Here are 10 things you should know for Friday, Dec. 13:
1.-- U.S. stock futures were pointing to gains on Wall Street Friday, shaking off a third-straight day of declines for the benchmark S&P 500.
European stocks were struggling for direction in early trading. Asian shares ended Friday's session mixed. Japan's Nikkei 225 index rose 0.4%. Stocks in Shanghai declined.
2.-- The economic calendar in the U.S. Friday includes the Producer Price Index for November at 8:30 a.m. EST.
3.-- U.S. stocks on Thursday fell as retail sales topped expectations in November while jobless claims rose. Markets, near historic highs, have been fluctuating in anticipation of the Federal Reserve's two-day policy meeting starting on Dec. 17.
The S&P 500 closed down 0.38% to close at 1,775.50 while the Dow Jones Industrial Average fell 0.66% at 15,739.43. The Nasdaq edged down 0.14% to finish at 3,998.40.
4.-- The House passed a modest, two-year budget deal that would ease the harshest effects of another round of automatic spending cuts set to hit the Pentagon and domestic agencies next month.
The bill passed with a wide bipartisan margin, on a vote of 332-94. Voting for the measure were 169 Republicans and 163 Democrats, while 62 Republicans and 32 Democrats voted against.
The bill is expected to receive approval from the Senate next week. But Senate Democrats promised they would force a vote on extending unemployment benefits when the chamber reconvenes next year.
5.-- Coca-Cola (KO), the world's biggest beverage maker, said Steve Cahillane, president of Coca-Cola Americas, has left the company to pursue other opportunities.
Cahillane was once viewed as a potential successor to CEO Muhtar Kent, according to The Wall Street Journal. Cahillane's departure also positions international chief Ahmet Bozer as a clear No. 2 to Kent, the Journal noted.
Coca-Cola also said that beginning Jan. 1, it would split its North America business into two operating units.
Coca-Cola, which makes Minute Maid orange juice, Powerade, Sprite and its namesake cola, has witnessed a decline in soda sales, especially in its key U.S. market.
6.-- Microsoft's (MSFT) board is considering Qualcomm (QCOM) Chief Operating Officer Steve Mollenkopf among candidates to replace CEO Steve Ballmer, Bloomberg reported, citing people familiar with the matter.
7.-- DirecTV (DTV) and the National Football League have agreed on a framework for negotiations to renew the satellite TV operator's contract to offer the "NFL Sunday Ticket" football package, two sources with knowledge of the talks told Reuters.
Separately, DirecTV CEO Mike White told Reuters on Thursday that the company was developing an Internet product that it would sell separate from its core video service.
The service will be targeted at existing members of Amazon's Prime shipping program. It will launch with about 2,000 products such as cleaning supplies, paper towels, pet food, cereal and some beverages, according to USA Today. 9.-- Adobe (ADBE), the maker of Photoshop software, posted fiscal fourth-quarter adjusted earnings of 32 cents a share, in line with Wall Street forecasts. Revenue in the quarter fell 10% to $1.04 billion.
Adobe said subscription-based revenue rose 85% to $359.7 million. Paid Creative Cloud subscriptions rose to 1.4 million, up 402,000 from the end of the fiscal third quarter.
The software company said it expects to post adjusted earnings of 22 cents to 28 cents a share in its first quarter; analysts were looking for earnings of 33 cents. 10.-- Shares of Restoration Hardware (RH) plunged more than 12% in after-hours trading on Thursday after the high-end home furnishings retailer announced the surprise departure of co-CEO Carlos Alberini as third-quarter comparable-store sales missed expectations. -- 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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