Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, Sept. 27:
1. -- U.S. stock futures were pointing lower Friday as the budget battle in Washington continued.
European stocks were falling. Asian shares finished the session mixed. Japan's Nikkei 225 index fell 0.3%; Hong Kong's Hang Seng Index rose 0.3%.
2. -- The economic calendar in the U.S. Friday includes personal income and personal spending for August at 8:30 a.m. EDT, and the final University of Michigan Sentiment Index for September at 9:55 a.m.
3. -- U.S. stocks on Thursday rose, ending the S&P 500's longest losing streak since December, as the latest jobless claims numbers provided a constructive read on the labor market ahead of next week's widely watched monthly government jobs report. There was also hope that Washington's fiscal drama will come to a halt even if it means an 11th-hour budget deal.
The S&P 500 rose 0.35% to 1,698.67. The Dow Jones Industrial Average closed higher on Thursday by 0.36% to 15,328.11. The Nasdaq added 0.7% to close at 3,787.43.
4. -- BlackBerry
BlackBerry canceled Friday's conference call with analysts to discuss earnings in light of Fairfax's letter of intent that "contemplates" buying BlackBerry for $9 a share, or $4.7 billion. Fairfax is BlackBerry's largest shareholder.
Meanwhile, Reuters reported that Fairfax boss Prem Watsa played a role in securing a golden parachute worth as much as $55 million for BlackBerry CEO Thorsten Heins, according to company filings.
Watsa joined BlackBerry's board in January 2012 and was one of three directors charged in March with reviewing the compensation of Heins, according to Reuters.
5. -- J.C. Penney
Penney said proceeds from the offering would be used for general corporate purposes.
The company said it plans to sell 84 million common shares. It also granted Goldman Sachs, the underwriter, a 30-day option to purchase up to 12.6 million more shares.
Based on Thursday's closing price of $10.42, the company would raise proceeds of more than $1 billion before expenses.
Separately, J.C. Penney disclosed in a regulatory filing that its controller, Mark Sweeney, left the company last week.
6. -- Nike
Nike said revenue in the quarter rose 8% to $6.97 billion.
Nike, dealing with a growth slowdown in China, said it expects China revenue to grow in the second quarter and be roughly flat for the year as it works to turnaround results.
7. -- Ford
Mullally denied earlier this month he was leaving the automaker.
People with knowledge of the situation told AllThingsD that while the 68-year-old Mulally wasn't seeking the job at first, he has become more amenable to the idea in recent weeks.