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May 29 Premarket Briefing: 10 Things You Should Know

Updated from 6:52 a.m. EDT

Here are 10 things you should know for Thursday, May 29:

1. 
-- U.S. stock futures were pointing to modest gains on Wall Street Thursday as global stocks mostly fell ahead of data on U.S. economic growth.

European stocks traded mixed. Japanese shares bucked the losing trend in Asia and rose 0.1%.

2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, the second estimate of first-quarter gross domestic product at 8:30 a.m., and pending home sales for April at 10 a.m.

3. -- U.S. stocks on Wednesday settled lower on Wednesday following Tuesday's record close for the S&P 500.

The Dow Jones Industrial Average fell 0.25% to 16,633.18, while the S&P 500 lost 0.11% to close at 1,909.78. The Nasdaq slid 0.28% to 4,225.08. 

4. -- Apple  (AAPL) agreed to buy Beats Electronics for $3 billion, as the tech giant makes a historic purchase, bringing another major brand under its umbrella.

The purchase will include Beats Music and Beats Electronics, which makes the popular Beats headphones, speakers and audio software. As part of the deal, Apple is paying $2.6 billion in cash, and about $400 million in equity that will vest over time.

Beats executive Jimmy Iovine and Beats co-founder Dr. Dre will join Apple.

Apple shares rose 0.3% in premarket trading on Thursday to $625.84.

5. -- Raymond DeGiorgio, an engineer at General Motors (GM) who is at the center of accusations that the company covered up a deadly defect, appeared distraught during lengthy questioning by congressional investigators, according to people familiar with the session, The New York Times reported.

DeGiorgio, who was suspended last month with pay, has not spoken publicly since GM acknowledged the ignition switch defect in February and began recalling millions of Chevrolet Cobalts, Saturn Ions and other models. The automaker has linked the defect to 13 deaths.

A House staff aide said that DeGiorgio, 61, appeared "genuinely upset" about the deaths and about his inability to connect the ignition switch problem with the failure of air bags to deploy, the Times reported.

Analysts were expecting earnings of $1.10 a share

Same-store sales in the quarter rose 6%, Costco said.

Costco shares fell 1% to $113.11 in premarket trading.

7.
 -- Teen retailer Abercrombie & Fitch  (ANF) posted on Thursday an adjusted first-quarter loss of 17 cents a share; analysts were expecting a loss of 19 cents a share.

The stock rose 7.9% in premarket trading to $37.90.

8. -- Palo Alto Networks (PANW), the cybersecurity company, posted fiscal third-quarter results on Wednesday that topped Wall Street estimates.

The company also said it settled patent litigation with Juniper Networks (JNPR) and will pay a one-time settlement of $175 million.

Shares of Palo Alto Networks rose 13.2% to $78.70 in premarket trading.

9. -- Amsurg (AMSG), the operator of surgery centers, said Thursday it would buy Sheridan Healthcare from private-equity firm Hellman & Friedman in a cash-and stock-deal valued at about $2.35 billion.

10. -- The 2014 Chevrolet Impala was the only non-luxury car to earn the highest safety rating in new tests of high-tech crash prevention systems, The Associated Press reported.

The Insurance Institute for Highway Safety tested cars equipped with collision warning and automatic braking systems. It gave a "superior" rating to cars that both warned the driver of a potential collision and applied the automatic brakes to significantly slow the cars.

The BMW 5 Series, BMW X5, Mercedes-Benz E-Class, Buick Regal, Cadillac CTS, Cadillac XTS and 2015 Hyundai Genesis also earned "superior" ratings in the test results released Thursday.

>> Read More: US Bancorp Is the Best Big Bank That Everyone Should Be Talking About

>> Read More: Equity Pullback in the Cards but Outlook Will Brighten Later This Year

>>Read More: 5 Momentum Stocks to Watch: Isis, Rite Aid, Cavium, More

-- 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

 

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