Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, March 19:
1. -- U.S. stock futures were pointing to slight gains on Wall Street ahead of a vote in Cyprus on a bailout plan that would tax deposits in the country's banks.
Depositors with less than 20,000 euros in the bank could be spared the levy, according to reports.
European stocks were lower in early trading Tuesday. Asian shares finished the trading session mostly higher. Japan's Nikkei 225 index rose 2% to close at 12,468.23.
2. -- The economic calendar in the U.S. Tuesday includes housing starts and building permits for February at 8:30 a.m. EDT.
3. -- U.S. stocks on Monday fell as investors considered that the harsh bailout plan announced for Cyprus could be enacted in other eurozone countries to recapitalize distressed banks. The Dow Jones Industrial Average slumped 62.05 points, or 0.43%, to 14,452.06 after ending its longest winning streak on Friday in nearly 17 years. The Nasdaq lost 0.35% to close at 3,237.59. The S&P 500 slipped 0.55% to 1,551.10.
4. -- Electronic Arts (ERTS) CEO John Riccitiello is resigning from the games software maker as it struggles to reverse declining sales. EA, the maker of games such as the Madden franchise, Tiger Woods, and others, also announced that its revenue and earnings per share outlook for the current quarter will be lower than initially estimated.
5. -- Lululemon Athletica (LULU) said Monday it was pulling shipments of certain yoga pants from its stores because they were too sheer. Lululemon said the mistake by a supplier would reduce its expected first-quarter sales to $333 million to $343 million, down from previous expectations of $350 million to $355 million.
6. -- NPS Pharmaceuticals (NPSP) has reacquired worldwide marketing rights to two approved drugs, most notably its short bowel syndrome therapy Revestive, from Takeda.
7. -- Boeing (BA) received a $15.6 billion order for 175 passenger jets from Irish airline Ryanair.
8. -- Adobe Systems (ADBE), the graphic-design software maker, is expected by analysts on Tuesday to post fiscal first-quarter earnings of 31 cents a share on revenue of $986 million.
9. -- Money manager BlackRock (BLK) plans to lay off nearly 300 employees, or about 3% of its work force, Reuters reported, citing an internal memo it obtained.
10. -- Skullcandy (SKUL), the maker of headphones, named Hoby Darling, an executive from Nike, as its president and CEO.
-- Written by Joseph Woelfel
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