August 13 Premarket Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Aug. 13:
1. -- U.S. stock futures were looking sunny this morning, building on a rise in the European markets.
European stocks were bouncing back this morning, ignoring the geopolitical gloom and even the troubling economic climate -- for now, anyway. Germany seemed more interested in first-half results from its biggest utility E.ON
2. -- The economic calendar in the U.S. on Wednesday includes the retail sales report at about 8:30 a.m. and data on business inventories at about 10 a.m., both from the Census Bureau.
3. -- U.S. stocks on Tuesday traded slightly down, after a period of consolidation in the afternoon.
The Dow Jones Industrial Average
4. -- King Digital
The hand-wringing immediately began over whether the company is merely a flash in the pan. King's Chinese-market rollout and its newer video games like Bubble Witch didn't quiet the alarm much.
King stock cratered by 22.8% in premarket trading to $18.20, despite CEO Riccardo Zacconi's promise of a special $150 million dividend for shareholders and a lockup extension for existing shareholders.
5. -- Ahead of its IPO, Chinese Internet behemoth Alibaba (to trade as BABA) restructured its relationship with payments processor Alipay, reducing Alibaba's risk in financial services but assuring it of receiving hefty fees. Alibaba is estimated to make $9.4 billion from the deal at minimum.
Alibaba is partially owned by Yahoo!