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Morning Brief: Erdogan calls for Turkey to boycott US electronics

Tuesday, August 14, 2018

What to watch today

The major U.S. indexes on Monday lost ground with the Dow and S&P 500 declining for the fourth straight day as a currency crisis in Turkey and stresses in Argentina weighed on markets to start the week. Will Tuesday mark the fifth straight day of losses?

Tuesday also comes with some notable earnings announcements with results from Home Depot (HD) and Coach and Kate Spade parent company Tapestry (TPR) set to report earnings in the morning. Investors will be closely watching results from Home Depot for comments on the health of the U.S. housing markets and a view of general consumer confidence in the economy. Wall Street expects Home Depot to report adjusted earnings per share of $2.84 on revenue of $30 billion, according to estimates from Bloomberg. Comparable-store sales are expected to rise 6.5% during the quarter.

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Top news

(Pool Photo via AP)

Erdogan says Turkey will boycott US electronicsTurkey’s President Recep Tayyip Erdogan said Turkey would boycott U.S.-made electronics such as Apple Inc.’s iPhone in response to U.S. sanctions, striking a defiant tone in a standoff that has pushed his country toward a financial crisis. [Bloomberg]

Musk talking to Saudi fund, others as he seeks Tesla buyout financingElon Musk on Monday explained what he meant by tweeting “funding secured” to take Tesla Inc. (TSLA) private: he is confident a deal can be done but has not yet finalized a plan. [Reuters]

Musk says Silver Lake, Goldman advising on taking Tesla private:  Tesla Inc. (TSLA) Chief Executive Elon Musk tweeted on Monday that he was working with buyout firm Silver Lake and investment bank Goldman Sachs Group Inc. (GS) as financial advisers on his plan to take the U.S. electric car maker private. [Reuters]

Icahn reverses position on Cigna-Express Scripts deal: Activist investor Carl Icahn said on Monday that he no longer intended to solicit proxies to vote against the $52 billion Cigna-Express Scripts (CI, ESRX) deal, a turn around from his position last week when he urged the health insurer’s shareholders to vote against it. [Reuters]

Bitcoin sinks below $6,000 as almost everything crypto tumbles: Bitcoin (BTC-USD) dropped below $6,000 and dozens of smaller digital tokens tumbled as this month’s selloff in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2% to $5,887 as of 10:44 a.m. in Hong Kong, the lowest level since June, according to Bloomberg composite pricing. [Bloomberg]

For more of the latest news, go to Yahoo Finance

A car that crashed outside the Houses of Parliament is surrounded by members of the emergency services in Westminster, London, Britain, August 14, 2018. REUTERS/Hannah McKay

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