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Morning Briefing: 10 Things You Should Know

NEW YORK ( TheStreet) -- Here are 10 things you should know for Wednesday, Aug. 21:

1. -- U.S. stock futures were pointing to a lower open for Wall Street as traders await the minutes of the Federal Reserve's July policy meeting that are to be published Wednesday afternoon.

European stocks were trading mixed and Asian shares ended Wednesday's trading session flat. Japan's Nikkei 225 index rose 0.2%.

2. -- The economic calendar in the U.S. Wednesday includes existing home sales for July at 10 a.m. EDT, and the release of the minutes of the July meeting of the Federal Open Market Committee at 2 p.m.

3. -- U.S. stocks on Tuesday ended mixed but the S&P 500 snapped a four-day losing streak as upbeat retail earnings reports provided investors with some relief from the constant Fed tapering chatter plaguing markets worldwide.

The S&P 500 rose 0.38% to 1,652.35. The Dow Jones Industrial Average declined 0.05% to 15,002.99. The Nasdaq added 0.68% to finish at 3,613.59.

4. -- A judge on Tuesday approved former iconic photographic filmmaker Eastman Kodak's plan to reemerge from bankruptcy.

The company, known for a decades-long decline amid mismanagement and an inability to adapt to the digital age, will reemerge as a commercial printing company.

"It will be enormously valuable for the Company to get out of Chapter 11, and begin to regain its position in the pantheon of American business," Judge Allan Gropper said in the court hearing in the U.S. Bankruptcy Court of the Southern District of New York.

Gropper determined Kodak's bankruptcy plan to be feasible and even "likely to be successful."

5. -- Facebook (FB - Get Report) on Wednesday announced, a partnership with Samsung, Nokia and other large mobile technology companies.

Facebook, the social networking giant, said the goal of the partnership is to "make Internet access available to the two-thirds of the world who are not yet connected."

The partnership's plans include developing cheaper smartphones and using mobile data more efficiently.

6. -- Hewlett-Packard (HPQ - Get Report), the PC and printer maker, is expected on Wednesday to post fiscal third-quarter earnings of 88 cents a share on revenue of $27.29 billion.

7. -- Lowe's (LOW - Get Report) is forecast to post second-quarter earnings on Wednesday of 79 cents a share on revenue of $15.06 billion.

Rival home-improvement retailer Home Depot (HD) on Tuesday posted a 17% increase in second-quarter earnings and it raised its full-year earnings and revenue expectations.

Target (TGT - Get Report) and Staples (SPLS) also report earnings on Wednesday.
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FB $117.58 0.00%
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