Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, June 18:
1. -- U.S. stock futures were rising Tuesday as investors awaited a widely watched inflation report heading into the first-day of the Federal Reserve's two-day policy meeting.
2. -- The economic calendar in the U.S. Tuesday includes the Consumer Price Index for May at 8:30 a.m. EDT, and housing starts and building permits for May, also at 8:30 a.m.
3. -- U.S. stocks on Monday finished higher but pared gains following a news report that the Fed is likely to address tapering of its monetary stimulus at its two-day meeting that ends Wednesday.
The S&P 500 gained 0.76% to 1,639.04, following better-than-expected manufacturing and housing reports which offered signs that the U.S. economic recovery is strengthening.
The Dow Jones Industrial Average added 0.73% to 15,179.85 while the Nasdaq tacked on 0.83% to 3,452.13.
4. -- Daniel Loeb's hedge fund, Third Point, raised its stake in Sony
Loeb sent a letter Tuesday to Sony CEO Kazuo Hirai that reiterated his argument that Sony should sell a 15% to 20% stake in its entertainment division. The Wall Street Journal reviewed the letter.
Loeb recommends in the letter that Hirai should serve as chairman of both the electronics business and the spun-off entertainment business.
5. -- Sprint
Sprint is the majority owner of Clearwire.
The lawsuit came one day before a deadline for Dish to sweeten its earlier $25.5 billion bid to buy Sprint, which has endorsed a competing bid by Japan's SoftBank, according to Reuters.
6. -- Boeing
The original 787 Dreamliner can seat between 210 and 250 passengers; the 787-10 would seat between 300 and 330.
7. -- Software maker Adobe Systems
8. -- Chrysler on Tuesday is expected to file papers explaining its refusal to recall 2.7 million older Jeep SUVs that are at risk of catching fire in rear-end collisions, The Associated Press reported.