May 29 Premarket Briefing: 10 Things You Should Know

Tickers in this article: AAPL AMSG ANF COST GM PANW
Updated from 6:52 a.m. EDT

Here are 10 things you should know for Thursday, May 29:

1. 
-- U.S. stock futures were pointing to modest gains on Wall Street Thursday as global stocks mostly fell ahead of data on U.S. economic growth.

European stocks traded mixed. Japanese shares bucked the losing trend in Asia and rose 0.1%.

2. -- The  economic calendar  in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, the second estimate of first-quarter gross domestic product at 8:30 a.m., and pending home sales for April at 10 a.m.

3. -- U.S. stocks  on Wednesday settled lower on Wednesday following Tuesday's record close for the  S&P 500 .

The Dow Jones Industrial Average  fell 0.25% to 16,633.18, while the S&P 500 lost 0.11% to close at 1,909.78. The  Nasdaq slid 0.28% to 4,225.08. 

4. -- Apple  agreed to buy  Beats Electronics  for $3 billion, as the tech giant makes a historic purchase, bringing another major brand under its umbrella.

The purchase will include Beats Music and Beats Electronics, which makes the popular Beats headphones, speakers and audio  software. As part of the deal, Apple is paying $2.6 billion in cash, and about $400 million in equity that will vest over time.

Beats executive Jimmy Iovine and Beats co-founder Dr. Dre will join Apple.

Apple shares rose 0.3% in premarket trading on Thursday to $625.84.

5. -- Raymond DeGiorgio, an  engineer at General Motors who is at the center of accusations that the company covered up a deadly defect , appeared distraught during lengthy questioning by congressional investigators, according to people familiar with the session, The New York Times reported.

DeGiorgio, who was suspended last month with pay, has not spoken publicly since GM acknowledged the ignition switch defect in February and began recalling millions of Chevrolet Cobalts, Saturn Ions and other models. The automaker has linked the defect to 13 deaths.

A House staff aide said that DeGiorgio, 61, appeared "genuinely upset" about the deaths and about his inability to connect the ignition switch problem with the failure of air bags to deploy, the Times reported.

Analysts were expecting earnings of $1.10 a share

Same-store sales in the quarter rose 6%, Costco said.

Costco shares fell 1% to $113.11 in premarket trading.

7.
 -- Teen retailer Abercrombie & Fitch   posted on Thursday an adjusted first-quarter loss of 17 cents a share; analysts were expecting a loss of 19 cents a share.