It's a rough start to the week for chipmakers as key semiconductor manufacturers cut off supplies to Huawei after the Trump administration added the Chinese company to a trade blacklist last week. Qualcomm, Intel, and Micron are all lower on the news. Google started the trade suspensions over the weekend, leaving Huawei with access only to the open-source version of Android. Nokia and Erikson shares are both higher on the news. (SA)
Japan’s economy unexpectedly grew in the first quarter of the year. The 2.1% growth rate defied analyst forecasts for a small contraction in gross domestic product The surprise rise in GDP piles pressure on prime minister Shinzo Abe to introduce a delayed change to the country’s consumption tax rate from the current rate of 8 per cent to 10 per cent. (FT)
Following talks with the FCC, T-Mobile and Sprint are planning to announce commitments to the U.S. government within days that include asset sales and rural-service guarantees to help secure regulatory approval for their $26.5B merger, Bloomberg reports. Among them: The sale of one of their prepaid brands, a three-year buildout of their 5G network and a reiterated pledge not to raise prices while the network is being constructed. The deal has stoked concerns of reduced competition in the wireless industry because the number of major players would fall from four to three. (Bloomberg)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.