Updated from 6:58 a.m. EST
Here are 10 things you should know for Monday, Feb. 10:
1.-- U.S. stock futures were pointing lower on Monday but overseas markets were rising as investors looked to Tuesday when Janet Yellen will make her first comments before Congress as the new chief of the Federal Reserve.
Stocks in London, Paris and Frankfurt were posting modest gain. Stocks in Japan rose 1.8% and Shanghai's Composite index finished with a gain of 2%.
2.-- The economic calendar in the U.S. on Monday is bare.
3.-- U.S. stocks on Friday rose, recouping all losses from a broad selloff earlier in the week. U.S. stocks jumped as investors looked beyond lower-than-expected headline employment numbers for January, and found that not only did some of the largest sectors of the labor force gain ground but more people went looking for work last month. The S&P 500 gained 1.33% to finish at 1,797.02, while the Dow Jones Industrial Average rose 1.06% to 15,794.08. The Nasdaq rose 1.69% to close at 4,125.86. For the week, the S&P 500, Dow and Nasdaq gained 0.81%, 0.61% and 0.54%, respectively.
4.-- AOL (AOL) CEO Tim Armstrong abandoned an unpopular plan to delay company contributions to employee retirement accounts and apologized for citing two high-cost births as part of the impetus for the plan.
AOL shares were inactive in premarket trading on Monday. 5.-- Proxy advisory firm Institutional Shareholder Services told clients they should vote against Carl Icahn's plan for Apple (AAPL) to buy back $50 billion of its stock.
"(The Apple board) has returned the bulk of its U.S.-generated cash to shareholders via aggressive stock buybacks and dividends payouts," the ISS said in its report. "In light of these good-faith efforts and its past stewardship, the board's latitude should not be constricted by a shareholder resolution that would micromanage the company's capital allocation process."
Apple CEO Timothy Cook told The Wall Street Journal last week that the company repurchased $14 billion of stock in the past two weeks, noting the iPhone and iPad maker wanted to be "aggressive" and "opportunistic" with the repurchases.
Apple shares rose 0.1% in premarket trading.
Toyota's move will result in the loss of around 2,500 jobs, and comes just two months after General Motors (GM) said it would end production in Australia by 2017. Ford (F) said in May that it would cease Australian production in 2016.
Separately, Toyota is close to a deal to pay more than $1 billion to end a U.S. criminal probe of how it disclosed drivers' complaints of unintended acceleration, the Journal reported, citing people familiar with the matter. An agreement could come within weeks barring setbacks and would cap a four-year investigation by U.S. authorities, according to the newspaper.
7.-- Toy company Hasbro (HAS) said Monday that fourth-quarter earnings fell slightly because it recorded certain charges during the period. Hasbro posted earnings of $129.8 million, or 98 cents a share, down from year-earlier profit of $130.3 million, or 99 cents a share. Excluding restructuring charges, pension costs and product-related charges, as well as a benefit related to a legal settlement, earnings were $1.12 a share; analysts were expecting earnings of $1.22 a share.
Hasbro shares fell 2.2% in premarket trading to $49. 8.-- Urban Outfitters (URBN), the teen retailer, is forecast to post earnings of 56 cents a share in the fourth quarter on sales of $925.8 million.
Sprint declined 1.9% in premarket trading to $7.87. 10.-- "The Lego Movie" made $69.1 million in its debut over the weekend, according to studio estimates. The Warner Bros. collaboration with Lego, the Danish toy company, is the biggest hit so far of 2014.
-- Written by Joseph Woelfel
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV