Sonos (SONO), TripAdvisor (TRIP), Zillow (ZG) after market close

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TOP NEWS

A security staff stands near an entrance of the Reserve Bank of India (RBI) headquarters in Mumbai on August 7, 2019. - India's central bank on August 7 cut interest rates for the fourth time this year, as New Delhi battles sluggish economic growth and high unemployment. (Photo by Indranil MUKHERJEE / AFP) (Photo credit should read INDRANIL MUKHERJEE/AFP/Getty Images)

Central banks in Asia surprise with rate cuts: Three central banks across Asia Pacific delivered surprise interest-rate decisions on Wednesday as policy makers take aggressive action to counter a worsening global economy. New Zealand and India led with bigger-than-expected interest rate cuts, while Thailand’s 25-point reduction was a surprise to all but two in a Bloomberg survey of economists. [Bloomberg]

Trump's tariffs have cost U.S. businesses $6 billion in June: As President Donald Trump doubles down on tariff threats against China, the price tag of the year-long trade war is climbing for U.S. businesses. U.S. importers have paid $6 billion in tariffs in June, a 74% jump compared to a year ago, despite a slight decline in the value of imports. This is according to research released on Wednesday by the business coalition “Tariffs Hurt the Heartland” in conjunction with The Trade Partnership, a Washington-based trade and economic consulting firm. [Yahoo Finance]

Disney misses earnings, sales expectations in Q3 results: Shares of Disney (DIS) fell 4.9% to $135.00 each as of 4:08 p.m. following the disappointing results. “Our third-quarter results reflect our efforts to effectively integrate the 21st Century Fox assets to enhance and advance our strategic transformation,” Bob Iger, Disney chairman and CEO, said in a statement. [Yahoo Finance]

Papa John's misses Q2 earnings expectations: Papa John’s (PZZA) posted better-than-expected sales but missed earnings estimates for its second quarter. The pizza chain reaffirmed its full-year adjusted earnings per share outlook and expects to earn between $1.00 to $1.20 per share. Estimates among analysts were for adjusted earnings of $1.14 per share for the full year. [Yahoo Finance]

Also: Papa John’s bets on $4 pizzas and a Shaq menu item: CEO [Yahoo Finance]

Walmart CEO responds to shootings: Walmart (WMT) CEO Doug McMillon said the retailer will be “thoughtful and deliberate” in its responses following the mass shootings and the renewed debate around gun violence. Here’s what McMillon wrote in a lengthy post on his Instagram page on Tuesday. [Yahoo Finance]

Also: Gun violence costs the United States $200 billion each year [Yahoo Finance]

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