Here are five things you need to know for Wednesday, November 28:
1. – Inventories rise because of a breakthrough in trade talks between the United States and China
US equity futures were up on Wednesday, November 28, as investors welcomed reports that a breakthrough in US-China trade talks could take place this weekend at the G-20 summit. Argentina.
White House economic adviser Larry Kudlow told reporters that Donald Trump and Xi Jinping of China will meet for dinner on Saturday, December 1st. He warned that the Chinese president "would have the opportunity to change the tone and content of these talks," he nonetheless suggested that "President Trump said he was open" to the conclusion of An agreement to resolve ongoing trade tensions and possibly put an end to the new tariffs on products made in China.
The olive branch of the White House was followed by an interview with China's ambassador to the United States, Cui Tiankai, who told Reuters that a total trade war between the two most The world's biggest economies were "unimaginable" and hoped that the weekend talks could succeed. in a sense.
Dow Jones Industrial Average contracts were up 123 points, the S & P 500 futures 11 points and Nasdaq futures trading at 35.25 points.
2. – GDP and Tiffany highlight Wednesday's schedule
The US economic calendar on Wednesday includes the second estimate of third quarter GDP at 8:30 am, international goods trade for October at 8:30 am, new home sales for October at 10:00 am and oil inventories for the week. ended November 23 at 10:30
Tiffany & Co. (TIF) fell 8.8% after reporting earnings per share of 77 cents in the third quarter, which met analysts' expectations, but a $ 1.01 billion turnover lower than expected. Same store sales increased 2%, but they also missed forecasts.
The luxury jewelery retailer also reduced its growth outlook for year-over-year comparable sales by a lower than average one-digit average growth rate over the previous range.
JM Smucker Co. (SJM) reported second-quarter earnings and second-quarter sales below Wall Street expectations and the consumer products company reduced its outlook for fiscal 2019. The stock plummeted 5.7 % in pre-market negotiation.
3. – Donald Trump denounces Fed Chairman Jerome Powell
Donald Trump criticized the US Federal Reserve and its president, Jerome Powell, in an interview with the Washington Post in which he accused the central bank of lowering US stocks and triggering General Motors Co.'s (GM) decision to close five factories in the North. North America and two other factories outside North America, and reduced its workforce by 15%.
Trump told the Post, in an interview published Tuesday night, that he was "not a little happy with my selection" of Powell at the head of the Federal Reserve, adding that the Fed's current position on interest rates was "very far from the base." Trump's remarks follow a similar interview with the Wall Street Journal in which he accused the central bank of being "a bigger problem than China "and arrived just hours before a key speech on Powell's monetary policy Wednesday in New York.
Powell is scheduled to attend a luncheon at the New York Economic Club at 11:30 am
"I'm doing business and I'm not accommodated by the Fed," Trump told the post. "They make a mistake because I have an instinct, and my intestine tells me more sometimes than someone else 's brain can ever say to me. "
4. – Salesforce shifts to third quarter earnings
Salesforce.com Inc. (CRM), the cloud computing software company, reported third-quarter adjusted earnings of 61 cents a share, exceeding forecasts by 11 cents, but its earnings outlook for the fourth quarter was below expectations.
Revenues for the quarter were $ 3.39 billion, up from $ 2.7 billion a year earlier and exceeding estimates of $ 3.37 billion.
The company's closely monitored billing agent – defined as Salesforce's revenue and sequential change in unearned income balance – reached $ 2.89 billion, up 28% and above consensus of $ 2.68 billion of dollars.
The stock jumped 9.1% in pre-market trading on Wednesday.
Salesforce said it expects adjusted fourth quarter earnings to be between 54 and 55 cents a share for a $ 3.55 to $ 3.56 billion business figure. Analysts surveyed by FactSet were expecting earnings of 57 cents a share for a $ 3.52 billion business figure.
However, the company said it expects 2020 revenues to reach $ 16 billion, which should enable it to reach the target of 2022 to $ 23 billion set for 2022.
"Although the bottom line is slightly below analysts' expectations, we think investors should not be fooled," wrote Jim Cramer and Action Alerts PLUS, which owns Salesforce shares in its portfolio. "Overall, it was a great quarter for the company, which performed well and the company again outperformed the customer relationship management market, but it also continues to gain share."
5. – YouTube Premium Scale – Report
YouTube said its original video programs, including sci-fi drama series and reality shows, will no longer be reserved for premium subscribers starting next year. Instead, YouTube's original programming will be available for free on the site, with advertisements for all, said Business Insider.
A YouTube spokesperson told Business Insider that the decision to move its original content outside of its subscription service was aimed at expanding its audience and "meeting the growing demand from a fan base." more global ".
YouTube Premium was launched just eight months ago.
YouTube is a unit of Google from Google Alphabet Inc. (GOOGL).