May 8 Premarket Briefing: 10 Things You Should Know

Tickers in this article: BCS DISH DTV PCLN T TGT TM TSLA
Updated from 7:14 a.m. EDT

Here are 10 things you should know for Thursday, May 8:

1. 
-- U.S. stock futures were flat Thursday as investors awaited jobless claims numbers and a second day of congressional testimony from  Federal Reserve  Chair Janet Yellen

International markets rose on improved China trade data. Japan's Nikkei 225 index finished the session with a gain of 0.9% while China's Shanghai Composite gained 0.3%.

2. -- The  economic calendar  in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT. Federal Reserve Chairwoman Janet Yellen will appear before the Senate Budget Committee at 9:30 a.m. in her second day of testimony before Congress.

3. -- U.S. stocks  on Wednesday closed mixed Wednesday as tech stocks fell and investors digested remarks from  Federal Reserve  Chair Janet Yellen. 

The Dow Jones Industrial Average  rose 0.72% to close at 16,518.54 while the  S&P 500  rose 0.56% to 1,878.21. The  Nasdaq fell 0.32% to 4,067.67.

4. -- Barclays , the British bank, said Thursday it would cut about 14,000 jobs this year as it looks to streamline its operations and reduce the size of its investment banking arm.

The figure was higher than anticipated; previously the bank had indicated that it was looking to get rid of between 10,000 and 12,000 people.

Barclays said it would cut a total of 7,000 positions in investment banking by the end of 2016. A total of 19,000 jobs will be cut through 2016.

Barclays shares rose 5.2% in premarket trading to $17.37.

5. -- Tesla Motors  , the electric-car maker, reported  first-quarter results that topped analysts' expectations.

Tesla earned 12 cents a share on an adjusted basis on revenue of $713 million, as it delivered 6,457 Model S units in the first quarter. Tesla produced 7,535 Model S units during the quarter, but wasn't able to deliver them all due to the number of cars in transit to both Europe and Asia.

The company said non-GAAP gross margins were 25.4% for the quarter, slightly above the 25.2% it reported in the fourth quarter. Tesla generated $61 million in  cash flow  from operations during the quarter. 

Wall Street expected Tesla to report first-quarter earnings of 10 cents a share on sales of $699.1 million.

Tesla said it expects to deliver about 7,500 Model S units, as the company looks to surpass 35,000 Model S deliveries for the year. Tesla is looking to produce between 8,500 and 9,000 cars for the quarter, up 13% to 19% sequentially.

"We still plan to invest $650-850 million for the year in capital expenditures for increased production capacity, growth in our store, service center and Supercharger footprints, Model X and S development and start of Gigafactory construction," CEO Elon Musk noted. As a result, he expects Tesla to be cash flow negative for 2014, before "considering the  equity required for leasing."