NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Oct. 16:
1.-- U.S. stock futures were rising Wednesday as U.S. lawmakers continued talks on raising the nation's debt limit.
European stocks were declining. Asian shares ended Wednesday's session mixed. Japan's Nikkei 225 index rose 0.2%
2.-- The economic calendar in the U.S. Wednesday includes the NAHB Housing Market Index for October at 10 a.m. EDT, and the Federal Reserve's Beige Book for October at 2 p.m.
3.--U.S. stocks closed Tuesday with losses as progress to raise the nation's borrowing limit stalled. Fitch Ratings placed the U.S. 'AAA' credit on rating watch negative.The S&P 500 dropped 0.71% to 1,698.06. The Dow Jones Industrial Average dipped 0.87% to 15,168.01. The Nasdaq decreased 0.56% to 3,794.01. 4.-- Senate leaders were optimistic about forging an 11th-hour bipartisan deal preventing a possible federal default and ending the partial government shutdown after Republican divisions forced GOP leaders to drop efforts to push their own version through the House. Pressured by Thursday's deadline to raise the nation's borrowing capacity, Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., were hoping to shake hands on an agreement Wednesday and, if possible, hold votes later in the day.
5.-- Bank of America (BAC) is expected by analysts Thursday to post third-quarter earnings of $2.13 billion, or 18 cents a share, compared to profit of 32 cents a share during the second quarter and a break-even third quarter of 2012, when debit valuation adjustments and several one-time items wiped out earnings. The consensus third-quarter revenue estimate is $22.03 billion, compared to $22.73 billion the previous quarter and $20.43 billion a year earlier. 6.-- IBM (IBM) is expected by Wall Street to report third-quarter earnings of $3.96 a share on revenue of $24.75 billion.
7.-- Twitter said in a filing Tuesday that it will list its shares on the New York Stock Exchange,as the micro-blogging site moves toward an initial public offering of its shares.
The move means NYSE will win the most highly anticipated technology sector IPO since Facebook's (FB) May 2012 listing on the Nasdaq.
TheStreet first reported Twitter's plans to list with the NYSE in late September.
8.-- Apple (AAPL) has notified its two assemblers for the cheaper iPhone 5c that it is reducing orders of the smartphone for the fourth quarter, people familiar with the situation told The Wall Street Journal.
The move by the tech giant raises concerns about weaker-than-expected demand and its pricing strategy for the device, which was launched in September along with the high-end iPhone 5s. Apple told its Taiwanese assemblers Pegatron and Hon Hai Precision Industry that shipments of the iPhone 5c in the fourth quarter would be cut, the people told the Journal.
9.-- eBay (EBAY) is forecast to report earnings of 63 cents a share in the third quarter on revenue of $3.9 billion.
10.--Yahoo! (YHOO) reported third-quarter earnings of 34 cents a share on revenue of $1.08 billion, as search revenue excluding traffic acquisition costs (TAC) rose 3% from last year to $426 million. Analysts were looking for the Internet company to earn 33 cents a share on revenue of $1.08 billion.
On a net basis, Yahoo! earned $297 million, or 28 cents a share, in the third quarter, a 91% drop from nearly $3.2 billion, or $2.64 a share, a year earlier, a period which included a $2.8 billion windfall from Yahoo!'s sale of nearly half its Alibaba stake.
-- Written by Joseph Woelfel To contact the writer of this article, click here:Joseph Woelfel To submit a news tip, send an email to:email@example.com.
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