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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- 1. U.S. futures were lower Wednesday ahead of the market open as investors digest reports of solid GDP reports out of Europe indicating an end to the eurozone recession. European stocks opened lower but were regaining ground as GDP numbers for the region came in higher than expected. The FTSE 100 and the DAX had returned to nearly flat by 6 a.m., making losses from earlier in the session.

2. Retailer Macy's (M - Get Report) reports earnings before the open this morning. Tech giant Cisco (CSCO - Get Report) reports earnings after the close.

3. The attorneys general from five states filed to block a proposed merger Tuesday between US Airways (LLC) and American (AAMRQ.PK).

4. The producer price index report is due from the U.S. Dept. of Labor at 8:30 a.m. ET. Economists expect the core PPI, which does not include energy and food, to rise have risen 0.2% in July.

5. The New York Fed at 11 a.m. will release its second-quarter household debt report.

6. James Bullard of the St. Louis Fed, will be speaking this afternoon. He has express concern about low readings of inflation.

7. Apple (AAPL - Get Report) shares jumped 4% Tuesday to close at $486.41 after Carl Icahn announced in a pair of tweets that he has a big stake in the company, calling it "extremely undervalued," and advocated for an increased share buyback.

8. Activist investor Bill Ackman Tuesday resigned from the board of J.C. Penney (AAPL - Get Report), to be replaced by Ronald Tysoe, former vice-chairman of Federated Department Stores (now Macy's). A second new board member will be named. Ackman's departure is seen as a retreat, after trying to force the departure of the company's interim CEO and board president.

9. Government security forces battled crowds of protesters in Cairo rallying in support of ousted President Mohammed Morsi. The Muslim Brotherhood, who were forced out of the government after Morsi's removal, is reporting dozens of protesters have been killed.

10. Israeli warplanes fired on two sites in Gaza within hours of the start of Israeli-Palestinian peace talks, according to a report in the New York Times. The Israeli military said it was responding to rocket fire from the Palestinian coastal territory against southern Israel.

-- Written by Carlton Wilkinson in Asbury Park

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