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TheStreet Open House

Morning Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, June 19:

1. -- U.S. stock futures were pointing to a flat open for Wall Street on Wednesday as investors await word of whether the Federal Reserve will scale back its monthly $85 billion in purchases of mortgage-backed securities and longer-term Treasuries.


2. -- The economic calendar in the U.S. Wednesday includes the rates decision from the Federal Open Market Committee at 2 p.m. EDT.


3. -- U.S. stocks on Tuesday pushed higher as investors anticipated that the Federal Reserve won't announce steps to aggressively curb the bond-buying program that has helped drive equities for more than a year.

The S&P 500 tacked on 0.78% to close at 1,651.80 while the Dow Jones Industrial Average gained 0.91% to 15,318.23. The Nasdaq popped 0.87% to finish at 3,482.18.


4. -- Dish Network (DISH), the satellite TV operator, said Tuesday it wouldn't submit a revised bid for Sprint (S), clearing the way for Sprint to be acquired by Japan's Softbank.

Sprint had given Dish until Tuesday to submit a sweetened bid for the No. 3 wireless carrier in the U.S.

Dish said it would continue to focus on its bid for Clearwire (CLWR), a wireless network operator in which Sprint is the majority owner.

"We will consider our options with respect to Sprint, and focus our efforts and resources on completing the Clearwire tender offer," Dish said in a statement on Tuesday.


5. -- Carl Icahn is offering to buy up to $16 billion in Dell (DELL) shares at $14 a share, or roughly 72% of the company's total shares, as the activist investor tries to improve upon a $13.65-a-share takeover offered by Silver Lake Partners and founder Michael Dell that has full support from the struggling PC-maker.

According to a letter sent to Dell's shareholders, Icahn is asking current investors to vote against the Silver Lake-led takeover at the company's July 18 annual meeting and elect a hostile slate of board directors elected by the Icahn. Those directors would then implement Icahn's proposed $14-a-share tender offer.

A special committee of Dell's board said Tuesday that Icahn's latest proposal lacks adequate financing or a commitment from anyone to participate in the tender offer.


6. -- DreamWorks Animation (DWA) said Tuesday that a new deal to provide original TV shows to Netflix (NFLX) would help it double the revenue it gets from TV shows to $200 million by 2015.


7. -- Software maker Adobe Systems (ADBE) said fiscal second-quarter profit fell to $76.6 million, or 15 cents a share, from $233.9 million, or 45 cents a share, a year earlier. Adjusted earnings in the quarter were 36 cents a share.

Revenue fell 10% to $1.01 billion.

Wall Street expected Adobe to post earnings of 33 cents a share on revenue of $1.01 billion.

Adobe said revenue from subscriptions jumped 60% in March through May from a year earlier, to $254.5 million.


8. -- FedEx (FDX), the shipping giant, is expected by analysts to report on Wednesday fiscal fourth-quarter earnings of $1.96 a share on revenue of $11.44 billion.

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