Yahoo Finance China's Weak Economic Data and News from EBay, IBM, Halliburton, & More
On today’s episode of Free Lunch, Ryan McQueeney recaps China’s latest economic data as well as earnings results from Johnson & Johnson and Halliburton. He also highlights activist interest in EBay. Later, Ryan chats with Dave Bartosiak about today’s news and the upcoming report of IBM.
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Free Lunch is presented by Zacks Investment Research. It is streamed live, four times per week, and features breaking news and analysis from Zacks strategists. Free Lunch is available on YouTube, Twitter, and other major streaming platforms.
Stocks pulled back in morning trading Tuesday, as Wall Street reacted to the latest economic data from China. The Asian powerhouse’s economy expanded 6.6% in 2018, marking its slowest growth grate in nearly 30 years. This inspired President Xi to call a private meeting of party heads to discuss a new path forward. It also brings a fresh slate of uncertainty to ongoing trade discussion with the United States.
One stock moving higher, on the other hand, was EBay EBAY. The e-commerce company is witnessing strong interest from activity investors, with Elliot Management and Starboard Value reportedly taking positions and encouraging EBay to spin off its EBay and Classifieds segments. According to an open letter released this morning, Elliot envisions EBay shares at $55 to $63 if it can focus on its core business alone.
Wall Street also had its eyes on today’s marque earnings reports. Coming in before the bell were results from Johnson & Johnson JNJ and Halliburton HAL. Johnson & Johnson beat expectations for the fourth quarter but guided on the soft side for 2019, raising concerns about its business in the wake of the talc powder scandal. Meanwhile, oilfield services giant Halliburton revealed plans to slash spending in 2019 amid an uncertain future for oil prices.
The earnings attention will now shift to IBM IBM, which is scheduled to report after the closing bell today. To get ready for IBM’s report, and to hear more about the reports and news listed above, check out the first half of today’s Free Lunch!
On the second half of today’s program, Ryan is joined by Zacks Strategist Dave Bartosiak to get his perspective on the headlines. Dave is always looking for stocks that could surge during earnings season, but what are the chances IBM makes a noticeable move? Moreover, should investors be worried about slowing economic growth rates in China?
Make sure to tune into today’s Free Lunch to hear Dave’s answers!
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