1. Investors ditch Toshiba: Toshiba’s stock is in a tailspin.
Shares in the company dropped another 20% in Tokyo on Wednesday after it warned of billions of dollars in losses related to its takeover of a nuclear business last year.
“We’re still figuring out the exact numbers,” Toshiba CEO Satoshi Tsunakawa said Tuesday. “I’m deeply sorry about all the concerns and possible damages this unprecedented situation may bring to all the stakeholders.”
Toshiba had been working to recover from a $1.2 billion accounting scandal discovered last year. Even after suffering heavy losses this week, its shares are still up 25% in 2016.
2. Qualcomm in trouble: Qualcomm is facing an $865 million fine in South Korea.
Qualcomm said the Korea Fair Trade Commission issued the penalty after finding it had violated the country’s competition law.
The technology firm called the ruling “unprecedented and insupportable” and said it “lacks a coherent theory of competition law violations.”
Qualcomm plans to appeal the decision.
3. Boeing and Airbus in focus: Investors may not be thrilled with the latest news from Boeing and Airbus.
Airbus is delaying the delivery of 12 double-decker A380 aircraft to Emirates. This comes after the company warned this year that it would scale back production of the super jumbo because of weak demand.
Shares in Airbus dipped by about 0.6% on Wednesday.
Meanwhile, Delta announced Tuesday afternoon that it has canceled an order for 18 Boeing 787 Dreamliners that was inherited as part of its merger with Northwest Airlines.
4. Economics: The National Association of Realtors releases November data on pending home sales at 10 a.m. ET.
5. Global market overview: U.S. stock futures are pointing up, indicating markets could have another record-setting day.
Investors have been holding their breath as they watch the Dow Jones industrial average flirt with the record 20,000 level. The Nasdaq hit an all-time high on Tuesday.
Looking abroad, European and Asian markets are mixed. The main standout performer was the ASX All Ordinaries in Australia, which rallied by 1%.
6. Coming this week:
Wednesday – National Association of Realtors releases pending home sales data for November.
Thursday – U.S. Department of Labor releases weekly jobless claims data.
Friday – U.S. bond market set to close at 2 p.m.