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May 28 Premarket Briefing: 10 Things You Should Know

Stocks in this article: GOOGFBTOLVRXAGNGSKWDAYKORS

Updated from 6:50 a.m. EDT.

Here are 10 things you should know for Wednesday, May 28:

1. 
-- U.S. stock futures were rising Wednesday and global stocks gained on strong economic data from the U.S.

European stocks were flat to higher. Asian shares ended the session with gains. Japan's Nikkei 225 rose 0.2%.

2. -- The economic calendar in the U.S. on Wednesday is quiet.

3. -- U.S. stocks on Tuesday rose with the S&P 500 hitting a record closing high amid a raft of positive economic data, including rising consumer confidence and service sector expansion. 

The Dow Jones Industrial Average rose 0.42% to close at 16,675.50, while the S&P 500 closed up 0.6% to 1,911.91. The Nasdaq jumped 1.22% to 4,237.07. 

4. -- Google's (GOOG) electric-powered car has been built without a steering wheel, and without brakes or gas pedals. Instead it has buttons for go and stop.

The two-seater won't be sold publicly, but Google said Tuesday it hopes by this time next year, 100 prototypes will be on public roads. The top speed for the cars would be 25 mph.

Sergey Brin, Google's co-founder, discussed the effort at a tech conference on Tuesday in California. 

"It reminded me of catching a chairlift by yourself, a bit of solitude I found really enjoyable," Brin said of his first ride, The Associated Press reported.

Google shares rose 0.2% in premarket trading to $567.32.

5. -- Facebook's (FB) acquisition of messaging service WhatsApp for $19 billion is facing a potential antitrust review in Europe, The Wall Street Journal reported.

The social-network company has approached the European Commission, the EU's central antitrust authority, to ask it to review the blockbuster deal, people familiar with the matter told the Journal. The commission has informed national competition authorities of the request, one of the people said.

The potential inquiry comes amid a rising wave of pressure on big U.S. tech companies in Europe, on fronts ranging from antitrust to privacy and taxes, the Journal noted.

Facebook shares fell 0.3% to $63.30 in premarket trading. 

6. -- Luxury homebuilder Toll Brothers (TOL) posted on Wednesday fiscal second-quarter profit of $65.2 million, or 35 cents a share, up from year-earlier earnings of $24.7 million, or 14 cents a share.

Revenue rose to $860.4 million from $516 million a year earlier.

Homebuilding deliveries rose 67% in dollars and 36% in units during the second quarter. Toll said its average selling price in the second quarter rose about 22% to $706,000.

Toll shares rose 3.3% to $36.82 in premarket trading.

7. -- Valeant Pharmaceuticals (VRX) raised the cash portion of its offer for Allergan (AGN) by $10 to $58.30 a share.

The stock portion of the offer remains the same at 0.83 of a Valeant share for each Allergan share held.

Separately, Valeant said it reached a deal to sell all rights to aesthetic dermatology products Restylane, Perlane, Emervel, Sculptra, and Dysport to Nestle for $1.4 billion in cash.

Valeant fell 0.4% in premarket trading; Allergan rose 0.6% to $166.

8. -- Britain's Serious Fraud Office has opened a criminal investigation into the commercial practices of GlaxoSmithKline (GSK) and its subsidiaries.

The pharmaceutical company has faced a series of investigations into its activities in recent months including a major corruption probe in China. A BBC program last month featured a whistleblower in Poland who alleged that company representatives paid doctors to boost prescriptions.

In a statement issued late Tuesday, GlaxoSmithKline pledged to cooperate with the fraud office and said it is "committed to operating its business to the highest ethical standards."

GSK shares fell 1.6% in premarket trading to $54.10.

9. -- Fashion accessories retailer Michael Kors (KORS)said fiscal fourth-quarter earnings rose 59% from a year earlier. The stock rose 3.1% in premarket trading to $98.70.

10. -- Workday  (WDAY), the cloud software developer, posted a first-quarter loss on Tuesday that was narrower than analysts' estimates as revenue jumped 74% to almost $160 million.

The stock rose 5.9% in premarket trading to $87.

>> Read More: What's Wrong With United Airlines? A Little Bit of Everything

>> Read More: Microsoft, Alliance Data Among Picks for a Rising Rate Cycle

>>Read More: How Apple Will Use the iPhone to Crush Google, Samsung

 

 


WATCH: More market update videos on TheStreet TV

-- 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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