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Oct. 29 Premarket Briefing: 10 Things You Should Know

Stocks in this article: AAPL INFY MSFT UBS PFE STX

NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, Oct. 29:

1.-- U.S. stock futures were trading flat Tuesday as traders proceeded with caution ahead of a rate decision from the Federal Reserve.

European stocks were rising while Asian shares ended Tuesday's session mostly to the downside. Japan's Nikkei 225 index declined 0.5% 

2.-- The economic calendar in the U.S. Tuesday includes retail sales for September at 8:30 a.m. EDT, the Producer Price Index for September at 8:30 a.m., the Case-Shiller 20-City Index for August at 9 a.m. and the Conference Board's Consumer Confidence Index for October at 10 a.m. 

3.--U.S. stocks on Monday finished little changed as investors await the latest decisions by the policy-making arm of the Fed, which is scheduled to begin two days of meetings Tuesday.

The S&P 500 added 0.13% to close at 1,762.11 while the Dow Jones Industrial Average dipped 0.01% to 15,568.93 and the Nasdaq fell 0.08% to close at 3,940.13.

4.-- Apple (AAPL) reported earnings that beat Wall Street expectations but the stock fell in after-hours trading on concerns that future gross margins may be contracting.

Apple, the iPod and iPhone maker, reported fiscal fourth-quarter net income of $8.26 a share on revenue of $37.5 billion as iPhone sales topped 33.8 million during the period, up from 26.9 million a year earlier. The company also sold 14.1 million iPads and 4.6 million Macs during the quarter.

Gross margin for the quarter was 37%. Apple indicated that its profit margins for the first quarter would be in the same range as the fourth quarter.

Analysts were looking for Apple to earn $7.96 a share on revenue of $36.93 billion.

5.-- The federal government is set to slap Infosys (INFY) with the largest immigration fine ever, claiming the Indian outsourcing giant illegally placed workers on visitor, rather than work, visas at big corporate clients across the U.S., The Wall Street Journal reported.

The government is expected to announce Wednesday it will fine Infosys about $35 million, the Journal reported, citing people close to the matter. An investigation by the Department of Homeland Security and the State Department found that Infosys used easy-to-obtain B-1 visas meant to cover short business visits instead of harder-to-get H-1B work visas to bring an unknown number of its employees for long-term stays, the people told the newspaper.

6.-- UBS (UBS), the Swiss bank, reported third-quarter net profit of 577 million Swiss francs ($644 million), a reversal from a year-earlier loss of $2.1 billion francs. 

But Switzerland's largest bank said it may not be able to reach its profit goals for 2015 because of Swiss regulatory demands that it hold more capital for risks from litigation.

UBS said Tuesday it recorded third-quarter charges of 586 million francs for litigation, regulatory and other related matters, and sees more regulatory challenges ahead.

7.-- Glass Lewis, the proxy advisory firm, has recommended that Microsoft (MSFT) shareholders vote against the re-election of lead independent director John Thompson, who is in charge of the company's efforts to find a new CEO, Reuters reported.

In a note circulated to its clients on Monday, Glass Lewis expressed concerns about a possible conflict of interest for Thompson in his role as CEO of Virtual Instruments, a cloud-computing firm that sells licenses and devices to Microsoft.

Steve Ballmer announced in August that he would retire as CEO of Microsoft within the next 12 months.

8.-- Pharmaceutical giant Pfizer (PFE) is expected by Wall Street to report on Tuesday third-quarter earnings of 56 cents a share on revenue of $12.7 billion.

9.
-- Seagate (STX) reported fiscal first-quarter earnings and revenue that missed analysts' expectations.

Seagate posted revenue of $3.5 billion, down from $3.7 billion a year earlier and below Wall Street forecasts of $3.56 billion. Excluding items, Seagate earned $1.29 a share in the quarter, down from $1.45 a share a year earlier and just below analysts' forecasts of $1.30 a share.

Seagate Chief Financial Officer Pat O'Malley told TheStreet that profits were lifted in last year's quarter thanks to the lingering effects of Thailand's 2011 floods. "That was the last of the quarters where the flood impacted," he said. "There was pricing leverage because there wasn't full supply out there."

10.-- The Boston Red Sox beat the St. Louis Cardinals 3-1 on Monday night for a 3-2 edge in the World Series. Game 6 will be played Wednesday night in Boston.

-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

To submit a news tip, send an email to:tips@thestreet.com.

Copyright 2013 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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