- Reuters / Juan Medina
Here is what you need to know.
Morgan Stanley beats on 4th-quarter earnings despite big hit to trading revenue. The firm reported adjusted earnings of $0.84 a share, exceeding the consensus analyst estimate of $0.77 a share.
Apple appears to be bringing nearly $245 billion home from overseas. The company on Wednesday said it would make about $38 billion in tax payments to bring funds kept overseas back to the US under new federal tax laws.
Bitcoin is making a comeback. The cryptocurrency, which slipped below the key technical level of $10,000 a coin overnight, has now rebounded almost 20% from that low. The buying has also extended to all major altcoins.
One chart explains what’s driving the stock market’s record-breaking explosion. It shows the degree to which the S&P 500 has tracked corporate earnings revisions, with a recent spike in the latter helping the index to new all-time highs.
Apple is taking a page out of Amazon’s playbook by teasing its new campus. The company announced on Wednesday, among other initiatives, that it planned to build a new campus in the US as part of an effort to hire 20,000 new Apple employees over the next five years.
Buses carrying Apple and Google workers had their windows broken in a series of targeted highway attacks. The incidents happened in both the morning and the evening on both directions of Highway 280, between the California cities of Woodside and Cupertino, where Apple is headquartered.
What 12 major analysts from banks like Goldman, JPMorgan, and Morgan Stanley think of bitcoin. Their takes vary, with some considering it worthless and others seeing practical uses for it.
Stock markets around the world are stronger. China’s Shanghai Composite (+0.87%) surged, while Germany’s DAX (+0.43%) climbed. The S&P 500 is set to open unchanged near 2,804.50.
Earnings reports continue to be released. Morgan Stanley has already reported, while Bank of New York Mellon and BB&T are also set to report before the market open. American Express and IBM are due to announce quarterly earnings after the market close.
US economic data reports are due. Housing starts and building permits will be released at 8:30 a.m. ET, along with initial jobless claims. The US 10-year yield is up 3 basis points at 2.58%.