The Justice Department and Deutsche Bank (DB) just don't seem capable of seeing eye to eye. Shares of the German financial giant were slammed before the opening bell in U.S. markets Friday after the DOJ proposed a $14 billion settlement tied to Deutsche Bank's previous sale of mortgage-backed securities. And in a morning statement Deutsche Bank said it has "no intent" to settle the civil claims "anywhere near the number cited," with the bank adding that "negotiations are only just beginning."
Today is the day for Apple (AAPL) lovers as the iPhone 7 and iPhone 7 Plus are being released in 25 countries around the world. Shares were down slightly in premarket trading. The tech giant unveiled the new models a little over a week ago and disclosed Wednesday that the iPhone 7 Plus was sold out in all colors. The smaller iPhone model was also sold out in the new jet black color. (Apple is a holding in Jim Cramer's Action Alerts PLUS portfolio).
Apple's release comes as federal consumer safety regulars recalled one million of Samsung's (SSNLF) Galaxy Note 7 smartphones after dozens of users reported the device caught fire while charging. The U.S. Consumer Product Safety Commission has told customers to "immediately stop using" the device as Samsung has received 92 reports of batteries overheating in the U.S., including 26 reports of burns and 55 reports of property damage from fires.
Meanwhile, Oracle (ORCL) shares were down about 3% before the bell after posting weaker-than-expected quarterly results. Earnings of $0.55 per share was three cents below estimates. Revenue of $8.61 billion also came in below Wall Street's expectations. The cloud was a bright spot for the software giant. Oracle said total cloud revenue for the period rose 59% to $969 million. But those gains were offset by steep declines in its software-licensing business.
Jessica Alba might need to have an "honest" talk with herself as Unilever (UL) is reportedly in early-stage discussions to buy her baby care product retail company, Honest Co. According to the Wall Street Journal, the potential deal could be valued at more than $1 billion, which is less than the $1.7 billion valuation that was placed on Honest in a fundraising round last year. But considering the talks are in early stages, sources told the Journal that Honest has not ruled out going for an initial public offering instead.