Morning Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- U.S. stock futures were signaling a flat to lower open for Wall Street on Tuesday. European shares were wavering while Asian shares closed mixed despite signs that manufacturing in China is beginning to recover.

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HSBC's monthly survey of Chinese manufacturers showed the contraction in manufacturing eased in July. The bank's Purchasing Managers' Index, which combines various measures of manufacturing activity, rose to 49.5 from 48.2; readings above 50 indicate growth.

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U.S. stocks on Monday finished deeply in the red Monday as questions about Greece's ability to live up to austerity measures and soaring Spanish bond yields reignited frustration about the pace of progress in the eurozone.

The Dow Jones Industrial Average fell 101 points, or 0.79%, to close Monday at 12,721.46.

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Tuesday's economic calendar in the U.S. includes the Federal Housing Finance Agency's housing price index for May at 10 a.m. EDT.

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Apple (AAPL), the iPhone, iPad and iPod maker, delivers its much-anticipated fiscal third-quarter report after the closing bell Tuesday and analysts are calling for earnings of $10.36 a share on revenue of $37.23 billion.

TheStreet will be live-blogging Apple's earnings beginning at 3:45 p.m. EDT.

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Netflix (NFLX) is seen by analysts Tuesday posting a profit of 5 cents a share in the June-ended quarter on revenue of $888.9 million.

Netflix previously forecast 23.6 million to 24.2 million total U.S. subscriptions in the quarter vs. the 23.2 million total with which it finished the first quarter.

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United Parcel Service (UPS) is expected by analysts Tuesday to post second-quarter net income of $1.17 a share on revenue of $13.69 billion.

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VMware (VMW) announced a deal Monday to acquire network virtualization software maker Nicira for more than $1 billion in cash.

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Cisco (CSCO) said Monday it plans to cut 2% of its work force in the latest phase of its long-running restructuring effort.

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Ichiro Suzuki singled to center in his first at-bat for the Yankees in its 4-1 win over the Seattle Mariners on Monday at Safeco Field. Suzuki was traded to the Yankees from the Mariners earlier in the day.

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-- Written by Joseph Woelfel



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