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March 11 Premarket Briefing: 10 Things You Should Know

Stocks in this article: GM TMUS YHOO S AEO HLF MSFT DKS

Updated from 7:16 a.m. EDT

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

1.-- U.S. stock futures were flat on Tuesday as global markets stabilized after selling off during the previous session.

European shares were trading flat to slightly higher early Tuesday. Asian stocks ended the session mostly to the upside. Japan's Nikkei 225 index rose 0.7%. 

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

3.-- U.S. stocks on Monday fell amid poor economic data from China and Japan.  The  Dow Jones Industrial Average declined 0.21% to close at 16,418.68, while the  S&P 500 fell 0.05% to 1,877.17. The  Nasdaq dropped 0.4% to 4,334.45.

4.-- GM  (GM) faced new pressure from Michigan Republican Fred Upton to explain why it took nearly a decade to recall 1.6 million vehicles for faulty ignitions linked to 13 deaths, even as the automaker hired a high-profile lawyer to lead its internal investigation and stepped up warnings to customers, The Wall Street Journal reported.

The House Energy and Commerce Committee, of which Upton is chairman, said it would launch an investigation into the slow recall and hold hearings.

"Did the company or regulators miss something that could have flagged these problems sooner? If the answer is yes, we must learn how and why this happened, and then determine whether this system of reporting and analyzing complaints that Congress created to save lives is being implemented and working as the law intended," Upton said in a statement on Monday.

GM said Monday it was bringing in Anton Valukas, the Chicago lawyer who led the court-ordered investigation of the Lehman Brothers collapse in 2008, to lead the company's own inquiry into the recall, the Journal said.

GM shares fell 0.2% in premarket trading on Tuesday.

5.-- SoftBank CEO Masayoshi Son, speaking to PBS's Charlie Rose, said his company is still trying to buy T-Mobile US (TMUS) and merge it with Sprint (S), its wireless carrier.

U.S. regulators have reservations about the deal since it would cut the number of national wireless carriers, Reuters reported. 

Son said if the deal does get approved, he would launch a price war to break what he called a duopoly by AT&T (T) and Verizon (VZ).

6. -- Yahoo! (YHOO) named Alex Stamos as its chief information security officer, tapping a vocal critic of the U.S. government's secret surveillance programs for the position.

Stamos is a prominent figure in computer security circles, according to Re/code. He was the primary organizer behind TrustyCon, the one-day security conference that took place last month in San Francisco. TrustyCon's agenda was comprised largely of speakers who withdrew in protest from the larger RSA Conference following allegations that security company RSA had colluded with the National Security Agency.

Stamos most recently was the chief technology officer of Artemis Internet.

Yahoo! shares fell 0.05% in premarket trading.

7. -- American Eagle Outfitters (AEO) is forecast by analysts on Tuesday to report fourth-quarter earnings of 26 cents a share on revenue of $1.03 billion. 

8. -- Bill Ackman is expected to make a presentation Tuesday on Herbalife's (HLF) Chinese operations, saying he believes that documents obtained from a former employee will show that Herbalife violated China's laws regulating direct selling and multilevel marketing, Bloomberg reported. 

The move represents Ackman's latest attack on Herbalife, which he alleges is a pyramid scheme. 

Herbalife shares declined 0.4% to $65.90 in premarket trading.

9. -- Microsoft (MSFT) is betting on making sci-fi combat game "Titanfall" a hit big enough to boost sales of its Xbox One videogame device, Reuters reported.

The game goes on sale exclusively for the Xbox One and personal computers. It costs %60.

"We're making a big bet that 'Titanfall' is going to be a blockbuster launch for Xbox," Yusuf Mehdi, head of marketing and strategy for Microsoft's Xbox group, said in an email interview with Reuters.

The stock fell 0.2% in premarket trading to $37.76.

10.-- Dick's Sporting Goods  (DKS) posted fourth-quarter earnings on Tuesday of $1.11 a share, in line with forecasts. Revenue was $1.95 billion, ahead of estimates of $1.94 billion.

The stock was unchanged in premarket trading at $54.33.

-- 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

 

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