Nov. 20 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Wednesday, Nov. 20:
1.-- U.S. stock futures were suggesting modest gains for Wall Street on Wednesday while global stocks declined on a weaker outlook for global growth.
Stocks in London, Frankfurt and Paris were slightly lower. Asian shares ended the session to the downside. Japan's Nikkei 225 index fell 0.3%.
The Organization for Economic Cooperation and Development on Tuesday cut its forecast for world growth this year to 2.7% and 3.6% for 2014.
2.-- The economic calendar in the U.S. Wednesday includes retail sales for October at 8:30 a.m. EST, the Consumer Price Index for October at 8:30 a.m., and existing-home sales for October at 10 a.m. Minutes from the Oct. 30 Federal Open Market Committee meeting will be released at 2 p.m.
3.-- U.S. stocks on Tuesday closed lower as sluggish corporate forecasts exposed consumer uncertainty about the economic recovery and the OECD lowered its outlook on the global economy.
The S&P 500 lost 0.2% to close at 1,787.87 while the Dow Jones Industrial Average dipped 0.06% to 15,967.03. The Nasdaq slid 0.44% to 3,931.55.
"Today's settlement is a significant, but by no means final step, by the Federal Housing Finance Agency's Office of the Inspector General, the Department of Justice and the New York Attorney General's Office and our other law enforcement partners, to hold accountable those who commit acts of fraud and deceit," Schneiderman said in a press release.
Schneiderman said JPMorgan's settlement will include $4 billion in assistance to distressed homeowners and $9 billion in cash payments. He also said the deal will cover all civil claims by government authorities related to sales of residential mortgage-backed securities (RMBS) by JPMorgan, Bear Stearns and Washington Mutual before 2009.
5.-- J.C. Penney
Same-store sales for the quarter are expected to dip by 3.3%, an improvement from the 11.9% drop in the second quarter.
For the year-earlier quarter, J.C. Penney posted a loss of 93 cents a share on revenue of $2.93 billion.
The stock jumped 1.7% to $35.22 in after-hours trading Tuesday on the news.
Yahoo! has spent $3.1 billion on share buybacks in the first nine months of 2013, according to Reuters.
7.-- Private-equity firm Roark Capital agreed to buy a majority stake in CKE, the parent company of the Hardees and Carl's Jr. fast food chains.