This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

May 7 Premarket Briefing: 10 Things You Should Know

Updated from 6:51 a.m. EDT

Here are 10 things you should know for Wednesday, May 7:

1. 
-- U.S. stock futures slipped Wednesday ahead of congressional testimony from Federal Reserve Chairwoman Janet Yellen.

Yellen is scheduled to address the Joint Economic Committee of Congress on Wednesday at 10 a.m. EDT.

European stocks were lower while Asian stocks ended the session lower. Japan's Nikkei 225 stock index sank 2.9% to 14,033.45.

2. -- The economic calendar in the U.S. on Wednesday includes preliminary production for the first quarter at 8:30 a.m., and consumer credit for March at 3 p.m.

3. -- U.S. stocks on Tuesday closed lower as the Organization for Economic Cooperation and Development cut its global growth forecasts.

The S&P 500 fell 0.9% to finish at 1,867.72 while the Dow Jones Industrial Average slipped 0.78% to 16,401.02. The Nasdaq fell 1.38% to close at 4,080.76.

4. -- Alibaba, the Chinese e-commerce giant, filed its prospectus for an initial public offering with a $1 billion placeholder, as the Jack Ma-founded company moves toward a listing on either the New York Stock Exchange or Nasdaq later this year.

Alibaba could raise more than the $16 billion Facebook (FB) raised in its IPO in 2012, according to analysts.

Alibaba earned $3 billion in profit in the nine months ended on Dec. 31, 2013, on revenue of $5.6 billion.

In its F-1 filing on Tuesday, Alibaba said it had 231 million unique users at the end of 2013, with 136 million mobile monthly active users (MAUs), who helped generated $248 billion in gross merchandize volume for the year. 

Alibaba is 24%-owned by Yahoo! (YHOO).

5.
 -- Tesla Motors (TSLA), the electric-car maker, is expected by Wall Street on Wednesday to report first-quarter earnings of 10 cents a share on sales of $699.1 million.

6. -- Walt Disney (DIS) fiscal second quarter earnings topped Wall Street estimates, powered by the success of wildly-successful animated movie Frozen and superhero sequel Thor: The Dark World.

Net income in the three months through March jumped 27% to $1.92 billion, or $1.08 a share, from $1.51 billion, or 83 cents, a year earlier.

Adjusted earnings were $1.11 a share; analysts were expecting 96 cents. 

Revenue rose 10% to $11.65 billion, analysts expected $11.25 billion.

Disney shares rose 1.4% to $82.16 in premarket trading on Wednesday.

7. -- Groupon (GRPN), the daily deals site, said first-quarter revenue rose on increased demand but its loss for the period widened to $37.8 million, or 6 cents a share, from a year-earlier loss of $4 million, or 1 cent a share.

Adjusted earnings in the period were 1 cent a share.

Groupon issued a weak outlook for the second quarter, saying it expects revenue of between $725 million and $775 million, which is below analysts' forecasts.

The stock fell 9.2% in premarket trading to $6.10.

8. -- Twitter (TWTR) shares fell more than 17.5% to an all-time low of $31.72 on Tuesday as a post-IPO lock-up period preventing employees and early investors from selling expired on Tuesday.

In premarket trading on Wednesday, Twitter shares rose 0.06%.

9 . -- Germany's Siemens (SI) is launching a sweeping restructuring to raise profits and better compete with peers such as General Electric (GE).

The engineering company will eliminate the four broad sectors overseeing its businesses, and will trim those business divisions to nine from 16. 

The revamp comes as Siemens is considering making an offer for the power generating business of France's Alstom, which has already received an offer from General Electric.

10. -- First Solar (FSLR), the largest U.S. solar company, said Tuesday first-quarter earnings nearly doubled after it started receiving revenue from a project in California.

The stock rose 3.5% in premarket trading on Wednesday to $69.84.

-- 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.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs