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May 23 Premarket Briefing: 10 Things You Should Know

Updated from 6:47 a.m. EDT

Here are 10 things you should know for Friday, May 23:

1. 
-- U.S. stock futures were rising slightly Friday while European stocks were mixed after a closely watched gauge of German business sentiment fell short of expectations, feeding hopes that the eurozone will receive monetary stimulus.

Asian shares ended the session mostly higher. Japan's Nikkei 225 index rose 0.9%.

2. 
-- The economic calendar in the U.S. on Friday includes new home sales for April at 10 a.m. EDT.

3. -- U.S. stocks on Thursday closed higher after the release of better manufacturing data and a rise in existing home sales, which offset higher jobless claims.

The Dow Jones Industrial Average rose 0.6% to 16,543.08, while the S&P 500 added 0.24% to finish at 1,892.49. The Nasdaq climbed 0.55% to 4,154.34.

4. -- Hewlett-Packard (HPQ - Get Report) on Thursday boosted the size of job cuts at the printer and computer maker, saying it aims to cut another 11,000 to 16,000 jobs by October, bringing the total number of planned layoffs to a maximum of 50,000.

HP's move revised upward a previous target of 34,000 job cuts. In May 2012, eight months after former eBay CEO Meg Whitman took the reins, HP unveiled its initial restructuring plan, which called for a headcount reduction of 27,000.

Must Read: May 22 Premarket Briefing: 10 Things You Should Know

HP said the reductions would save an extra $1 billion annually by the fiscal year through October 2016 and reap 2-3 cents per share of savings in the year through October 2014.

HP posted fiscal second-quarter earnings in-line with estimates but revenue that fell short of Wall Street forecasts.

HP shares fell 0.3% in premarket trading to $31.69.

5. -- Google (GOOG - Get Report) is developing a new, cutting-edge tablet as it continues to experiment with advanced vision capabilities for mobile devices, The Wall Street Journal reported.

The company plans to produce about 4,000 of the prototype tablets beginning next month, the Journal reported, citing people briefed on the company's plans. The device would come with a 7-inch screen and will be equipped with two back cameras, infrared depth sensors and advanced software that can capture precise three-dimensional images of objects, the people said.

The tablet is being developed as part of a Google research effort dubbed Project Tango. It could be released ahead of the company's annual developer conference scheduled for the end of June, a person familiar with the effort told the Journal.

Google shares rose 0.5% in premarket trading to $548.

6. -- General Motors (GM) is telling Wall Street that a recent spate of recalls may last until mid-summer as the camaker continues to review unresolved safety issues, The Associated Press reported.

The news comes a day after the AP learned that GM CEO Mary Barra told members of Congress that the company can't make ignition switches fast enough to keep up with demand in its recall of 2.6 million small cars.

The stock fell less than 1% in premarket trading on Friday.

7. -- Uber, the start-up whose mobile app connects people with drivers for hire, is in discussions with a group of fund managers for a large investment that could value the five-year-old company at more than $12 billion, people familiar with the matter told the Journal.

Uber is talking this week to several firms to raise near or above $500 million in funding, the people said. Possible investors include hedge funds, mutual fund BlackRock (BLK) and private-equity firms General Atlantic and Technology Crossover Ventures, the people said.

8. -- Gap (GPS) said first-quarter profit fell 22%, as the clothing retailer's results were hampered by foreign currency fluctuations and a slow start to spring selling.

The company, however, reiterated its annual profit outlook.

Gap shares fell 0.5% to $40.65.

9. -- Foot Locker (FL) posted first-quarter adjusted earnings of $1.11 a share, ahead of estimates of $1.06 a share.

The stock rose 3% in premarket trading to $49.61.

10. -- Barclays (BCS) has been fined 26 million pounds ($43.7 million) by British regulators for management failings that allowed an employee to make inappropriate trades in the gold market.

The stock rose 0.7% in premarket trading to $16.57.

>> Read More: Apple's 7:1 Stock Split: Take a Bite Before June 2

>>Read More: How to Save Money on Rising Gas Prices This Memorial Day Weekend



-- 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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