Dow futures are down 76 points, indicating a negative open of over 49 points. S&P and Nasdaq futures are both slightly lower.
The pre-market movement follows news that Brexit officials will continue talks today after yesterday's negotiations failed to resolve some final issues. A key EU summit is taking place tomorrow, where a deal might be possible. There's two weeks left before the UK's scheduled departure.
NuStar Energy (NYSE:NS) -2.6% after-hours as an explosion and fire at a company fuel storage facility in the San Francisco Bay Area led authorities to order ~12K area residents to stay inside with all windows and doors closed.
Contra Costa County fire protection officials said the tanks were holding a combined 250K gallons of ethanol when they erupted in flames and one collapsed.
The fire and toxic smoke forced a shutdown of Interstate 80, one of the busiest highways in the Bay Area, causing massive backups during evening rush hour; the California Highway Patrol says the closure likely will last until at least midnight.
Berkshire Hathaway (BRK.A, BRK.B) is seeking permission from the Federal Reserve to increase its stake in Bank of America (NYSE:BAC) above 10%, according to an application document provided by the Fed.
BRK, which owns a 9.96% stake in BAC, filed an application with the Fed this month that says it would passively invest in the bank and not try to force a change in strategy or corporate structure.
In 2017, BRK withdrew a similar application to raise its stake in Wells Fargo after the bank was hit by a scandal over its creation of unauthorized customer accounts.
BofA shares popped 3% this afternoon after Bloomberg first came out with a report before closing +2%.
United Technologies' (NYSE:UTX) Pratt & Whitney is recommending checks on engines on Airbus (OTCPK:EADSY) A220 aircraft and some Embraer (NYSE:ERJ) jets after a Geneva-bound Swiss Air jet diverted to Paris with an engine problem earlier today.
Lufthansa-owned (OTCQX:DLAKY) Swiss grounded its entire fleet of 29 Airbus A220 jets for a review of their engines.
French investigators classified the problem that disrupted the Swiss flight shortly after departure from London Heathrow as a "serious incident" and said it would be investigated by the U.S. National Transportation Safety Board.
A similar engine for the larger A320neo family, Airbus' most-sold aircraft, is not affected.
Tech Data (NASDAQ:TECD) +14% after-hours following a Reuters report that Apollo Global Management (NYSE:APO) has approached the company with a ~$130/share cash buyout offer, amounting to ~$5B.
The move comes as TECD's shares are hovering at all-time highs on investor optimism that demand from small and medium-sized businesses for its offerings will remain strong despite concerns about the U.S. economy.
Apollo made an unsuccessful bid last year to acquire U.S. electronics distributor Ingram Micro from HNA Group for as much as $7.5B.
J.B. Hunt Transport (NASDAQ:JBHT) -1.6% after-hours as Q3 earnings fall short of expectations while revenues rose 7% Y/Y to $2.36B, edging estimates.
Q3 revenue in the intermodal segment rose 2% Y/Y to $1.24B, slightly below analyst estimates, reflecting roughly flat volumes Y/Y and a ~2% increase in revenue per load, while segment operating income rose 10% Y/Y to $132.9M, beating analyst consensus $136.5M.
Dedicated Contract Services revenue rose 28% Y/Y in the quarter to $696M, as productivity (revenue per truck per week) excluding fuel surcharge revenue gained ~11%.
However, results from the two segments were offset by a 4% drop in load count in Integrated Capacity Solutions and a 5% decline in rates per loaded mile in the Truck segment.
JBHT did not update the status of a freight revenue dispute with BNSF Railway, its partner in the intermodal business; the matter is in arbitration, and JBHT has taken more than $100M in related contingency charges.
United Airlines (NASDAQ:UAL) +1.5% after-hours as it tops Q3 earnings expectations while raising its FY 2019 EPS forecast to $11.25-$12.25 from previous guidance of $10.50-$12.00, in line with the $11.86 analyst consensus estimate.
The Q3 performance puts United "ahead of pace" to meet its EPS goal of $11.00-$13.00 by the end of 2020, CEO Oscar Munoz says.
Q3's revenue per available seat mile increased 1.7%, in line with the company's forecast over the summer, while flight capacity rose 1.9% in the quarter, just below the expected 2%-3% improvement.
However, Q3 cost per available seat mile, which excludes fuel costs, rose 2.1% Y/Y.
United says it expects to increase capacity by 3.5% this year, below the 4%-6% annual capacity growth it targeted.
The company does not specify the impact from the grounding of the 737 MAX; the carrier has 14 of the jets and was due to receive another 16 this year.
Bernstein is out with a bullish initiation on cable companies, calling the industry "particularly well positioned" as capital needs decrease and the companies grow EBITDA via high-speed Internet subscriptions.
With margins and free cash flow on the rise, "and video less important to financial results, cable stocks enjoy multiple valuation tailwinds that offset the weight of the sector’s high penetration levels," the firm says.
It's started Charter (NASDAQ:CHTR) at Outperform with a $541 price target, implying 25% upside from today's close. Altice USA (NYSE:ATUS) also starts at Outperform, with a price target of $38 (implying 32% upside).
Comcast (NASDAQ:CMCSA) starts at Market Perform with a price target of $50 (9.5% upside).
Meanwhile, pay TV (and phone service?) rival Dish Network (NASDAQ:DISH) gets a start at Underperform by Bernstein, with a $29 price target that implies 16% downside.
In a rotation of responsibilities, Ameren (AEE -0.7%) says Michael Moehn, currently President of Ameren Missouri, will become the company's new CFO and President of Ameren Services, while Marty Lyons, currently CFO and President of Ameren Services, will become President of Ameren Missouri.
Moehn joined Ameren in 2000 and has been President of Ameren Missouri since 2014; Lyons joined the company in 2001 and has been Ameren's CFO for the past decade.
TradeWeb Markets (NASDAQ:TW) files to sell 14.8M shares of class A common stock.
TW -0.2% in after-hours trading.
Greenshoe option for up to an additional 2.22M shares.
Use of proceeds: To buy common membership units in Tradeweb Markets LLC from certain of the bank stockholders and certain TW executive officers and to buy class A common stock from certain TW excutive officers.
Akebia Therapeutics (NASDAQ:AKBA) has filed a complaint in a district court against the U.S. Department of Medicare & Medicaid Services (CMS) and the U.S. Department of Health and Human Services (HHS) challenging CMS's decision about a year ago to rescind Medicare Part D coverage of Auryxia (ferric citrate) for the treatment of iron deficiency anemia in adult patients with chronic kidney disease not on dialysis.
The company also seeks a reversal of a related decision by CMS requiring prior authorization for Auryxia when used to control serum phosphorus levels in adult patients with CKD on dialysis.
The FDA first approved the product in September 2014 for the hyperphosphatemia indication followed by the IDA indication in November 2017.