U.S. eases some restrictions on China's Huawei: Morning Brief

Yahoo Finance
Associate Contributor

Tuesday, May 21, 2019

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A swathe of retail earnings reports Tuesday will provide further indications of the strength of the consumer and the companies that cater to them.

Tuesday’s docket of major retail companies reporting earnings include AutoZone (AZO), Home Depot (HD), J.C. Penney (JCP), Kohl’s (KSS) and TJX Companies (TJX) before market open, along with Nordstrom (JWN) after market close.

Heading into results, J.C. Penney, Nordstrom and Kohl’s on Monday were among companies in the Russell 3000 with the most short interest as a percentage of float, according to a Bloomberg report citing data from the New York Stock Exchange and Nasdaq. Short interest for each company was estimated at 41.8%, 19.7%, 18%, and 16.9%, respectively.

These retailers’ results come after the U.S. Commerce Department last week reported an unexpected decline in April retail sales. The drop was driven by a cut-back in consumer spending on autos, electronics and home improvement store goods. However, retail sales in March were upwardly revised to see a 1.7% gain, the strongest increase since September 2017.

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A man looks at his smartphone past a Huawei retail shop is seen through a handrail inside a commercial office building in Beijing, Tuesday, May 21, 2019. The Trump administration's sanctions against Huawei have begun to bite even though their dimensions remain unclear. U.S. companies that supply the Chinese tech powerhouse with computer chips saw their stock prices slump Monday, and Huawei faces decimated smartphone sales with the anticipated loss of Google's popular software and services. (AP Photo/Andy Wong)

U.S. eases some restrictions on China's Huawei to keep networks operating: The United States has temporarily eased trade restrictions on China's Huawei to minimize disruption for its customers, a move the founder of the world's largest telecoms equipment maker said meant little because it was already prepared for U.S. action. [Reuters]

More on Huawei

Combining T-Mobile and Sprint could hurt wireless competition: A merger between T-Mobile (TMUS) and Sprint (S) has moved one step closer to becoming a reality with FCC Chairman Ajit Pai throwing his official support behind the deal. But allowing the two companies to team up in an already highly concentrated market could end up hurting consumers who would see reduced competition in the space. [Yahoo Finance]

‘This is unfathomable’: American shoe brands unite against Trump: More than 170 footwear companies signed a letter sent to President Trump urging him to not go ahead with extra tariffs on $300 billion of Chinese goods. The letter was signed by footwear industry heavyweights such as Nike (NKE), Adidas (ADDYY) Crocs (CROX), and Under Armour (UA) among others. [Yahoo Finance]

Trump loses lawsuit challenging subpoena for financial records. A U.S. judge on Monday ruled in favor of a U.S. House of Representatives committee seeking President Donald Trump's financial records from his accounting firm, dealing an early setback to the Trump administration in its legal battle with Congress. U.S. District Judge Amit Mehta in Washington also denied a request by Trump to stay his decision pending an appeal. [Reuters]


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