Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- U.S. stock futures were signaling sharp losses on Wall Street Friday after House Speaker John Boehner said late Thursday he didn't have the votes from members to pass his "Plan B" fiscal-cliff proposal.
"The House did not take up the tax measure today because it did not have sufficient support from our members to pass," Boehner said in a statement Thursday. "Now it is up to the president to work with Sen. [Harry] Reid on legislation to avert the fiscal cliff."
European stocks were falling while Asian shares ended Friday's trading session mostly to the downside. Japan's Nikkei 225 index fell 1% to close at 9,940.06.
The economic calendar in the U.S. Friday includes data on durable goods at 8:30 a.m. EST, and the University of Michigan consumer sentiment survey for December at 9:55 a.m.
U.S. stocks on Thursday finished higher as investors cheered better-than-expected economic growth. The Dow Jones Industrial Average climbed 60 points, or 0.45%, to close at 13,312.
Research In Motion (RIMM) reported a fiscal third-quarter loss Thursday that was narrower than Wall Street's expectations. The stock of the BlackBerry maker moved higher in after-hours trading Thursday but reversed course during an earnings call after RIM said it would change the way it charges customers service fees, putting a key source of revenue at risk.
Nike's (NKE) second-quarter earnings fell 18% but topped expectations because of strong demand in North America. Revenue in the quarter rose 7% to $5.96 billion. Nike brand revenue rose 11%. Nike said orders for shoes and apparel to be delivered between December and April rose 6% from last year to $9.3 billion.
Red Hat (RHT) posted third-quarter sales that topped analysts' estimates and it announced Thursday it was acquiring ManageIQ, a cloud software company, for $104 million in cash.
Walgreen (WAG) is expected by analysts Friday to report fiscal first-quarter earnings of 70 cents a share on revenue of $17.45 billion.
Nokia (NOK) said Friday it entered into a new license agreement with rival Research In Motion that will end all existing patent litigation between the two tech companies. -- Written by Joseph Woelfel
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