Here are five things you must know for Friday, Sept. 14:
1. -- Stocks Get Lift From Potential Trade Talks
U.S. stock futures rose on Friday, Sept. 14, and global shares were mostly higher as news of potential trade talks between the U.S. and China, as well as a lull in emerging market volatility, lifted equities.
China said Thursday it received an invitation from Treasury Secretary Steven Mnuchin to re-start talks, and noted that the two sides were working out details as to how and when the new meetings would take place. Gains for stocks in Shanghai, however, were capped by some mixed economic data, and a suggestion from Donald Trump that any advance on trade talks made by Secretary Steven Mnuchin could be disrupted by the White House.
In a tweet Thursday, Sept. 13, Trump said the U.S. was under "no pressure" to make a deal with China, noting that markets in the world's second-largest economy were "collapsing."
Contracts tied to the Dow Jones Industrial Average
The economic calendar in the U.S. on Friday includes Retail Sales for August at 8:30 a.m. ET, Import and Export Prices for August at 8:30 a.m., and Industrial Production for August at 9:15 a.m.
Earnings reports are expected Friday from Dave & Buster's Entertainment Inc. (PLAY) .
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2. -- Hurricane Florence Pounds Carolina Coast
The center of the eye of Hurricane Florence was about to make landfall near Wrightsville Beach, North Carolina, the National Hurricane Center said in a 7 a.m. update.
An advisory from the National Hurricane Center said "life-threatening storm surge and hurricane-force winds" were occurring along the North Carolina coast, and "catastrophic freshwater flooding" was expected over portions of North Carolina and South Carolina.
The storm was moving west-northwest at 6 mph, the NHC said, with wind speeds of about 90 mph. Florence was downgraded Thursday night to a Category 1 from a Category 2; it was once a Category 4 storm.
Parts of North Carolina could get as much as 40 inches of rain and storm surges could be as high as 13 feet, according to reports. Almost 200,000 customers already were without power in North Carolina late Thursday.
3. -- Jeff Bezos Pushes Back on Calls to Break Up Amazon
Amazon.com Inc. (AMZN) founder Jeff Bezos pushed back on concerns that the giant e-commerce company should be broken up.
"It is really important that politicians and others understand the value that big companies bring in and not demonize them," Bezos told David Rubenstein, president of the Economic Club of Washington and co-founder of private-equity firm Carlyle, at an event in Washington on Thursday. "They shouldn't vilify big companies. The reason is simple -- there are certain things only big customers can do. I know what Amazon could do when we were 10 people; know what we could do when we were 1,000 and 10,000, now we are half a million."
Bezos also said Amazon would choose the location of its second headquarters before the end of the year, wrote TheStreet's Ronald Orol. "The team is working their butts off on it," Bezos said to boos in the room as people have speculated that Amazon's second HQ could be in Washington D.C.
4. -- Adobe's Revenue Forecast Disappoints
Adobe Systems Inc. (ADBE) slipped slightly in premarket trading on Friday despite the maker of design and publishing software posting fiscal third-quarter earnings that topped analysts' forecasts.
Adjusted profit in the quarter was $1.73 a share, beating estimates by 4 cents. Revenue rose to $2.29 billion from $1.84 billion a year earlier and topped estimates of $2.25 billion.
The company said it expects fiscal fourth-quarter revenue of $2.42 billion, in line with analysts' estimates, and adjusted earnings of $1.87 a share, 1 cent ahead of expectations.
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5. -- Sears Posts Huge Quarterly Loss of $508 Million
Sears Holdings Corp. (SHLD) jumped 5% in premarket trading on Friday after the struggling owner of the Sears and Kmart brands posted posted same-store sales gains in July and August.
Second-quarter losses at the retailer, however, were huge -- $508 million -- and sales fell to $3.2 billion from $4.3 billion a year earlier because of store closures.
The stock had declined 9% during Thursday's session after Sears failed to release the results before the market opened as expected.
One can't blame Sears for not wanting to share its second-quarter results, according to TheStreet's Brian Sozzi.
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