Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, May 22:
1. -- U.S. stock futures were trading higher Wednesday as investors awaited testimony from Federal Reserve Chairman Ben Bernanke on the economy and awaited a report that's expected to show stronger existing home sales.
2. -- The economic calendar in the U.S. Wednesday includes existing home sales for April at 10 a.m. EDT.
Bernanke will begin testimony before the Joint Economic Committee of Congress at 10 a.m.
3. -- U.S. stocks on Tuesday closed higher as St. Louis Federal Bank President James Bullard said quantitative easing remains the best monetary policy option right now.
The S&P 500 gained 0.17% to close at 1,669.16.
4. -- Lowe's
Lowe's earned $540 million, or 49 cents a share, in the first quarter, up from $527 million, or 43 cents a share, a year earlier.
Analysts were looking for first-quarter earnings of 51 cents a share on revenue of $13.45 billion.
Home-improvement rival Home Depot
5. -- Saks
The New York Post reported that likely bidders for the retailer include private-equity firms KKR and Leonard Green & Partners.
6. -- Sony
Loeb said money from the sale could be used to shore up Sony's ailing device manufacturing unit.
Sony initially responded by saying its entertainment business wasn't for sale.
7. -- Hewlett-Packard
8. -- Ford