Morning Brief: Alphabet earnings beat estimates, despite EU fines

Tuesday, July 24, 2018

What to watch today

On Tuesday, investors will face a busy earnings calendar when 24 members of the S&P 500 will report results including Harley-Davidson (HOG), Verizon (VZ), AT&T (T), Lockheed Martin (LMT), and 3M Co. (MMM), Biogen (BIIB), and United Technologies (UTX).

Harley-Davidson’s earnings will be closely watched for any additional commentary on the company’s decision last month to move some of its motorcycle manufacturing overseas as a result of tariffs imposed by the EU. Analysts are expecting the company’s earnings per share to come in at $1.34, according to estimates from Reuters, down from $1.48 in the same quarter last year.

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Top news

 (AP Photo/Mark Lennihan, File)

Google parent Alphabet’s earnings beat expectations, shares rally: Google’s parent company Alphabet (GOOG, GOOGL) reported better-than-expected second-quarter earnings on Monday afternoon several days after EU regulators fined the tech giant for antitrust issues. Including the $5.1 billion fine from EU regulators, the Mountain View, California-based tech giant reported $4.54 earnings-per-share on revenues of the $32.7 billion. [Yahoo Finance]

Nike to raise wages for thousands of employees: Nike Inc (NKE) said it would raise wages for about 7,500 employees following a global pay review, two months after the sportswear maker concluded a probe into workplace behavior that resulted in the departure of a number of top executives. [Reuters]

Whirlpool falls more than 9% after earnings miss: In the year-ago quarter, Whirlpool reported adjusted earnings of $3.35 per share on net sales of $5.35 billion. Whirlpool CEO Marc Bitzer said that it saw weak performance in its Europe, Middle East and Africa business. For that region, Whirlpool said its sales decreased 12.3%, excluding currency impacts. The consumer appliance company said its business in the region was hit by “unit volume declines, raw material inflation and unfavorable foreign currency impacts.” [CNBC]

US to propose revoking Calif. authority to set auto emissions rules: The Trump administration is expected as early as Thursday to propose revoking California’s power to set state vehicle emissions rules and mandate the purchase of electric vehicles, a government official briefed on the matter said. The U.S. Transportation Department and Environmental Protection Agency are expected to unveil a proposed regulation that recommends freezing national emissions requirements at 2020 levels through 2026. [Reuters]

Tel Aviv, Dubai climbing list of world’s priciest Airbnb citiesSunbathing in Tel Aviv or hitting Dubai’s fabulous malls will set you back a bit more lately. A combination of high hotel and apartment costs and strong tourism has Airbnb rates in some Middle Eastern cities among the world’s priciest. [Bloomberg]

For more of the latest news, go to Yahoo Finance

U.S. President Donald Trump speaks during the 2018 Made in America Product Showcase event July 23, 2018 in Washington, DC. The White House held the showcase to ‘celebrates every state’s effort and commitment to American-made products, and will allow these companies to speak with senior Administration officials, including the President, the Vice President, members of the Cabinet, and senior staff.’ (Photo by Alex Wong/Getty Images)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.