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Morning Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, May 28:

1. -- U.S. stock futures were pointing to a rebound Tuesday after the S&P 500 posted its first weekly decline in five weeks ahead of what's expected to be improved consumer confidence and home price reports and amid a pair of upbeat M&A developments.


2. -- The economic calendar in the U.S. Tuesday includes the S&P/Case-Shiller 20-city home-price index for March at 9 a.m. EDT, and consumer confidence for May at 10 a.m.


3. -- U.S. stocks on Friday closed mixed and posted their first weekly decline in five weeks on concern the Federal Reserve may wind down its stimulus program.

The S&P 500 finished down 0.06% on Friday to 1,649.60, off 1.07% for the week. It was the first weekly decline since the week ended April 19.

The Dow Jones Industrial Average settled up 0.06% on Friday to 15,303.10 and inched down 0.33% for the week. The Nasdaq closed down 0.01% to 3,459.14, off 1.14% for the week.

Stock markets in the U.S. were closed Monday for the Memorial Day holiday.


4. -- Valeant Pharmaceuticals (VRX), Canada's largest drugmaker, announced it has agreed to acquire eye-care company Bausch & Lomb for $8.7 billion.


5. -- U.K. drugmaker AstraZeneca (AZN) agreed to buy specialty pharmaceutical company Omthera (OMTH) for $12.70 a share, or about $323 million, a premium of 88% to Omthera's closing price on Friday of $6.77.


6. -- Tiffany (TIF), the jeweler, is expected by analysts to report on Tuesday first-quarter earnings of 52 cents a share on sales of $855.1 million.


7. -- Yahoo! has bid from $600 million to $800 million for the premium video site Hulu, according to AllThingsD, which cited numerous sources close to the situation.


8. -- A fire aboard Royal Caribbean's (RCL) "Grandeur of the Seas," which was carrying about 3,000 passengers, on Monday led to the cancellation of the rest of the voyage.

Stock quotes in this article: VRX, AZN, OMTH, TIF, UNFI, YHOO, RCL 

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