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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Tuesday, July 30:

1. -- U.S. stock futures were trading flat to slightly higher early Tuesday as the Federal Reserve begins a two-day policy meeting.

European stocks were rising moderately while Asian shares finished Tuesday's trading session mostly to the upside. Japan's Nikkei 225 index rose 1.5% to close at 13,869.82.

2. -- The economic calendar in the U.S. Tuesday includes the Case-Shiller 20-city Index for May at 9 a.m. EDT and consumer confidence for July at 10 a.m.

3. -- U.S. stocks on Monday U.S. fell amid concern that markets have risen too high this year, and that when the Federal Reserve does decide to pull back on its stimulus measures, equities could start to tumble.

The S&P 500 dipped 0.37% to 1,685.33 while the Dow Jones Industrial Average slipped 0.2% to 15,521.97. The Nasdaq declined 0.39% to 3,599.14.

4. -- Pfizer (PFE - Get Report), the world's biggest drugmaker, posted second-quarter earnings that topped Wall Street estimates and said it it planned to separate its commercial operations into two units for branded products and a third unit for generic drugs.

Pfizer's generics business, which represents 17% of total sales, has far lower profit margins than its patent-protected drugs, according to Reuters. Analysts have been urged Pfizer to spin off its generics business, and this business split could lead to that.

Pfizer posted adjusted income of $4 billion, or 56 cents a share, down from year-earlier earnings of $4.45 billion, or 59 cents a share. Revenue fell 7% to $12.97 billion.

Analysts were expecting second-quarter income of 55 cents a share on revenue of $13.01 billion.

5. -- The Federal Energy Regulatory Commission, in an enforcement notice, said JPMorgan Chase (JPM - Get Report) manipulated electricity prices in California and the Midwest in 2010 and 2011.

The FERC notice could be a prelude to a settlement with the largest U.S. bank.

The commission accused JPMorgan of using improper bidding strategies to squeeze excessive payments from the agencies that run the power grids in California and the Midwest.

6. -- BP (BP - Get Report), the British oil giant, swung to second-quarter profit of $2 billion from a year-earlier loss but the earnings missed Wall Street forecasts.

BP made more provisions for the 2010 oil spill in the Gulf of Mexico, increasing the total by about $200 million to $42.4 billion.

7. -- Time Warner Cable (TWC - Get Report) late Monday announced a blackout of CBS (CBS - Get Report) programming in New York, Los Angeles and Dallas but then reversed the decision.

Time Warner Cable said around midnight EDT that roughly 3 million customers in those cities would lose the CBS network and four CBS cable stations because of "outrageous demands for fees" by CBS. But talks between the companies continued into the early morning hours on Tuesday; a Time Warner Cable spokeswoman said the company relented "at the request of CBS."
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BP $34.99 0.00%
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PFE $32.87 2.82%
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