Here are five things you must know for Thursday, Sept. 13:
1. -- Stocks Rise on Possible U.S.-China Trade Talks
U.S. stock futures rose on Thursday, Sept. 13, and Asia stocks posted solid gains as investors reacted to a small step forward in trade negotiations between the U.S. and China.
White House economic adviser Larry Kudlow told reporters that Treasury Secretary Steven Mnuchin invited top Chinese officials to re-start trade talks amid speculation that Donald Trump may delay imposing planned tariffs on $200 billion worth of China-made goods until after the mid-term elections in November because of pressure from U.S. business leaders.
Contracts tied to the Dow Jones Industrial Average
The economic calendar in the U.S. on Thursday includes the Consumer Price Index for August at 8:30 a.m. ET. Economists expect the CPI to rise 0.3% in August following a 0.1% increase in July. Year-over-year CPI for August is expected at 2.8%.
The calendar also includes weekly Jobless Claims at 8:30 a.m.
Kroger Co. (KR) earned an adjusted 41 cents a share in its fiscal second quarter, beating analysts' estimates by 3 cents. Total sales for the period and same-store sales, however, came in below forecasts. Shares fell 7% in premarket trading.
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2. -- Apple's iPhone XS Max Starts at $1,099
The iPhone XR, a 6.1-inch phone with an LCD display, will be available on Oct. 26, with pre-orders starting on Oct. 19. Apple's 5.8-inch and 6.5-inch phones with OLED displays -- iPhone XS and XS Max, respectively - will be available on Sept. 21, with pre-orders starting on Sept. 14.
Though some reports had indicated Apple's 5.8-inch iPhone X successor would feature an $899 starting price, Apple has given the standard iPhone XS the same $999 starting price that it gave to the now-discontinued iPhone X. The iPhone XS Max, meanwhile, features a $1,099 starting price. The prices are for phones with 64GB of flash storage.
As was the case for the iPhone X, 256GB models will cost an extra $150. Apple also will offer 512GB models that cost yet another $200 more.
- Apple Edges Higher as Launch Event Unveils New iPhones, Highlights AppleWatch
- Apple Launches New iPhones and Apple Watches: 7 Key Takeaways
3. -- Adobe in Talks to Buy Marketo - Report
Adobe Systems Inc. (ADBE) , which makes design and publishing software, has been in negotiations to buy Marketo Inc., a privately held cloud-based marketing software company, Reuters reported, citing people familiar with the matter.
Private-equity firm Vista Equity Partners Management LLC took Marketo private two years ago for $1.8 billion. Adobe is expected to pay significantly more than that should a deal be reached, the sources told Reuters. Last year, Marketo's revenue was about $321 million.
Adobe is expected to report quarterly earnings after the closing bell on Thursday.
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4. -- Tesla's Semi Set for Production by 2020
Tesla Inc. (TSLA) is set to begin producing its fully electric semitractor-trailer trucks by 2020, according to a new report.
When CEO Elon Musk first introduced the vehicle, he said the company would look to begin production in 2019. But reports said that production of the Tesla Semi will begin "earnestly by 2020."
5. -- Verizon Media Chief Armstrong Is Leaving
Tim Armstrong, the head of Verizon Communication Inc.'s (VZ) media and advertising subsidiary Oath Inc., will leave at the end of the year and be replaced by K. Guru Gowrappan, who has served as Oath's president and chief operating officer since April.
Gowrappan will become CEO on Oct. 1.
CNBC first reported last week that Armstrong was in talks to leave. Armstrong came to Verizon in 2015 as part of the acquisition of AOL, where he was CEO. The company later bought Yahoo and combined the two divisions into Oath, the digital advertising unit.
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