Tuesday, February 12, 2019
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WHAT TO WATCH
Lawmakers reached a tentative deal Monday night to avoid another partial government shutdown. According to the deal, $1.4 billion will go toward funding for 55 miles of new fencing along the U.S.-Mexico border.
Meanwhile, President Donald Trump reportedly still wants to meet with Chinese President Xi Jinping “very soon” to reach a deal with China on trade, according to one White House adviser.
In addition, earnings season continues with some big names gearing up to report today. Under Armour (UAA) and Molson Coors (TAP) will kick things off before the opening bell, while Activision Blizzard (ATVI), Groupon (GRPN), TripAdvisor (TRIP) and Twilio (TWLO) report after market close.
The first wave of tax refunds are down 8% on average: The dueling effects of both the shutdown and the new tax law have hit tax filing season hard this year, as new IRS data shows a drop in refunds processed and, most critically, a lower average refund. [Yahoo Finance]
Read also: Trump’s ‘tax scam’: Some taxpayers get unwelcome surprise after filing returns [Yahoo Finance]
Nissan books Ghosn-related charges, cuts outlook: Nissan Motor Co said it had booked around $84 million in charges related to under-reported compensation for ousted chairman Carlos Ghosn, and slashed its annual profit outlook on weaker global sales. [Reuters]
Peloton interviews banks for IPO: Peloton Interactive Inc. is interviewing banks this week for roles on an initial public offering, taking a critical step toward an IPO this year, according to people familiar with the matter. The maker of video-streaming stationary exercise bikes is expected to select its slate of underwriters in the coming weeks and will likely seek to debut in the second half of 2019. [The Wall Street Journal]
Toys R Us plans second act by holiday season: Toys R Us fans in the U.S. should see the iconic brand re-emerge in some form by this holiday season. Richard Barry, a former Toys R Us executive and now CEO of the new company called Tru Kids Brands, said he and his team are still working on the details. [Associated Press]
Funding values DoorDash at over $6 billion: The food delivery startup DoorDash Inc. is negotiating an approximately $500 million funding round led by Singapore’s state investment firm Temasek Holdings Pte, a person familiar with the matter said. [Bloomberg]
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