Here are five things you must know for Monday, Aug. 6:
1. -- Stocks Turn Higher as Trade War Escalates
U.S. stock futures turned higher on Monday, Aug. 6, as the trade war between Washington and Beijing escalated.
Chinese state media outlets made the trade battle personal, lashing out at Donald Trump on Monday. The Communist Party's People's Daily newspaper said Trump was starring in his own "street fighter-style deceitful drama of extortion and intimidation." China's finance ministry on Friday targeted $60 billion worth of U.S. goods with import duties.
China's Shanghai Composite ended Monday's session 1.26% lower, and the index has fallen 18.2% for the year.
Newell Brands Inc. (NWL) - Get Newell Brands Inc. (NWL) Report posted second-quarter adjusted earnings of 82 cents a share, 4 cents higher than analysts' estimates. Sales of $2.2 billion were down from $2.5 billion a year earlier.
Tyson Foods Inc. (TSN) - Get Tyson Foods, Inc. Class A Report posted adjusted earnings in its fiscal third quarter of $1.50 a share, beating analysts' estimates of $1.38. Sales were $10.05 billion, which came in below forecasts of $10.22 billion.
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2. -- Goldman Sachs to Name New Trading Co-Head
Esposito will run the securities division, one of the largest on Wall Street, alongside current executive Ashok Varadhan, the Journal reported, citing people familiar with the matter.
Varadhan has been a co-head of the unit since 2014, but his status has been unclear since his two co-heads resigned in June and weren't replaced, unusual for a firm where multiple executives typically share power, the Journal noted.
The division has struggled, bringing in revenue of $12 billion last year, down from a peak of $33 billion in 2009.
3. -- Profit Surges at Warren Buffett's Berkshire Hathaway
Berkshire Hathaway Inc. (BRK.A) - Get BRK.A Report (BRK.B) - Get Berkshire Hathaway Inc. Class B Report posted second-quarter profit of $12 billion, or $4.87 a Class B share, topping year-earlier earnings of $4.3 billion, or $1.73 a Class B share.
Berkshire, run by billionaire Warren Buffett, reported operating earnings of $6.9 billion, or about $2.79 a Class B share, beating forecasts that called for operating earnings of $2.27.
Revenue in the second quarter rose to $62.2 billion from $57.3 billion a year earlier.
Berkshire's insurance unit, which includes Geico and several large reinsurance firms, reported a $943 million underwriting profit, compared with a year-earlier loss of $22 million.
4. -- No, Starbucks Isn't Accepting Bitcoin
Customers at Starbucks Corp. (SBUX) - Get Starbucks Corporation Report won't be able to pay for their Frappuccinos with bitcoin despite stories over the weekend about the coffee chain's involvement in a blockchain project.
On Friday, Aug. 3, Starbucks announced a partnership with Intercontinental Exchange Inc., one the world's largest cryptocurrency exchange operators, and Microsoft Corp. (MSFT) - Get Microsoft Corporation (MSFT) Report . The exchange recently created a venture called Bakkt that aims to integrate cryptocurrencies into global commerce.
Starbucks doesn't want bitcoins, however, but it's willing to help people spend them, according to Motherboard. The venture is an exchange that will allow people to convert their cryptocurrency into U.S. dollars, which they can then spend at Starbucks locations.
"It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks," a Starbucks spokesperson told Motherboard. "At the current time, we are announcing the launch of trading and conversion of bitcoin. However, we will continue to talk with customers and regulators as the space evolves."
5. -- Linde Says FTC Demands Threaten Deal With Praxair
Linde AG signaled that divestment demands from the U.S. Federal Trade Commission threatened the completion of its $80 billion merger with industrial gases rival Praxair Inc. (PX) .
The warning came despite previous assertions that the deal was on track and despite the expectation of approval from European Union regulators, following a pledge by Praxair to sell most of its European businesses to Japan's Taiyo Nippon Sanso Corp.
The FTC raised "requirements more onerous than previously expected," Linde said.
The German company posted a reminder of its agreement with Praxair that if regulators demand the disposal of businesses with more than $3.7 billion of sales or $1.1 billion of Ebitda, either party will be free to withdraw without penalty.