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8:16 am: Buybacks slow to record low pace
Bank of America said in a note that buybacks by its clients are down 35% year-to-date and that the second quarter is on track to be the lowest total on record. Share repurchases by Bank of America clients have generally tracked total S&P 500 buybacks over the past decade.”Buybacks remained extremely anemic, with QTD buybacks tracking just over $1bn — on pace for a record-low ~$2bn quarter in our data history,” the note said. —Pound
8:01 am: Grubhub could fetch $75 a share in Uber takeover, says Barclays
News broke that Uber Technologies approached Grubhub with a takeover offer, sending Grubhub shares soaring nearly 30% on Tuesday. Barclays expects the potential deal to value Grubhub at $75 per share, nearly 25% upside from Tuesday’s close of $60.39 per share. The bank said the move would combine two of the biggest players in the meal-delivery business at a time when the industry faces “significant tailwinds” amid the coronavirus pandemic. “Now is the right time,” Barclays analyst Deepak Mathivanan said in a note on Wednesday. “The food delivery industry has seen significant tailwinds over the past few months during the COVID-19 pandemic, with volume growth ranging from 70-100%.” –Li
7:52 am: Powell appearance likely to focus on economy, negative rates
The market will hear Wednesday morning from Federal Reserve Chairman Jerome Powell, who is expected to address the weakening national economy and the potential for negative interest rates. Powell will appear at 9 a.m. on a webcast with the Peterson Institute for International Economics. Though it’s not clear if the events are connected, the appearance was scheduled just after futures traders last week began making bets that the Fed’s benchmark overnight interest rate would go negative by the end of the year. Powell and other Fed members have repeatedly pushed back on the kinds of negative rates that are prevalent in much of Europe and in Japan. – Cox
7:50 am: Big Tech rises in the premarket
Shares of the biggest tech companies all traded higher in the premarket Wednesday, a day after they rolled over and pressured the broader market into a sharp decline. Facebook gained about 0.5% before the bell along with Amazon and Apple while Netflix shares advanced 0.9%. Google-parent Alphabet rose 0.8% and Microsoft traded 0.5% higher. These stocks have been among the best performers since the S&P 500 hit a bottom on March 23. —Imbert
7:40 am: Stock futures rebounding
Stock futures were higher, rebounding from Tuesday’s losses as big technology shares including Microsoft gained in premarket trading. The big event traders are waiting on is Federal Reserve Chairman Jerome Powell’s virtual speech at 9:00 am ET. The Dow Jones Industrial Average lost more than 450 points on Tuesday. But Dow futures were higher by 148 points Wednesday morning. -Melloy
– CNBC’s Jeff Cox, Jesse Pound and John Melloy contributed reporting.