Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Thursday, May 23:
1. -- U.S. stock futures were pointing lower on Wall Street Thursday on worries that the Federal Reserve may be heading for a wind-down of quantitative easing. Furthermore, manufacturing data in China unexpectedly contracted.
2. -- The economic calendar in the U.S. Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, and new-home sales for April at 10 a.m.
3. -- U.S. stocks on Wednesday closed lower, erased morning gains after the Federal Reserve's minutes from its latest policy-making meeting showed that some members are open to scaling back monetary stimulus by June.
4. -- Japanese stocks plummeted Thursday amid a spike in government bond yields and unexpectedly weak Chinese manufacturing. The Nikkei 225 in Tokyo nosedived 7.3% to close at 14,483.98, its worst drop since the 2011 tsunami.
5. -- Hewlett-Packard
HP reported earnings of 87 cents a share in the first quarter on revenue of $27.6 billion.
Analysts were looking for profit of 82 cents a share on sales of $28.36 billion.
For the third quarter, HP expects it will earn on a non-GAAP basis between 84 cents and 87 cents a share. For the full year, the company expects non-GAAP earnings of between $3.50 and $3.60 a share.
6. -- Wall Street expects Sears
7. -- Gap
8. -- Ford
The closure of the plants will mean the loss of 1,200 jobs.
9. -- Pandora Media