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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, July 17:

1. -- U.S. stock futures were pointing lower Wednesday ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke.

Wall Street will be seeking clarity from Bernanke on when the central bank will start reducing its monetary stimulus.

European stocks were trading slightly lower while Asian shares ended Wednesday's session mixed. Japan's Nikkei 225 index gained 0.1%.

2. -- The economic calendar in the U.S. Wednesday includes housing starts and building permits for June at 8:30 a.m. EDT, and the release of the Federal Reserve's Beige Book at 2 p.m.

3. -- U.S. stocks on Tuesday declined as Coca-Cola (KO) reported sales that missed analysts' forecasts, leaving traders uncertain about the trajectory for consumer spending.

The S&P 500 fell 0.37% to 1,676.26 while the Dow Jones Industrial Average slipped 0.21% to 15,451.85. The Nasdaq fell 0.25% to 3,598.50.

4. -- Bank of America (BAC - Get Report) is expected by analysts to report on Wednesday second-quarter earnings of 25 cents a share on revenue of $22.78 billion, an increase of 3.7% from a year earlier.

5. -- American Express (AXP - Get Report), one of the world's largest credit card companies, is forecast to post quarterly earnings Wednesday of $1.22 a share on revenue of $8.28 billion.

Last year, American Express earned $1.34 billion, or $1.15 a share, on revenue of $8 billion.

6. -- Yahoo!'s (YHOO - Get Report) top-line numbers for the second quarter fell short of Wall Street estimates and the Internet company issued soft third-quarter guidance.

Yahoo! reported earnings of 35 cents a share on revenue of $1.07 billion, excluding traffic acquisition costs; revenue fell 1% from last year. Display revenue ex-TAC came in at $423 million, down 11% from last year, while search revenue ex-TAC was $403 million, a year-over-year increase of 5%. .

Yahoo! said Tuesday it expects third-quarter revenue excluding TAC of between $1.06 billion and $1.1 billion. Analysts are expecting revenue of $1.12 billion.

Yahoo! also cut fiscal 2013 estimates for non-GAAP operating income. It now expects operating income to be between $900 million and $1 billion, down from a range of $1.05 billion to $1.1 billion. Full-year revenue guidance was pared to between $4.45 billion and $4.55 billion.

7. -- eBay (EBAY), the e-commerce giant and owner of PayPal, is expected by analysts to report second-quarter earnings of 63 cents a share on revenue of $3.89 billion.

eBay earned 53 cents a share on revenue of $3.4 billion in the same quarter last year. Adjusted earnings were 56 cents a share.
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