Here are five things you must know for Friday, Sept. 21:
1. -- Stock Futures Turn Mixed
U.S. stock futures on Friday, Sept. 21, turned mixed a day after setting all-time highs.
Contracts tied to the Dow Jones Industrial Average ^DJI rose 7 points, futures for the S&P 500 ^GSPC fell 1 point, and Nasdaq ^IXIC futures slipped 1.75 points.
The record closing highs on Thursday, Sept. 20, for the Dow, the index's first since January, and the S&P 500 came amid improved global risk sentiment and a lull in the U.S.-China trade war. The highs were achieved ahead of next week's Federal Reserve meeting where central bankers are expected to hike interest rates for the third time in 2018.
The economic calendar in the U.S. on Friday includes the PMI Composite FLASH for September at 9:45 a.m. ET.
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2. -- Micron Issues a Disappointing Forecast
Micron Technology Inc. (MU) slumped 3.4% in premarket trading on Friday after the memory chipmaker issued a lower-than-expected forecast for the fiscal first quarter.
On its earnings call Thursday, Micron guided for first-quarter revenue of $7.9 billion to $8.3 billion and earnings of $2.88 to $3.02 a share, below consensus estimates that called for revenue of $8.45 billion billion and profit of $3.08.
Micron indicated that personal computer CPU shortages at Intel Corp. (INTC) would impact its DRAM sales in the November-ending quarter, and that a few customers were carrying out a "limited inventory adjustment." The company also noted that Trump administration plans to impose a 10% tariff on $200 billion worth of Chinese imports (which go into effect on Sept. 24) would dent gross margins slightly.
3. -- Apple's iPhone XS and XS Max Hit Stores
Apple Inc.'s (AAPL) iPhone XS, iPhone XS Max and Apple Watch Series 4, introduced on Sept. 12, went on sale at 8 a.m. local time on Friday across the globe.
Customers in Australia were the first to buy the devices from bricks-and-mortar locations.
CNBC noted that the traditionally long lines outside stores were missing in some flagship locations.
Counterpoint Research estimated that Apple will ship around 190 million units of three new iPhones between September 2018 and September 2019. The analysts expect the XR model to account for around 50% of the sales, the XS about a third and the XS Max the rest, CNBC reported.
4. -- Adobe Buys Marketo for $4.75 Billion
Adobe Systems Inc. (ADBE) reached an agreement to buy cloud-based marketing software company Marketo from private-equity firm Vista Equity Partners Management LLC for $4.75 billion.
"The acquisition of Marketo widens Adobe's lead in customer experience across B2C and B2B and puts Adobe Experience Cloud at the heart of all marketing," said Adobe's Brad Rencher, an executive vice president who heads the company's Experience Cloud operations.
Reuters reported last week that Adobe was in negotiations to buy Marketo, which was taken private by Vista Equity two years ago for $1.8 billion.
The deal is expected to close by the end of the current fiscal quarter.
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5. -- Tesla Parts Ways With Another Key Executive
Tesla Inc. (TSLA) has lost another key executive, according to a report from Bloomberg.
Liam O'Connor, vice president of global supply management, has resigned from the electric vehicle maker, people familiar with the matter told Bloomberg.
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