Morning Brief: US sues AT&T to block its $85.4B Time Warner deal

Tuesday, November 21, 2017

What to watch today

In a short trading week, Tuesday sets up to be the busiest day for investors with a decent run of earnings to note as third quarter earnings season tails off. Notable earnings reports expected include Campbell’s Soup (CPB), Lowe’s (LOW), Dollar Tree (DLTR), and (CRM). We’ll also get results from both HP Inc. (HPQ) and HP Enterprise (HPE). On the economic calendar, the only significant report will be the October reading on existing home sales.

While in Washington, D.C. lawmakers are back in their home districts for Thanksgiving with next week expected to see an intense push on tax reform from Senate Republicans. All will not be quiet in the nation’s capital, however, as President Donald Trump is set to pardon his first set of turkeys since taking office at 1 p.m. ET.

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Top news

US sues to stop AT&T buying Time Warner: The U.S. Department of Justice sued AT&T Inc (T) on Monday to block its $85.4 billion acquisition of Time Warner Inc. (TWX), saying the deal could raise prices for rivals and pay-TV subscribers while hampering the development of online video. [Reuters]

Tencent surpasses Facebook in market value: Tencent Holdings Ltd. has racked up some impressive gains this week — becoming the first Chinese firm to be worth more than $500 billion and surpassing Facebook to be the world’s fifth-most valuable company. [Reuters]

Trump administration to announce North Korea sanctions: On Tuesday, the Trump administration declared North Korea a state sponsor of terrorism in the latest push to isolate the nation. North Korea on Monday joined Iran, Sudan and Syria on the terror blacklist, a largely symbolic step as the administration already has the authority to impose virtually any sanctions it wants on Kim Jong Un’s government over its nuclear weapons development. [AP]

Bitcoin falls after $31M theft:  Bitcoin fell the most in a week after the company behind cryptocurrency tether reported a $31 million theft. The amount was taken from the Tether Treasury wallet on Nov. 19 and sent to an unauthorized bitcoin address, according to an announcement on the company’s website. [Bloomberg]

This flat yield curve is no mystery, according to a Fed study: The gap between short and longer-term interest rates has been narrowing even as the Federal Reserve raises its policy rate, a trend that echoes the so-called “flattening” of the curve between June 2004 and December 2005. [Bloomberg]

CBS suspends Rose, PBS halts his show following misconduct claims:  Charlie Rose is the latest public figure to be felled by sexual misconduct allegations, with PBS halting distribution of his nightly interview show and CBS News suspending him Monday following a Washington Post report with the accusations of eight women. [AP]

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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.