May 5 Premarket Briefing: 10 Things You Should Know
Updated from 6:48 a.m. EDT
Here are 10 things you should know for Monday, May 5:
1. -- U.S. stock futures were suggesting Wall Street would open lower Monday after a survey found that manufacturing in China shrank for the fourth month in a row in April.
Stocks in France and Germany were lower. Markets in Britain were closed for a public holiday.
Japanese markets also were closed. Hong Kong's Hang Seng fell 1.3% while the Shanghai Composite in mainland China rose 0.1%.
2. -- The economic calendar in the U.S. on Monday includes the ISM Services for April at 10 a.m. EDT.
3. -- U.S. stocks on Friday closed lower, erasing early gains after April's jobs report showed a falling work force participation rate.
The Dow Jones Industrial Average fell 0.28% to close at 16,512.89, while the S&P 500 dipped 0.13% to 1,881.14. The Nasdaq dropped 0.09% to 4,123.90. The Dow, S&P and Nasdaq for the week gained 0.93%, 0.95% and 1.19%, respectively.
4. -- Berkshire Hathaway
When asked by a shareholder about announcing a successor, Buffett, the 82-year-old billionaire, didn't disclose the name of Berkshire's next CEO but instead reiterated comments that the company's board already has been informed of a replacement.
Berkshire said Friday that first-quarter profit slipped nearly 4% largely because of an accounting charge in its insurance units.
5. -- Pfizer
Net income was $2.33 billion, or 36 cents a share, down from $2.75 billion, or 38 cents, a year earlier.
Excluding one-time charges, earnings were 57 cents a share. Analysts were expecting 55 cents.
Revenue fell 9% to $11.35 billion. Analysts expected $12.08 billion.
The stock fell 1.1% in premarket trading to $30.41.
6. -- Bill Gates , Microsoft's
Gates sold 4.6 million Microsoft shares at the end of last month, reducing his holdings in the company to 330.1 million shares, putting him second behind fellow former CEO Steve Ballmer, who owns 333 millions shares, according to CNET.com.
CNET noted that under a preset trading plan, Gates' ownership stake in Microsoft likely will vanish in four years.
7. -- JPMorgan Chase
"Based on Markets revenue results to date, which reflect a continued challenging environment and lower client activity levels, expect 2Q14 Markets revenue to be down approximately 20%+/- versus 2Q13. The Markets revenue actual results will depend heavily on performance throughout the remainder of the quarter, which can be volatile," the firm stated in its 10-Q filing for the first quarter, which was released Friday after the market closed.