Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, March 13:
1. -- U.S. stock futures were suggesting a weaker start for Wall Street on Wednesday, putting in jeopardy the Dow Jones Industrial Average's eight-day winning streak.
European shares were slipping on a drop in industrial production in the U.K. while Asian stocks ended mostly lower on Wednesday. Japan's Nikkei 225 index fell 0.6% to close at 12,239.66.
2. -- The economic calendar in the U.S. Wednesday includes retail sales for February at 8:30 a.m. EST and business inventories for January at 10 a.m.
3. -- U.S. stocks on Tuesday finished mixed as investor enthusiasm ebbed following more than a week of record gains.
The Dow managed to eek out an eighth-consecutive winning session and a sixth-straight record closing high while the S&P 500 snapped its seven-day rally.
The S&P 500 ended the day down 0.24% at 1,552.48 as the Dow finished up 2.77 points, or 0.02%, to 14,450.06. The technology-heavy Nasdaq slipped 0.32% to 3,242.32.
4. -- Boeing's(BA) plan to redesign the 787 Dreamliner's lithium-ion batteries won approval Tuesday from the Federal Aviation Administration.
5. -- Spectrum Pharmaceuticals(SPPI) warned Tuesday that sales of colon cancer drug Fusilev will be $10 million to $15 million in the first quarter and $80 million to $90 million for all of 2013.
Fusilev sales came in at $44.6 million and $204 million in the fourth quarter and full year 2012, respectively. Spectrum CEO Raj Shrotriya promised investors recently more revenue growth in 2013. But Tuesday the CEO admitted first-quarter Fusilev sales will drop more than 70% sequentially, and will decline by 60% in 2013.
6. -- Google(GOOG) agreed to pay a $7 million fine to settle with 38 states an investigation into the company's interception of emails, passwords and other sensitive personal information through its Street View cars that collected data from unsecured wireless networks.
7. -- Hostess agreed on Tuesday to sell its Twinkies and Ding Dongs brands to investment firms Metropoulos & Co. and Apollo Global Management for $410 million.
8. -- Analysts on Wall Street expect Men's Wearhouse(MW) on Wednesday to report a fourth-quarter loss of 5 cents a share on revenue of $610 million.
9. -- Velti(VELT) swung to a fourth-quarter loss of more than $5 million and said it expects revenue for the full year of $255 million to $280 million, below analysts' expectations of $340 million.
10. -- Express(EXPR) is forecast by analysts to post fourth-quarter profit Wednesday of 74 cents a share on revenue of $722.4 million.
-- Written by Joseph Woelfel
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