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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, June 18:

1. -- U.S. stock futures were rising Tuesday as investors awaited a widely watched inflation report heading into the first-day of the Federal Reserve's two-day policy meeting.

2. -- The economic calendar in the U.S. Tuesday includes the Consumer Price Index for May at 8:30 a.m. EDT, and housing starts and building permits for May, also at 8:30 a.m.

3. -- U.S. stocks on Monday finished higher but pared gains following a news report that the Fed is likely to address tapering of its monetary stimulus at its two-day meeting that ends Wednesday.

The S&P 500 gained 0.76% to 1,639.04, following better-than-expected manufacturing and housing reports which offered signs that the U.S. economic recovery is strengthening.

The Dow Jones Industrial Average added 0.73% to 15,179.85 while the Nasdaq tacked on 0.83% to 3,452.13.

4. -- Daniel Loeb's hedge fund, Third Point, raised its stake in Sony (SNE - Get Report) to 70 million shares, or 6.9% of the Japanese electronics giant.

Loeb sent a letter Tuesday to Sony CEO Kazuo Hirai that reiterated his argument that Sony should sell a 15% to 20% stake in its entertainment division. The Wall Street Journal reviewed the letter.

Loeb recommends in the letter that Hirai should serve as chairman of both the electronics business and the spun-off entertainment business.

5. -- Sprint (S) sued Dish Network (DISH) on Monday, looking to block the satellite-TV provider's tender offer for Clearwire (CLWR).

Sprint is the majority owner of Clearwire.

The lawsuit came one day before a deadline for Dish to sweeten its earlier $25.5 billion bid to buy Sprint, which has endorsed a competing bid by Japan's SoftBank, according to Reuters.

6. -- Boeing (BA - Get Report) announced the formal launch of its 787-10 program at the Paris Air Show on Tuesday, adding it already has commitments from several customers, including United Airlines.

The original 787 Dreamliner can seat between 210 and 250 passengers; the 787-10 would seat between 300 and 330.

7. -- Software maker Adobe Systems (ADBE - Get Report) is forecast by analysts to report on Tuesday fiscal second-quarter earnings of 33 cents a share on revenue of $1.01 billion.

8. -- Chrysler on Tuesday is expected to file papers explaining its refusal to recall 2.7 million older Jeep SUVs that are at risk of catching fire in rear-end collisions, The Associated Press reported.
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CLWR $0.00 0.00%
ADBE $93.66 0.00%
BA $132.49 0.00%
S $3.67 0.00%
SNE $24.12 0.00%


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