NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, March 12:
1. -- U.S. stock futures were pointing to a lower start for Wall Street Tuesday as the red-hot momentum for equities globally lost some steam.
European stocks were mostly flat in early trading while Asian stocks finished with llosses during Tuesday's trading session. Japan's Nikkei 225 index fell 0.3% to close at 12,314.81, putting an end to an eight-day winning streak.
2. -- The economic calendar in the U.S. Tuesday includes the Treasury budget for February at 2 p.m. EST.
3. -- U.S. stocks on Monday closed higher, with the Dow Jones Industrial Average posting its fifth-straight record close. The Dow rose 0.4% to 14,447.29 with 23 stocks gaining and seven declining. The blue-chip index posted an intraday record high of 14,448.06. The S&P 500 added 5 points, or 0.3%, to close at 1,556.22. The Nasdaq was up 9 points, or 0.3%, to end at 3,252.87.
4. -- Costco Wholesale (COST), the warehouse retailer, posted fiscal second-quarter earnings of $547 million, or $1.24 share, up from year-earlier earnings of $394 million, or 90 cents a share. The latest quarter includes a tax benefit of 14 cents a share. Net sales in the second quarter rose 8.2% to $24.34 billion. Including membership fees, net revenue was $24.87 billion. Same-store sales in the quarter jumped 5%. Analysts were expecting earnings of $1.06 a share on revenue of $25.13 billion.
5. -- Yum! Brands (YUM) reported Monday a decline of 20% in its same-store sales in China for January and February, but that was better than the company's forecast of a 25% drop. The company's sales in China have been hurt in recent months by a food scare over its chicken suppliers. Yum! owns KFC, Taco Bell and Pizza Hut restaurants.
6. -- KKR (KKR) is considering teaming with other private-equity firms to pursue a buyout of Life Technologies (LIFE), The Wall Street Journal reported, citing people familiar with the matter. At least two other strategic buyers, Danaher (DHR) and Thermo Fisher Scientific (TMO) are weighing bids for biotech firm Life Technologies, according to other people, the newspaper said.
7. -- Urban Outfitters (URBN) posted fourth-quarter net income of $82.5 million, or 56 cents a share, on revenue of $856.8 million. Analysts were expecting earnings of 57 cents a share on sales of $850.5 million.
8. -- VeriFone Systems (PAY) said Monday that CEO Douglas Bergeron was stepping down after 12 years with the company.
9. -- Roman Catholic cardinals gathered Tuesday in Vatican City to begin the process of electing a new pope, following the Feb. 11 announcement from Pope Benedict XVI that he would resign.
10. -- A judge struck down New York City's ban on big sugary drinks Monday just hours before it was supposed to take effect, but Mayor Michael Bloomberg said he'd press on with the anti-obesity effort.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV