NEW YORK ( TheStreet) -- Here are 10 things you should know for Friday, May 31:
1. -- U.S. stock futures were sinking Friday, pointing to a lower start on Wall Street as investors awaited another round of economic reports and pondered the Federal Reserve's plans on stimulus.
2. -- The economic calendar in the U.S. Friday includes personal income and personal spending for April at 8:30 a.m. EDT, Chicago PMI at 9:45 a.m., and the final University of Michigan sentiment index for May at 9:55 a.m.
3. -- U.S. stocks on Thursday rose after weaker-than-anticipated reports on U.S. growth and the housing market fueled sentiment the Federal Reserve will maintain its aggressive stimulus measures. The S&P 500 rose 0.37% to close at 1,654.41. The index is up 16% in 2013.
4. -- Clearwire (CLWR) said it will delay a meeting scheduled for Friday to vote on Sprint's (S) buyout offer of $3.40 a share, following a counter bid from Dish Network (DISH) of $4.40 a share. Clearwire said the meeting would reconvene on June 13. Meanwhile, the company said it would talk to Dish about its offer.
5. -- Sony (SNE - Get Report) has hired Morgan Stanley and Citigroup to help evaluate options for its entertainment business, CNBC reported. Hedge fund manager Daniel Loeb has proposed that Sony spin off up to 20% of its movie, TV and music division.
6. -- Procter & Gamble (PG - Get Report) plans to elevate four senior executives to new top roles, a move that would publicly identify candidates to succeed returned CEO A.G. Lafley, people familiar with the matter told The Wall Street Journal.
7. -- OmniVision Technologies (OVTI - Get Report), the semiconductor company, posted strong earnings on Thursday and guided well above analysts' estimates. For the first quarter of fiscal 2015, OmniVision said it expects earnings between 35 cents and 52 cents a share; it expects sales of between $355 million and $390 million. Analysts are looking for earnings of 28 cents a share on sales of $347.2 million.
8. -- Palo Alto Networks (PANW - Get Report), the business-technology provider, missed quarterly sales estimates and swung to a loss, amid what it called a "tough macroeconomic environment."