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Feb. 11 Premarket Briefing: 10 Things You Should Know

Stocks in this article: SCVSGMBCS

Updated from 7:18 a.m. EST

Here are 10 things you should know for Tuesday, Feb. 11:  

1.-- U.S. stock futures were trading higher Tuesday, European stocks rose and Asian shares finished the session with gains.

China's Shanghai Composite rose 0.8% to close at 2,103.67. Hong Kong's Hang Seng rose 1.8%. Japanese markets were closed for a holiday.

2.-- The economic calendar in the U.S. on Tuesday includes wholesale inventories for December at 10 a.m. EST.

3.-- U.S. stocks on Monday closed slightly higher, a day before new Federal Reserve Chairwoman Janet Yellen speaks to Congress for the first time.

The S&P 500 gained 0.16% to finish at 1,799.84, while the Dow Jones Industrial Average rose 0.05% to 15,801.79. The Nasdaq added 0.54% to 4,148.17.

4.-- Yellen on Tuesday is scheduled to deliver her first semi-annual monetary policy testimony before the House Financial Services Committee in Congress. The Fed chairwoman will deliver the second part of her testimony before the Senate Banking Committee on Thursday.

Yellen, 67 years old, is the first woman to lead the central bank in its 100 years. She was sworn in Feb. 3 for a four-year term. 

Investors will be watching to see whether Yellen will embrace all the policies of her predecessor, Ben Bernanke. 

5.-- GM's (GM) new CEO, Mary Barra, will receive a pay package in 2014 of $14.4 million, 58% more than predecessor Dan Akerson.

6.-- Sprint (S), the third-largest U.S. telecommunications carrier, posted a fourth-quarter loss on Tuesday of 26 cents a share, narrower than a year-earlier loss of 44 cents. Revenue in the quarter was $9.14 billion vs. $9.01 billion a year earlier.

Analysts expected Sprint to report a fourth-quarter loss of 33 cents a share on revenue of $8.97 billion.

During the fourth quarter, Sprint said it lost 69,000 net contract subscribers compared with losses of 243,000 a year earlier. However, total wireless net additions rose 477,000 in the quarter, Sprint said.

Sprint said it ended 2013 with 53.9 million subscribers.

Shares were rising 7.3% in premarket trading on Tuesday to $8.25.

7.-- CVS Caremark (CVS), which last week announced it would stop selling cigarettes in its stores beginning Oct. 1, posted adjusted earnings in the fourth quarter of $1.12 a share. Sales were $32.83 billion.

Analysts forecast fourth-quarter profit of $1.11 a share on sales of $32.67 billion.

CVS reaffirmed Tuesday its 2014 forecast for adjusted earnings of $4.36 to $4.50 a share. Analysts are calling for $4.46 a share.

The stock was up 2% in premarket trading to $68.26.

8.-- British bank Barclays (BCS) reported a fourth-quarter loss of 642 million pounds, wider than a year-earlier loss of 589 million pounds, and said it would eliminate 10,000 to 12,000 jobs, including 7,000 in the U.K.

Despite the fourth-quarter loss, Barclays said its bonus pool rose by 210 million pounds in 2013.

9.-- U.S. airline  Virgin America is preparing for an initial public offering after recording the first profit since it was founded 10 years ago, the Financial Times reported.

The low-cost airline interviewed half a dozen banks last month, people familiar with the situation told the newspaper, and is understood to have appointed Barclays and Deutsche Bank for an offering that could come as soon as the second half of this year.

10.-- Switzerland's Nestle and French cosmetics company L'Oreal reached a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma.

 L'Oreal will buy 48.5 million of its own shares, or 8% of its share capital, from Nestle and give Nestle its 50% stake in Galderma, which has been a 50/50 joint venture between them.

-- 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.

Follow @josephwoe58

 

Copyright 2014 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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