May 16 Premarket Briefing: 10 Things You Should Know
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
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
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
5. -- Struggling retailer J.C. Penney
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.