Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, June 21:
1. -- U.S. stock futures were pointing to modest gains on Friday following a rout Thursday that saw the S&P 500 record its biggest daily decline since Nov. 11, 2011.
Asian stocks finished the trading session mostly lower, while European shares were stabilizing even though investors remained edgy over the possibility that the Federal Reserve could begin reducing economic stimulus later this year.
2. -- The economic calendar in the U.S. Friday is bare.
3. -- U.S. stocks on Thursday fell the most in 19 months Thursday on fears the Fed plans to reduce the bond-buying that has fueled equity markets for more than a year and kept mortgage rates at historic lows.
The S&P 500 dropped 2.5% to close at 1,588.19. The Dow Jones Industrial Average declined 2.34% to 14,758.32. The Nasdaq shed 2.28% to 3,364.63.
4. -- Sprint
Sprint's $5-a-share offer and the bid's acceptance from a special committee of Clearwire's board indicates that Sprint is trying to finish its merger ahead of key shareholder meetings through June. The revised offer, a 47% premium from Sprint's last $3.40-a-share bid for Clearwire, also signals the company is caving to pressure from Dish.
Dish has frustrated Sprint's plans at a merger with Japanese telecom SoftBank and in its acquisition of Clearwire, causing rising takeover prices at multiple stages of a near one-year long consolidation effort. Softbank said Friday it was confident it would close its acquisition of Sprint in early July.
With valuable wireless spectrum assets, Clearwire is an important piece of Sprint's multi-billion dollar, multi-year effort to revamp its wireless service and better serve rising smartphone data usage.
5. -- Oracle
Cloud is supposed have been a key area of future growth for Oracle as the company tries to manage a transition to a cloud architecture from its traditional client-server architecture.
Oracle reported earnings of 87 cents a share, up 5% from a year earlier. Revenue was unchanged at $11 billion. Analysts were expecting sales of $11.12 billion.
6. -- Apple
The Tokyo District Court issued a partial verdict Friday in favor of Apple in the case that centered on "bounce-back" technology for scrolling on devices. Damages weren't announced.
7. -- Facebook
The app, available for both Apple's iOS and Google's
8. -- The Conference Board said Thursday it will no longer provide its economic reports in advance to news organizations because it suspects the data is being diverted early to computer-driven trading systems, The Associated Press reported.
The Conference Board traditionally provided the monthly data to reporters 30 minutes before its public release. Starting Tuesday, the data will be released to everyone simultaneously, AP said.