Yahoo Finance Huawei expects sales drop to $100 billion: Morning Brief
Monday, June 17, 2019
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WHAT TO WATCH
It is gearing up to be a relatively quiet day, as investors await the Federal Open Market Committee's two-day meeting which kicks off Tuesday.
Economic data releases remain light, but market watchers can expect the Empire Manufacturing Index data for the month of June. Economists polled by Bloomberg are expecting a reading of 12.0, down from 17.8 in May.
There are no major corporate earnings announcements scheduled.
TOP NEWS
Huawei expects sales drop to $100B and smartphone sales to tank 40%: China's Huawei Technologies expects sales to drop to $100 billion in 2019 and 2020 — around $30 billion less than forecast over the next two years. In 2018, Huawei’s sales went up 19.5% from 2017 to 2018 with revenue of $104.16 billion. [Yahoo Finance UK]
Alibaba proposes 1-to-8 stock split ahead of up to $20B HK listing: China's Alibaba Group Holding (BABA) has proposed a one-to-eight stock split ahead of a listing in Hong Kong later this year that is expected to raise up to $20 billion. The split, to be presented to shareholders for a vote at an annual general meeting in Hong Kong on July 15, will increase flexibility in the firm's capital raising activities, including the issuance of new shares, the e-commerce giant said. [Reuters]
Tim Cook attacks tech industry in Stanford speech': While delivering Stanford University’s commencement speech on Sunday, Apple (AAPL) CEO Tim Cook criticized the tech industry’s privacy issues and suggested that it has failed to take responsibility for the “chaos” it has sowed. [Yahoo Finance]
Also: 'I will never stop being grateful': Apple CEO Tim Cook cites Stonewall riots [Yahoo Finance]
Bitcoin hits 13-month high: Bitcoin is trading at a 13-month high on Monday amid reports that Facebook will launch its own cryptocurrency with heavyweight backing this week. As of Monday morning UK time, Bitcoin is up by 2.1% against the dollar (BTC-USD) to $9,173, its highest level since May 2018. [Yahoo Finance UK]
Goldman to align units in alternative-investing fundraising push: Goldman Sachs Group Inc. (GS) is finally embracing its status as a private equity giant. The firm’s top executives in recent months have laid out plans to raise more client funds for private investing and rely less on its own balance sheet. As part of that effort, the bank is looking to consolidate the investing activities of multiple units across the firm to add more heft to its merchant banking division, according to people briefed on the matter. [Bloomberg]
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