Stocks rally again | GM surges on earnings | Bitcoin turns 10 years old

Stocks rally again | GM surges on earnings | Bitcoin turns 10 years old
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WED, OCT 31, 2018
MORNING SQUAWK
Wall Street looks to end a horrible October on Halloween today with a two-session winning streak.
AS OF WED, OCT 31, 2018 • 07:59 ET
Dow Jones Fut
24,874.64
Current: 25,034.00
Change: 175.00
Impl. Open: 192.36
S&P 500 Fut
2,682.63
Current: 2,706.25
Change: 21.00
Impl. Open: 23.82
NASDAQ 100 Fut
6,810.12
Current: 6,899.00
Change: 83.75
Impl. Open: 81.88
Russell 2000 Mini
1,506.64
Current: 1,521.90
Change: 9.90
Impl. Open: 15.96
BY THE NUMBERS
Wall Street looks to end a horrible October on Halloween today with a two-session winning streak. U.S. futures were pointing to a continuation this morning of the sharp rally on Tuesday, which pulled the S&P 500 out of correction territory. The Nasdaq, however, remains in a correction. (CNBC)
Shares of General Motors (GM) were surging about 10 percent in premarket trading after the automaker this morning released third-quarter earnings that beat expectations on strong truck sales. Revenue also exceeded estimates. (CNBC)
Shares of Facebook (FB) were all over the place in after-hours trading. They’re up about 4 percent in the premarket after the social network’s slight miss on revenue and user growth. Earnings per-share did beat estimates. (CNBC)

* Zuckerberg laid out how everything is changing for Facebook (CNBC)

This morning’s 8:15 a.m. ET release of the ADP report on private sector jobs for last month could be key in determining whether the stock market can stay positive today. The government’s September employment report comes on Friday. (CNBC)

* Cramer: Best thing for stocks would be more bad economic news (CNBC)

The U.S. is taking on too much debt right now, former Fed Chair Janet Yellen said late Tuesday. "If I had a magic wand, I would raise taxes and cut retirement spending." Yellen also gave her successor, Jerome Powell, a vote of confidence. (CNBC)

* Wild swings in the stock market may have scared home buyers (CNBC)
* Southern California suffers its worst housing slump in over a decade (CNBC)

IN THE NEWS TODAY
Indonesia’s military chief believes the fuselage of the crashed Lion Air plane has been found. The aircraft carrying 189 people, including crew, from Jakarta crashed into the sea off the island of Java on Monday, shortly after take-off. (Reuters)
One of the Alphabet (GOOGL) executives accused of sexual misconduct in a bombshell New York Times’ report resigned on Tuesday. Richard DeVaul, a director at Alphabet’s research lab X, left without an exit package, CNBC confirmed.
Axios first reported the news.
Robert Mueller, special counsel investigating Russia influence on the 2016 election, has referred to the FBI allegations that women were "offered money" to make "false claims" about him. A conservative commentator tweeted about revealing a "victim" tomorrow. (CNBC)
Kanye West said he’s "distancing" himself from politics. The controversial rapper, who has become one of Trump’s highest-profile celebrity supporters, tweeted: "My eyes are now wide open and now realize I’ve been used to spread messages I don’t believe in." (USA Today)
American automaker Ford (F) and Chinese internet giant Baidu (BIDU) announced a tie-up today that will see the two firms jointly test self-driving vehicles in China for two years. Autonomous vehicles developed by the two will not require intervention from a human driver. (CNBC)
CVS (CVS) is piloting a membership program called CarePass, which includes free delivery on most prescriptions and online purchases, among other perks. At $48 annually or $5 monthly, the program is less than half the price of an Amazon (AMZN) Prime membership. (CNBC)
Bitcoin celebrates its 10th birthday today. The world’s first cryptocurrency spawned a multitude of others, brought blockchain technology to global attention, and vexed regulators worried about its misuse. Bitcoin prices have fluctuated wildly. (Reuters)
STOCK TO WATCH
Yum China (YUMC) beat estimates on quarterly earnings, but missed on revenue as comparable store sales fell by 1 percent compared to a year earlier. Yum China announced dividend and buyback increases.
Baidu (BIDU) issued a lower-than-expected sales forecast for the remainder of the year, with the China-based search engine operator citing uncertainty over the economy, trade issues, and tougher regulations.
Electronic Arts (EA) reported better-than-expected quarterly earnings and revenue. However, shares of the videogame maker were being pressured by weaker guidance for so-called net bookings, a metric of both physical and digital sales.
EBay (EBAY) beat estimates on quarter earnings and matched forecasts on revenue. The online marketplace operator saw a 5 percent increase in gross merchandise volume and a 7 percent revenue rise at its StubHub ticket selling unit.
T-Mobile US (TMUS) beat estimates on quarterly earnings and revenue. The mobile service provider’s results were driven by the addition of 774,000 postpaid phone customers during the quarter.
FireEye (FEYE) earned an adjusted 6 cents per share for its latest quarter, tripling estimates. The cybersecurity company also reported better-than-expected revenue as it signed up more subscribers.
Amgen (AMGN) reported quarterly earnings and revenue that beat estimates. The biotech giant also raised its full-year guidance. But Amgen sees lower-than-expected sales of some drugs due to price concessions.
MGM Resorts (MGM) exceeded forecasts on quarterly earnings and revenue. The casino operator saw better-than-expected revenue in Las Vegas, but its China revenue did not meet forecasts.
Cheesecake Factory (CAKE) beat estimates by four cents, reporting adjusted quarterly profit of 62 cents per share. The restaurant chain’s revenue came in below Street forecasts, however, as comparable restaurant sales increased by a lower than expected 1.5 percent.
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WATERCOOLER
In what has become a championship tradition in the city, Boston Red Sox players will climb aboard duck boats for a parade to celebrate the team’s fourth World Series title in 15 years today. (USA Today)
CONTRIBUTORS
5bc499efed871.jpg Matthew J. Belvedere
@Matt_Belvedere
5bc49a1aa660c.jpeg Peter Schacknow
@peterschack
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