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Swedish appliance maker Electrolux AB will delay a $250 million investment to expand its plant in Springfield, Tennessee after President Donald Trump announced tariffs on steel and aluminum imports, Reuters reported on Friday. “We are putting it on hold. We believe that tariffs could cause a pretty significant increase in the price of steel on the U.S. market,” Electrolux spokesman Daniel Frykholm told the news agency. Trump said Thursday he will announce a 25% tariff on imported steel next week and a 10% tariff on imported aluminum. The news sent the Dow Jones Industrial Average down more than 500 points at its worst level, raising fears of a trade war. The news comes amid growing uncertainty about trade policy. U.S., Canadian and Mexican negotiators are working on reframing NAFTA, but Mexico’s president cancelled a state visit to Washington, D.C. this week. U.S.-listed shares of Electrolux were not yet trading premarket, but have gained 22% in the last 12 months, while the S&P 500 has gained 13%.

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J.C. Penney Co. Inc. shares sank 10.2% in Friday premarket trading after the retailer reported a fourth-quarter sales miss. Net income was $254.0 million, or 81 cents per share, up from $192.0 million, or 61 cents per share, year-over-year. Adjusted EPS was 57 cents. Revenue totaled $4.03 billion, up from $3.96 billion last year. Same-store sales increased 2.6% for the period. The FactSet consensus was for EPS of 47 cents, revenue of $4.05 billion, and same-store sales growth of 2.7%. “In 2018, we will intensify our market share efforts in appliances, mattresses and furniture, while continuing to take steps to modernize our apparel assortment and omnichannel,” said Chief Executive Marvin Ellison in a release statement. The company expects 2018 same-store sales to be flat to up 2%, and adjusted EPS of 5 cents to 25 cents. The FactSet consensus is for same-store sales growth of 0.7% and EPS of 13 cents. J.C. Penney shares are up 16.7% for the last three months, but down 38.4% for the last12 months. The S&P 500 index is up 12.4% for the past year.

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Mylan N.V. said Friday it is planning to launch two new low-cost HIV combination treatments in the U.S. The company said Symfi Lo and Cimduo won U.S. Food and Drug Administration approval in February. Symfi Lo will be introduced in the coming weeks and Cimduo will be launched in the second quarter. The company said it is aiming to address the high cost of HIV treatment, which accounts for more than $20 billion in annual spending and is the category with the highest spend for Medicaid. Mylan is the world’s biggest provider of HIV/AIDS therapies, treating more than 40% of the 20 million patients on treatment worldwide. Mylan came under heavy criticism in 2016 for raising the price of the anti-allergy treatment, EpiPen, sixfold. Chief Executive Officer Heather Bresch was forced to defend herself and the company against harsh congressional questioning by a House Oversight Committee. Shares were not yet active premarket, but have fallen 10% in the last 12 months, while the S&P 500 has gained 12%.

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McDonald’s Corp.’s price target was cut to $170 from $190 at RBC Capital Markets, which also cut its U.S. same-store expectations after a slow start to the $1 $2 $3 menu. RBC maintained its outperform rating on the fast-food giant’s stock. Analysts say “deteriorating industry conditions” and “disappointing” sales of the new value menu drove the U.S. same-store sales forecast for the first quarter down to 1% from 3.5%. The FactSet consensus is for 3.8% growth. “Our sense is that the $1 $2 $3 platform stole attention from local marketing, particularly at breakfast, which likely slowed as a consequence,” analysts led by David Palmer wrote. “In addition, we believe $1 $2 $3 menu’s positioning as a variety play protected franchisee profitability bit lacked the ‘hero’ item necessary to resonate with value-conscious consumers.” Analysts they’re cautious in the near term, but see opportunity for growth in the coming quarters. McDonald’s shares are down 1.7% in Friday premarket trading, but up 21.4% for the last year. The Dow Jones Industrial Average is up 17.2% for the period.

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Shares of Foot Locker Inc. tumbled 5.2% in premarket trade Friday, after the athletic shoe and apparel retailer missed sales expectations and provided a downbeat outlook. The company swung to a net loss for the quarter to Feb. 3 of $49 million, or 40 cents a share, from net income of $189 million, or $1.42 a share, in the same period a year ago. The results includes an expense of $99 million, or 81 cents a share, related to recent tax legislation. Excluding non-recurring items, adjusted earnings per share was $1.26, above the FactSet consensus of $1.25. Revenue rose 4.6% to $2.21 billion, just shy of the FactSet consensus of $2.22 billion, and the same-store sales decline of 3.7% missed expectations of a 2.4% fall. The company expects 2018 sames-store sales to be flat to up in the low single-digit percentage range.”The dramatic shifts influencing the expectations and behaviors of our customers continued to affect our business in the fourth quarter, just as they have throughout 2017,” said Chief Executive Richard Johnson. “The first quarter of 2018 will likely see the continuation of sales and margins in line with trends in the second half of 2017,” said Chief Financial Officer Lauren Peters. The stock has gained 5.9% over the past three months through Thursday, while the S&P 500 has gained 1.3%.

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Ivanka Trump’s security clearance may be held up by a U.S. counterintelligence investigation into a real-estate deal she made, according to a CNN report Thursday. According to CNN, the FBI is scrutinizing the financial deal to see if it left her vulnerable to blackmail from foreign powers. The president’s daughter played
a key role in hammering out the deal, CNN reported. The project in Vancouver, Canada, opened in February 2017 and is owned by a wealthy Malaysian developer, from whom the Trump Organization receives licensing and marketing fees for the use of the Trump name. The $360 million development features a hotel and luxury residences that have been popular with foreign buyers, CNN said. The complexity of the deal’s international financing may be a reason why Trump’s full security clearance has not yet been cleared, CNN said, although a spokesman for Trump told CNN that no red flags have been raised.

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Shares of Ambarella Inc. rose more than 6% late Thursday after the company reported better-than-expected fourth-quarter earnings and sales. Ambarella earned $1.3 million, or 4 cents a share, in the quarter, compared with $18.4 million, or 53 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $15.8 million, or 45 cents a share, compared with $32 million, or 92 cents a share, a year ago. Revenue fell 19% to $70.6 million, compared with $87.5 million a year ago. Analysts surveyed by FactSet had expected adjusted earnings of 37 cents a share on sales of $70.3 million. The company said it expects fiscal 2019 first-quarter revenue between $54.5 million and $57.5 million, which would compare with analyst expectations of $58.3 million according to FactSet.

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Nasdaq sued IEX Group claiming patent infringement Thursday, in the latest beef between the traditional exchange and the upstart profiled in the Michael Lewis book “Flash Boys.” Nasdaq claims that IEX is infringing on seven patents that relate to “closing auction processes, multi-parallel order processing, matching engine performance, and data feed optimizations,” according to Nasdaq’s announcement of the suit Thursday afternoon. Nasdaq notes that IEX employs “several” former Nasdaq employees, and that IEX says in public filings that “its closing auction process was ‘designed based on extensive review of’ Nasdaq’s patented process.” The suit, which Nasdaq said was filed in U.S. District Court in New Jersey, seeks to halt IEX’s use of the technology as well as financial remuneration, Nasdaq said. IEX was certified as an official exchange in 2016 despite massive resistance from Nasdaq and the New York Stock Exchange. IEX seeks to slow down trades minutely to ward off high-speed traders, whom they believe seek to game the system by front-running other traders, which was also the theme of “Flash Boys.” “Similar to our exchange application process, this is yet another attempt by Nasdaq to obstruct an innovative new competitor,” an IEX spokesman said in response to the lawsuit.

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