CBS board meets; Stock markets dip; Caterpillar earnings

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1. Watching CBS: Buyers are watching CBS (CBS) inventory on Monday as the corporate’s board of administrators meet to debate allegations of sexual harassment in opposition to CEO Les Moonves.

The board plans to kind a particular committee that may oversee an investigation into each Moonves and the general tradition on the community, based on two sources conversant in the matter.

Sources mentioned that the Monday assembly was scheduled earlier than a bombshell report within the New Yorker Friday detailed allegations in opposition to the CEO.

Moonves mentioned in a press release that he has “promoted a tradition of respect and alternative for all staff.” However he acknowledged that “there have been instances a long time in the past after I might have made some ladies uncomfortable.”

2. World inventory market overview: US inventory futures dipped Monday as world markets sagged.

European markets declined in early buying and selling.

Most Asian markets closed with modest losses. The Shenzhen Composite posted the largest decline, dropping 1.four%.

Shares turned in a combined efficiency final week as shares in tech firms got here below stress. The Dow Jones industrial common rose 1.6% final week and the S&P 500 gained zero.6%, however the Nasdaq fell 1.1%.

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three. Earnings: Caterpillar (CAT) and Loews (L) will report earnings earlier than the open.

AK Metal (AKS), Transocean (RIG) and Denny’s (DENN) will observe after the shut.

AK Metal is predicted to disclose a leap in income after President Donald Trump’s metallic tariffs despatched metal costs surging and sparked blockbuster income for different metal producers. Nevertheless, AK Metal gross sales will not enhance by as a lot as a few of its rivals because it’s locked into annual contracts which have fastened costs.

In different tariff information, BMW (BMWYY) mentioned it was climbing costs on two American-made SUVs in China. Tesla (TSLA) has additionally raised costs in China after the nation put tariffs on vehicles made in the US.

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four. Coming this week:
Monday — Caterpillar (CAT), Transocean (RIG) and AK Metal (AKS) earnings
Tuesday — Eurozone second-quarter GDP launched; Pfizer (PFE), Procter & Gamble (PG) and Apple (AAPL) earnings
Wednesday — Federal Reserve proclaims rate of interest determination; Dash (S) and Tesla (TSLA) earnings
Thursday — Financial institution of England proclaims rates of interest determination; Yum Manufacturers (YUM) and Aetna (AET) earnings
Friday — US jobs report launched; Kraft Heinz (KHC) and Toyota (TM) earnings

CNNMoney (London) First printed July 30, 2018: four:55 AM ET

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