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May 14 Premarket Briefing: 10 Things You Should Know

Updated from 6:57 a.m. EDT

Here are 10 things you should know for Wednesday, May 14:

1. 
-- U.S. stock futures were suggesting Wall Street would open flat after stocks climbed to record highs during the previous session.

European stocks were trading slightly lower. Asian shares ended the session mixed. Japan's Nikkei 225 index declined 0.1%.

2. -- The economic calendar in the U.S. on Wednesday includes the Producer Price Index for April at 8:30 a.m. EDT.

3. -- U.S. stocks on Tuesday ended mixed but the S&P 500 broke above 1,900 intraday for the first time and booked an all-time closing high along with the Dow Jones Industrial Average.

The Dow closed up 0.12% to 16,715.44, while the S&P 500 gained 0.04% to 1,897.45. The Nasdaq moved in the opposite direction, sliding 0.33% to close at 4,130.17.

4. -- Japan's Sony (SNE - Get Report) posted a quarterly loss of 138 billion yen ($1.3 billion), hit by costs from selling its Vaio PC business.

Sony, the maker of PlayStation 4 and Bravia TVs, is forecasting a loss of 50 billion yen for the fiscal year ending in March 2015 as sales are expected to be flat.

Sony also reported a loss of 128.4 billion yen ($1.3 billion) for the fiscal year ended in March. The previous year, Sony reported a loss of 41.5 billion yen the previous year.

Sony shares fell 5.3% to $16.70 in premarket trading on Wednesday.

5. -- Networking equipment maker Cisco (CSCO - Get Report) is expected by Wall Street after Wednesday's closing bell to report fiscal third-quarter earnings of 48 cents a share on revenue of $11.36 billion.

Cisco has topped earnings estimates for 10 quarters in a row, but the stock has declined 12% over the last nine months as investors take a wait-and-see approach with the company's turnaround plans. 

Cisco shares fell less than 1% in premarket trading.

6. -- A GlaxoSmithKline (GSK) executive was accused by Chinese authorities of a scheme to bribe doctors and hospitals to use the company's drugs.

The announcement was the first time a foreign employee in China of British-based GlaxoSmithKline was accused in the investigation announced last July.

The executive, Mark Reilly, is accused of operating a "massive bribery network," said a police official at a news conference, The Associated Press reported. He said the case had been handed over to prosecutors for formal indictment.

The stock fell 1.7% in premarket trading to $54.60.

7. -- Macy's (M) is forecast to report first-quarter profit of 59 cents a share on sales of $6.46 billion.

The retailer, in contrast to underperforming retailers such as J.C. Penney (JCP) and Sears (SHLD), is making some major store remodels.

8. -- Sears said Wednesday it is considering selling its Canadian operations, and is looking at strategic options for its 51% in Sears Canada.

Sears said options include a possible sale of its stake or all of Sears Canada.

Sears said it plans to hire an investment bank to help explore alternatives for the Canadian operations.

Sears rose 4.9% in premarket trading to $45.34.

9. -- Farm equipment maker Deere (DE) said fiscal second-quarter earnings fell 9.5% on lower demand for farming equipment.

The company said sales of agriculture and turf equipment could fall about 7% this year. Deere said it expects a 4% drop in equipment revenue for fiscal 2014, the same decrease it's expecting for the current quarter.

The stock fell 0.2% in premarket trading to $93.40.

10. -- Yahoo! (YHOO) purchased Blink, a messaging app that could be programmed to destroy messages.

Terms of the deal weren't disclosed.

Blink, which launched in April 2013, announced the agreement on its Web site, saying that in the "in the next few weeks, we will be shutting down Blink for both Android and iOS."

Yahoo! shares rose 0.4% in premarket trading to $34.55.

-- 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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