Tesla to $1 trillion, JPMorgan CEO Jamie Dimon cashes in, plus stocks to watch today in the Money and Markets Wall Street Wake-Up.
The Morning Open
U.S. markets were up slightly Friday morning.
As of 10 a.m. Eastern time, the Dow Jones Industrial Average was up 77 points, or 0.2% to 29,237. The S&P 500 dipped at the open, but moved back up to be flat while the Nasdaq Composite was up 0.3%.
The Opening Bell
According to Bloomberg, China has restricted travel for nearly 40 million of its citizens in the midst of the Lunar New Year.
The move comes after the death toll due to the coronavirus jumped from 18 to 25 and cases were reported in 32 of the country’s 34 provinces.
While the World Health Organization said it was too early to consider the outbreak a global emergency, Chinese officials still ordered travel agencies to stop selling tour packages and more than 10 cities have significantly halted travel.
Stocks to Watch Today
Intel Corp. (Nasdaq: INTC) — Shares of the technology company were up nearly 5% in premarket trading Friday. The company reported better-than-expected quarterly earnings and revenue as well as a 5% increase in its dividend.
Telefonaktiebolaget LM Ericsson (Nasdaq: ERIC) — The Swedish-based telecom reported lower profit and higher costs due to 5G implementation. As a result, shares of Ericsson were down 7% in premarket trading.
Broadcom Inc. (Nasdaq: AVGO) — After reporting a deal to supply Apple Inc. (Nasdaq: APPL) with wireless components for the next three years, shares of Broadcom jumped 3.7% in Friday premarket trading.
In the News
Is it possible for Tesla Inc. (Nasdaq: TSLA) to hit the $1 trillion market cap? One national think tank says it is.
Eddie Yoon, founder of EddieWouldGrow told CNBC that he could see the automaker reaching the mark “within the next decade.”
Already in the opening weeks of 2020, shares of Tesla have shot up 37%, bringing the company to a $103 billion valuation.
Shares of Tesla were already up 1% in Friday premarket trading.
Dimon Earns Cool $31.5 Million in 2019
In 2019, JPMorgan Chase & Co.’s (NYSE: JPM) Dimon earned $31.5 million in salary, bonuses and stock grants, according to The Wall Street Journal.
The compensation includes salary and bonuses of $6.5 million plus $25 million in stock grants earned based on bank performance.
The bank set new records for profits and share price during the year.
Goldman Sachs Now Requires Diversity for IPO Investment
Investment bank Goldman Sachs Group Inc. (NYSE: GS) said it will no longer take a company public in the U.S. or Europe if it doesn’t have diversity in its leadership.
Next year, the bank said it will require two diverse directors on the board of a company before it agrees to take them public.
Other Morning Reads
Dot-Com Billionaire Mark Cuban on How to Know When the Market Rally Is Over (Money and Markets)
Disney Closes Its Shanghai Park Due to Coronavirus Fears (CNN Business)
Your Credit Score Could Drop Thanks to FICO Changes (Money and Markets)
Earnings Report
Here are the companies releasing earnings reports today:
American Express Co. (NYSE: AXP)
NextEra Energy Inc. (NYSE: NEE)
Synchrony Financial (NYSE: SYF)
Synovus Financial Corp. (NYSE: SNV)
Telefonaktiebolaget LM Ericsson (Nasdaq: ERIC)
Chart of the Day
According to Statista’s Digital Market Outlook, nearly 270 million Americans will purchase something online.
In the third quarter of 2019, e-commerce sales were only 10.5% of all retail sales, but that was the third-highest share ever and the highest of any non-holiday quarter.
Check back each morning before the opening bell for stocks to watch today with the Wall Street Wake-Up, here on Money and Markets.
