Updated from 6:48 a.m. EDT
Here are 10 things you should know for Monday, April 14:
1.-- U.S. stock futures were pointing to a weaker start for Wall Street and global stocks were lower following declines in the U.S. last week caused by corporate earnings anxiety.
Asian shares ended Monday's session mostly to the downside. Japan's Nikkei 225 index fell 0.4%.
2.-- The economic calendar in the U.S. on Monday includes retail sales for March at 8:30 a.m. EDT and business inventories for February at 10 a.m.
3.-- U.S. stocks on Friday fell, led by high-momentum stocks. Bank stocks sank after a lackluster earnings report from JPMorgan Chase (JPM), while heavy-volume technology and biotechnology stocks continued to slide.
The Dow Jones Industrial Average closed 0.88% lower at 16,027.84 on Friday while the S&P 500 shed 0.95% to finish at 1,815.71. The Nasdaq was off 1.34% to 3,999.73.4. -- Citigroup (C - Get Report) reported first-quarter earnings excluding items of $1.30 a share as revenue fell 1% to $20.12 billion; analysts were expecting profit of $1.14 a share on revenue of $19.37 billion. The bank said earlier this month it would take a charge of about $100 million for the first quarter after it agreed to pay $1.13 billion to settle claims by investors seeking that the lender buy back billions in residential mortgage-backed securities.
The Wall Street Journal reported the bank has cut another 200 to 300 jobs, or about 2% of its global markets business.
The stock was rising 1.9% in premarket trading on Monday to $46.55. 5. -- Amazon.com is preparing to release a smartphone in the second half of this year, according to people briefed on the company's plans, the Journal reported.
The online retailing giant has been demonstrating versions of the handset to developers in San Francisco and its hometown Seattle in recent weeks, the people told the newspaper. People briefed on the company's plans have been told that Amazon aims to announce the phone by the end of June and begin shipping phones by the end of September, ahead of the holiday shopping season.
Amazon shares rose 0.5% in premarket trading to $313.23. 6. -- Facebook (FB) is readying itself to provide financial services in the form of remittances and electronic money, The Financial Times reported. The social networking giant is only weeks away from obtaining regulatory approval in Ireland for a service that would allow its users to store money on Facebook and use it to pay and exchange money with others, according to several people involved in the process, the FT reported.
Facebook rose 0.9% to $59.06 in premarket trading. 7. -- Relativity Media has made a bid to buy Maker Studios, the online-video producer that is preparing to vote this week on a separate bid from Walt Disney (DIS), the Journal reported. Relativity is offering to buy Maker with $500 million in its own stock, as well as an additional $400 million in stock if certain financial targets are met, according to a letter sent by the entertainment company late Sunday to Maker's board of directors. The letter was seen by Journal. 8. -- Glencore Xstrata said Sunday it signed an agreement to sell its entire interest in the Las Bambas copper mine to a consortium led by MMG Ltd., a mining company controlled by state-owned China Minmetals Nonferrous Metals. The other buyers are Guoxin International Investment and Citic Metal, which also is state-controlled. 9. -- A dwindling number of cattle and growing export demand from countries such as China and Japan have caused the average retail cost of fresh beef to climb to $5.28 a pound in February, up almost a quarter from January and the highest price since 1987, The Associated Press reported.
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