European Economics Preview: Germany Industrial Output Data Due

Industrial production and foreign trade figures from Germany are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production data for December. Production is expected to fall 0.2 percent on month, reversing a 1.1 percent rise in November.

Germany’s exports are expected to grow 0.5 percent on month in December, and imports to climb 0.3 percent.

In the meantime, Statistics Norway publishes mainland Norway GDP and industrial production figures.

At 2.45 am ET, industrial production, payroll employment and balance of payment figures are due from France.

At 3.00 am ET, Spain’s INE releases industrial production data for December. Output is expected to grow 2.2 percent on year, faster than the 2.1 percent rise in November.

Also, wholesale prices and trade data from Austria and trade balance from Hungary are due at 3.00 am.

At 3.30 am ET, UK Halifax house price data is due. Economists forecast house prices to drop 0.2 percent on month in January, following a 1.7 percent rise in December.

At 4.00 am ET, Italy’s Istat releases retail sales for December.

At 5.30 am ET, Russia’s central bank announces its rate decision. The bank is forecast to cut its key rate by 25 basis points to 6.00 percent.

Stock Alert: Myriad Genetics Stock Down 30%

Shares of Myriad Genetics Inc. (MYGN) are losing 30% to a 52-week low on Friday morning. The molecular diagnostic company on Thursday reported second-quarter results that fell short of analysts estimates and also issued a weak outlook. The company’s CEO Mark Capone also resigned following the poor results.

Myriad appointed CFO Bryan Riggsbee as Interim President and CEO effective immediately.

Adjusted earnings for the quarter dropped to $0.23 per share from $0.38 per share last year. Second-quarter revenues declined to $195.1 million from $216.8 million last year. Analysts polled by Thomson Reuters estimated earnings of $0.31 per share on revenues of $209.8 million for the quarter.

“Revenue in the fiscal second quarter fell short of expectations largely due to the prenatal business. Prenatal cash collections were negatively impacted by issues in billing operations that occurred during the transition of the homegrown Counsyl billing system to an industry-standard system used by Myriad,” said CEO Bryan Riggsbee.

For the full year 2020, the company expects revenues of $735 million and adjusted earnings of $0.45 per share. Analysts currently estimate earnings of $1.06 per share and revenues of $807.31 million.

For the third quarter, Myriad expects revenues of $172 million and adjusted earnings of $0.02 per share. Analysts currently estimate earnings of $0.30 per share and revenues of $201.22 million.

MYGN is currently trading at $20.24, down $9.05 or 30.90%, on the Nasdaq.

Boeing supplier Spirit cuts dividend to increase liquidity

Spirit AeroSystems Holdings Inc. SPR, -1.17% fell Friday after the Boeing Co. BA, -1.21% supplier cut its dividend due to "an abundance of caution" on Max 737 uncertainty, the company said. Spirit cut the dividend by 92% to 1 cent a share, from 12 cents a share in the last quarter. The dividend cut saves Spirit about $45 million a year, analysts at Jefferies said in a note Friday. Spirit, who makes the 737 Max fuselage and other components, had announced last week a new agreement with Boeing. "With $1.48BB of cash on the balance sheet, we believe (Spirit) continues to have ample liquidity, which is boosted by these two announcements," the Jefferies analysts said. Boeing’s 737 Max jets have been grounded worldwide for almost a year after two deadly crashes linked to a malfunctioning anti-stall system. Spirit has lost 25% in the past 12 months, contrasting with advances of 23% and 16% for the S&P 500 index SPX, -0.24% and the Dow Jones Industrial Average. DJIA, -0.67%

The Daily with Dermot Murnaghan: Was Irish PM right to call an election?

On this edition of the Sky News Daily podcast with Dermot Murnaghan we examine the key issues in Ireland’s general election.

We also take a look at major social changes Irish society has faced in recent years and discuss what is next for the country.

:: Listen to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker

JetBlue founder launches new airline Breeze Airways

JetBlue founder David Neeleman has reportedly birthed a new airline called Breeze Airways to serve US cities that don’t get many direct flights.

Neeleman said his fifth air carrier, launched Friday, will operate non-stop flights between mid-size cities that currently lack “meaningful or affordable service,” news reports say. Breeze reportedly aims to offer its first flight by the end of this year.

“We brought humanity back to the airline industry with JetBlue,” Neeleman said, according to CNN. “Today, we’re excited to introduce plans for ‘the World’s Nicest Airline.’”

Neeleman has found success with a similar model in Brazil, where his budget airline Azul serves dozens of cities that did not get direct flights from bigger airlines, Business Insider reported.

Breeze has leased a fleet of 30 Embraer jets set for delivery starting in May and ordered 60 new Airbus planes that will be delivered starting in April 2021, reports said. The firm has also reportedly filed an application with the US Department of Transportation for an airline operating certificate.

The company will be based in Salt Lake City but Neeleman declined to identify the cities that will receive Breeze flights, according to travel blog The Points Guy.

“It’s really just trying to find a cluster. You can’t be popping all over the place,” he reportedly said. “We’re working on a couple of airports and we’ll see who actually comes to the to the party.”

Aside from JetBlue and Azul, Neeleman has also launched Morris Air and WestJet.