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Morning Briefing: 10 Things You Should Know

Stocks in this article: DIS JCP TM YHOO TSLA MSFT GRPN

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, May 8:

1. -- U.S. stock futures were pointing to extended gains Wednesday after major indices on Tuesday again soared to record levels and as international markets rallied on positive economic reports.

2. -- The economic calendar in the U.S. Wednesday includes crude inventories at 10:30 a.m. EDT.

3. -- U.S. stocks on Tuesday gained after central banks from Australia to Japan took action to stimulate their economies.

The S&P 500 rose 0.5% to close at 1,625.96. The index has climbed more than 14% this year. The Dow Jones Industrial Average added 0.6% to 15,056.20 while the Nasdaq tacked on 0.1% to 3,396.63.

4. -- Walt Disney's (DIS) sales and profits for the three months ended March 31 beat analysts' forecasts as the world's largest entertainment company posted growth at its television networks, film studios and amusement parks.

5. -- J.C. Penney's (JCP) fiscal first-quarter sales fell more than Wall Street expected.

The department store retailer said total sales in the quarter dropped to $2.64 billion, down 16.4% from a year earlier.

6. -- Toyota's (TM) quarterly profit more than doubled to 313.9 billion yen ($3.2 billion) amid cost cuts and rising sales.

Toyota on Wednesday said it expects profit for the year ended next March of 1.37 trillion yen ($13.8 billion), up from 962 billion yen for the year ended March 2013.

7. -- Tesla Motors (TSLA), the electric vehicle maker, is forecast to post on Wednesday first-quarter profit of 4 cents a share on sales of almost $500 million.

8. -- Groupon (GRPN), the daily deals Web site, is predicted by Wall Street to report quarterly earnings of 3 cents a share on revenue of $590 million.

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