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Morning Briefing: 10 Things You Should Know


NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, July 2:

1. -- U.S. stock futures were rising Tuesday, suggesting a higher open for Wall Street, as investor worries over a possible end to the Federal Reserve's stimulus programs subsided on lukewarm U.S. data.

Asian shares ended Tuesday's session mostly higher. Japan's Nikkei 225 gained 1.8% to close at 14,098.74.

European stocks were trading lower after posting gains on Monday.

2. -- The economic calendar in the U.S. Tuesday includes factory orders for May at 10 a.m. EDT.

3. -- U.S. stocks on Monday kicked off the second half of 2013 to the upside.

The S&P 500 rose 0.5% to close at 1,614.96 while the Dow Jones Industrial Average added 0.4% to 14,974.96. The Nasdaq tacked on 0.9% to 3,434.49.

4. -- Zynga (ZNGA) CEO Mark Pincus is to be replaced next Monday by Don Mattrick, who most recently served as head of Microsoft's Xbox division.

Zynga , the maker of "Farmville," said Pincus, the founder of the company, will remain chairman and chief product officer.

Mattrick served as the president of Microsoft's entertainment business, which includes the Xbox, since 2010.

Zynga shares closed up 10.4% on Monday to $3.07. The stock has fallen almost 70% since the company's initial public offering at $10 a share in 2011.

5. -- Carl Icahn said Monday he has secured loans of $5.2 billion to pay for his alternative buyout plan for ailing PC-maker Dell (DELL).

Icahn's bid looks to stop a proposed $24.4 billion buyout of Dell that would turn over ownership of the company to CEO Michael Dell and an investment group led by Silver Lake Partners.

Dell's board has questioned Icahn's ability to finance his plan, but in a letter to Dell shareholders and members of its special committee Icahn said his funding commitment should "put an end to the unwarranted speculation by Dell that our money would not be available."

Last month, Icahn offered to buy up to $16 billion in Dell shares at $14 a share, or roughly 72% of the company's total shares; Michael Dell and Silver Lake's takeover offer is for $13.65 a share.

6. -- Onyx Pharmaceuticals (ONXX) is attracting preliminary buyout interest from several large pharmaceutical companies such as Pfizer (PFE) and Novartis (NVS), Reuters reported, following Onyx's rejection of a $10 billion offer from Amgen (AMGN).

Reuters, citing two people familiar with the matter, said Pfizer and Novartis are among the parties interested in Onyx and its portfolio of marketed cancer treatments.

7. -- Cablevision (CVC) shares surged Monday by almost 10% on speculation that the cable and telecommunications company is a takeover target as consolidation of the industry accelerates.

Cablevision shares rose 9.6% to close Monday at $18.44.

Bank of America analysts, in a report on Monday, said one scenario would be a Time Warner Cable (TWC) bid for Cablevision.

8. -- Automakers such as Ford (F) and General Motors (GM) are scheduled to report U.S. auto sales for June on Tuesday.

Sales are expected to have risen 6% to 8% in June from last year, according to

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