The Pullback

Global markets fall for the first day in three as economic data is delayed due to virus impact.

The Express | Insight Before the Bell By Caleb Silver, Editor in Chief & Deborah D'Souza, News Editor  Friday's Headlines 1. Global markets slide on economic data delays from China 2. U.S. January jobs report should show modest hiring 3. Virus outbreak continues to disrupt Asian supply chains 4 Credit Suisse CEO quits amid board rancor 5. Celebrating Black History Month     Markets Today Global markets are pulling back this morning, ending a three-day winning streak and wild week overall. China trade data for January, scheduled to be released this morning will be delayed and rolled into February's report due to the virus outbreak. The lack of visibility and reports of further disruptions to the Asian supply chain is causing uncertainty for investors as the coronavirus continues to spread. Asian automakers are selling off this morning as Hyundai Motor said it will cut output as its supply of parts is disrupted according to Reuters. Honda Motor has also extended a plant shutdown in China due to the outbreak.   China says the total number of deaths in the country rose to 636 and the cumulative number of confirmed cases reached 31,161. One of the deaths was that of a Chinese doctor from Wuhan, Li Wenliang, who was one of the first to call out the spread of the virus on social media.    In the U.S., we'll get the January employment report this morning which should show that employers added around 160,000 jobs last month which is slightly below average. Warm weather may boost those totals, but expect to hear heavy revisions for job gains in 2019, which typically happens at the beginning of a new year.   Hold on tight... it's Friday. Headlines: Credit Suisse Chief Executive Tidjane Thiam has been ousted amidst a spying scandal. He will be replaced by Thomas Gottstein, who heads the bank's Swiss business and has spent more than 20 years at the company. Warner Music Group, owned by Access Industries, has filed for an IPO. The number of shares of common stock to be offered and the price range for the offering have not yet been determined. You can read the S-1 form here.  EBay shares are falling after NYSE parent company Intercontinental Exchange said it is not in negotiations to buy all or part of it. ICE said it had approached eBay to explore a range of potential opportunities but the e-commerce company did not engage in a meaningful way. Uber reported lower-than-expected losses for Q4 2019 and sales roughly in line with what analysts expected. Despite the lower losses, Uber's negative free cash flow was much higher than expected. While it is sitting on about $10.8 billion in cash, between investments and operating losses it burned through over $5 billion in 2019. It can't keep burning through cash at this rate, or it will have to either take on significantly more debt or issue significantly more stock. Aurora Cannabis Founder & CEO, Terry Booth, has announced his retirement. Interim CEO will be Executive Chairman Michael Singer. The company also announced sweeping changes to its business, including cutting 500 jobs and reducing capital expenditures, to cope with slower than expected near-term industry growth.  Warner Bros. is finalizing agreements with the cast of Friends for an unscripted reunion special episode, according to The Wall Street Journal. The episode will be a retrospective with interviews and used to launch the HBO Max streaming platform in May. This isn't quite what fans obsessed with reruns want, but the headlines alone should create the buzz desired.         SPONSORED BY FIDELITY INVESTMENTS Investing in Women in More Ways Than One Hiring and retaining women is essential to making financial expertise broadly accessible. Here's why Fidelity is prioritizing women's career growth and potential. Learn More »           Image courtesy: Maya Washington/Giphy The Big Story #Pinning Pinterest, the social platform that over 300 million people use as a virtual bulletin board to share, find and save ideas, said its annual revenue surpassed $1 billion for the first time last year as it focused on product improvements and creating a shopping experience. The Q4 earnings report released yesterday, which beat analyst expectations on top and bottom lines, caused the stock to skyrocket almost 17%.   Here are some highlights: Q4 Revenue: $400 million, +46% YOY, versus $371 million expected Q4 EPS: 12 cents, versus 8 cents expected Q4 Global Monthly Active Users (MAUs): 335 million,  +26% YOY. Q4 GAAP Net loss: $36 million, 176% YOY Q4 ARPU (Average Revenue Per User): $1.22, +15% YOY 2019 Revenue: $1.1 billion, +51% YOY 2019 GAAP Net loss: $1.3 billion, +2,076% YOY 2019 International Revenue: $117 million, 187% YOY 2020 Revenue Guidance: $1.52 billion    The company plans to launch a Verified Merchants Program to mark trusted brands that meet its guidelines and expand an augmented reality feature that lets users "try on" cosmetics.   Pinterest went public in April last year at the price of $19 a share and the stock reached $36 in August before slumping.      Image courtesy: Pinterest Read more: How Pinterest Makes Money     Image courtesy: The New York Times/ William E. Saure Travers Bell Jr. and Willie Daniels In honor of Black History Month in the United States, every Friday in February we'll shine the spotlight on African American pioneers in finance who fought barriers and discrimination to achieve something remarkable and open the door for future generations to participate in the industry.   This week we'll be talking about the co-founders of the first black-owned investment bank on the New York Stock Exchange. On June 24, 1971, 30-year-old Travers J. Bell Jr. and 33-year-old Willie L. Daniels opened brokerage firm Daniels & Bell.   Bell grew up in a housing development on the South Side of Chicago and began his career as a messenger at Midwestern brokerage Dempsey Tegeler where his father worked as a clerk. As the co-founder of the firm taught him the business, he worked his way up to operations manager and graduated from Washington University and the New York Institute of Finance. Daniels, who was raised in Georgia, graduated from Florida A&M and worked for 10 years as an institutional salesman on Wall Street before he grew frustrated by the lack of opportunities to grow and asked Bell to be his partner.   The duo started out with $175,000 in capital and focused on underwriting municipal bonds for black mayors. Daniels left a few years later. At the time of Bell's death in 1988, the firm had grown to a net worth in excess of $15 million. It eventually closed in 1994.   Read more: Origins of Black Wall Street More coverage: The State of Sustainable Investing in 2020 KPMG has issued a comprehensive report on the progress of sustainable investing and the challenges it faces. Read Now »   Headway With the Lightning Network Shows Promise Strides in Lightning Network development and investment show that Bitcoin may be more scalable than previously thought. Read Now »   Energy ETFs Rally Amid Possible OPEC Production Cuts Beaten-down energy stocks have shown signs of a recovery this week. Play for further upside with these three ETFs. Read Now »   More Than One Child? Does Each Need a Separate 529 Plan? A 529 college savings plan can help make planning for college easier. If you have multiple children, learn whether more than one 529 plan is necessary. Read Now »   How can we improve The Express? Tell us at theexpress@investopedia.com Enjoy The Express?  Copy and share the link below to invite friends to sign up: https://link.investopedia.com/join/53o/00-fwd-theexpress CONNECT WITH INVESTOPEDIA Email sent to:  geezers.mail@gmail.com. To view online click here . 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