Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Monday, May 13:
1. -- U.S. stock futures were pointing to a lower open for U.S. markets Monday ahead of April's retail sales numbers, which are expected to have weakened.
"This week we expect a variety of inflation indicators to be dragged down by declining energy prices. Cheaper prices should also lead to lower nominal gasoline sales, which will weigh on overall retail sales," Ethan Harris, co-head of global economics research of Bank of America in New York, penned in a note.
2. -- The economic calendar in the U.S. Monday includes retail sales for April at 8:30 a.m. EDT, and business inventories for March at 10 a.m.
3. -- U.S. stocks on Friday finished higher as Federal Reserve Chairman Ben Bernanke signaled a continuation of monetary support for a U.S. economic recovery. The S&P 500 rose 0.43% to 1,633.70, and gained 1.19% for the week. The Dow Jones Industrial Average rose 0.2% to 15,118.49. The blue-chip index added 1% for the week. The Nasdaq closed up 0.8% to 3,436.58, rising 1.7% for the week.
4. -- Elan (ELN) and Theravance (THRX) reached a $1 billion agreement in which Elan will buy 21% of royalties that Theravance receives from GlaxoSmithKline (GSK) for four respiratory drugs. The deal includes Breo Ellipta, a new treatment for chronic obstructive pulmonary disease that received approval from the Food and Drug Administration last week.
5. -- Bloomberg said it has corrected a "mistake" in its news-gathering policies and cut off its journalists' special access to client log-in activity on the company's trading information terminals after Goldman Sachs complained about the matter last month.
6. -- Jamie Dimon raised the possibility that he might leave JPMorgan Chase (JPM) if shareholders vote to separate his roles of CEO and chairman, The Wall Street Journal reported, citing people who attended a private meeting at the bank's headquarters. A final vote on a proposal to split the CEO and chairman roles will be announced May 21 at the company's annual shareholder meeting.
7. -- Cereal company Post Holdings (POST) is expected by Wall Street to report fiscal second-quarter earnings of 27 cents a share on revenue of $255.7 million.
8. -- Take-Two Interactive Software (TTWO) is expected by analysts on Monday to post fiscal fourth-quarter earnings of 23 cents a share on revenue of $280.1 million.
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