May 16 Premarket Briefing: 10 Things You Should Know

Tickers in this article: BRKA. CMG CS DB IBM JCP LBTYK

Here are 10 things you should know for Friday, May 16:

1. 
-- U.S. stock futures were pointing to a slightly higher open for equities on Friday after Wall Street suffered heavy losses in the previous session.

European stocks were flat while Asian shares ended mixed. Japan's Nikkei 225 index fell 1.4%.

Indian stocks jumped Friday as preliminary results from national elections indicated the pro-business opposition and its leader Narendra Modi had won a landslide victory.

2. -- The  economic calendar  in the U.S. on Friday includes housing starts and building permits for April at 8:30 a.m. EDT, and the University of Michigan Sentiment Index for May at 9:55 a.m.

3. -- U.S. stocks  on Thursday fell amid mixed economic  data, while retail stocks dropped on disappointing earnings. Small caps, as measured by the Russell 2000, declined more than 1.6%.

The Dow Jones Industrial Average  closed down 1.01% to 16,446.81 while the  S&P 500  fell 0.94% to 1,870.85. The  Nasdaq fell 0.76% to 4,069.29.

4. -- Warren Buffett's  Berkshire Hathaway   disclosed on Thursday  it had taken a stake of 11 million shares in  Verizon  worth more than $500 million. The conglomerate added marginally to its investment in  IBM  amid the IT services giant's struggles.

Berkshire Hathaway also said in a 13-F filing with the  Securities and Exchange Commission that it purchased 7.35 million  Liberty Global Class C   shares in the first quarter.

IBM was the only stock of Berkshire's so-called big four stock investments that was added to in the quarter. The other stocks are Wells Fargo , Coca-Cola  and  American Express . Berkshire's buying was limited to just 233,100 new shares of IBM, less than 1% of the company's overall investment in IBM.

5. -- Struggling retailer  J.C. Penney reported first-quarter earnings above Wall Street's expectations, and same-store sales surged past forecasts.

J.C. Penney's comparable-store sales in the first quarter were 6.2%, above consensus expectations of 4% growth.

J.C. Penney reported a loss of $352 million, or $1.15 a share, in the first quarter, narrower than the year-earlier loss of $348 million, or $1.58 a share. Net sales rose 6.3% to $2.8.

Analysts expected a loss of $1.25 a share. Revenue growth was expected to rise 3% to $2.707 billion.

6. -- The Federal Communications Commission took first step toward adopting new regulations that could create fast lanes for Internet traffic from Web sites that can afford to pay for the privilege.

The recommendation, passed by a 3-2 vote on Thursday, moves the proposed rules governing "net neutrality" into a formal public comment period.

After the 120-day period ends, the FCC will revise the proposal and vote on a final set of rules. FCC Chairman Tom Wheeler has said he wants the rules in place by the end of this year.