Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, Aug. 6:
1. -- U.S. stock futures were pointing slightly lower on Tuesday, following global markets to the downside.
European markets were falling early Tuesday, while most Asian markets sagged. Stocks in Japan bucked the trend, rising 1% to close at 14,401.06.
2. -- The economic calendar in the U.S. Tuesday includes the U.S. trade balance for June at 8:30 a.m. EDT.
3. -- U.S. stocks on Monday traded near the flat line as investors continued to process the heavy set of economic reports from the past week and awaited speeches from Federal Reserve officials on their outlook for the central bank's stimulus program. The S&P 500 fell 0.15% to settle at 1,707.14. The Dow Jones Industrial Average declined 0.3% to finish at 15,612.13. The Nasdaq rose 0.09% to close at 3,692.95.
4. -- Washington Post Co. (WPO) agreed to sell its flagship newspaper, The Washington Post, to Amazon (AMZN) CEO Jeff Bezos for $250 million in cash. The move comes just a few days after Bezos sold $185 million in Amazon stock, parting with nearly 615,000 shares of the Seattle-based online retailer. Amazon wasn't involved in the Washington Post transaction. Bezos replaces the Graham family as the steward of the paper that broke the story of the Watergate scandal. Bezos paid tribute to the Graham family and the papers' legacy in a note to employees. "The values of the Post do not need changing," he wrote.
5. -- Sony's (SNE) board unanimously rejected a proposal from U.S. hedge fund manager Daniel Loeb, CEO of Third Point, that the Japanese company sell part of its entertainment business. Sony, in a letter to Loeb, said continuing to own 100% of Sony Pictures and Sony Music is "fundamental" to the company's success. Loeb proposed in May that Sony sell up to 20% of the movie and music division. Third Point owns about 6.5% of Sony.
6. -- Time Warner Cable (TWC) proposed to end the blackout of CBS (CBS) stations in New York, Los Angeles, Dallas and certain other markets by saying it would allow its subscribers to pay "a la carte" for the network. CBS called the proposal a "sham." The CBS programming blackout on Time Warner Cable systems in a total of eight markets enters its fifth day on Tuesday.
7. -- Luxury retailer Neiman Marcus has hired banks to work on an initial public offering, people familiar with the matter told The Wall Street Journal. Neiman hired Credit Suisse, JPMorgan Chase and Bank of America Merrill Lynch as lead underwriters for the planned public stock offering, the people told the newspaper. Wells Fargo and Barclays also have been hired to work on the IPO. The retailer was taken private in a $4.9 billion transaction eight years ago by private-equity firms TPG and Warburg Pincus. Neiman reached out to sovereign-wealth funds this summer in an effort to find an outright buyer but was unsuccessful, one of the people told the Journal.
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