Here are 10 things you should know for Tuesday, June 17:
1. -- U.S. stock futures were pointing higher and European shares staged a mild rebound as markets remained cautious as a two-day meeting of the Federal Reserve kicked off Tuesday.
Asian stocks finished the session mixed. Japan's benchmark Nikkei 225 rose 0.3%.
2. -- The economic calendar in the U.S. on Tuesday includes housing starts and building permits for May at 8:30 a.m. EDT, and the Consumer Price Index for May at 8:30 a.m.
3. -- U.S. stocks on Monday finished higher, though gains were constricted by escalating violence in Iraq.
The Dow Jones Industrial Average edged 0.03% higher to close at 16,781.39, while the S&P 500 fared a little better, up 0.08% to 1,937.78. The Nasdaq gained 0.24% to 4,321.11.
4. -- General Motors (GM - Get Report) is recalling another 3 million cars because of a defect that causes a similar problem to one that led to an earlier massive recall of small cars, and is linked to 13 deaths.
The ignition switches in Chevrolet Impalas, Cadillac Devilles and five other models can slip out of the "run" position if the keychain has too much weight on it and the car is jarred, for example, by hitting a pothole. To fix the problem, GM will revise or replace the key.Similar to the 2.6 million small cars GM began recalling in February, drivers of the newly recalled models could experience an engine stall, loss of power-assisted steering and brakes, and the air bags may not inflate in a crash. GM said the latest recall involves six injuries and no deaths, and is related to the design of the key. A mechanical defect in the switch is at the heart of the other recall.
5. -- Apple (AAPL - Get Report) reached a settlement in a civil class-action lawsuit pertaining to the fixing of electronic-book prices.
In a letter to U.S. District Judge Denise Cote, Steve Berman, an attorney representing consumers and some U.S. states, said Apple and the plaintiffs reached an agreement in principle. The exact terms of the settlement are under seal and need to be approved by the court, according to The Wall Street Journal.
Apple faced claims of as much as $840 million, according to reports.
6. -- A bill that would allow electric car maker Tesla Motors (TSLA) to open four showrooms in New Jersey and sell directly to consumers in the state got Assembly approval Monday, The Record reported. The Assembly voted 77 to 0, with one abstention, to approve the bill, which allows manufacturers of zero emission vehicles, the name given to electric cars, to operate four dealerships providing they run at least one service facility in the state, The Record said. 7. -- Adobe Systems (ADBE), the software maker, is forecast by Wall Street to report on Tuesday fiscal second-quarter profit of 30 cents a share on revenue of $1.03 billion 8. -- Top executives from Siemens (SI) and Mitsubishi Heavy Industries are meeting with French President Francois Hollande on Tuesday to discuss their offer to buy parts French engineering company Alstom.
Siemens offered to pay 3.9 billion euros for Alstom's gas turbine business. Japan's Mitsubishi would purchase a 10% stake in Alstom and inject 3.1 billion euros into the struggling company.
Alstom had negotiated a deal to sell its energy business to General Electric (GE) for $17 billion but the French government said the deal wasn't good enough and intervened to delay the signing of the agreement.
9. -- BP (BP) will sign a deal worth around $20 billion on Tuesday to supply China National Offshore Oil Corp. (CNOOC) with liquefied natural gas, CEO Bob Dudley said at a conference in Moscow, Reuters reported.
10. -- Clint Dempsey scored in the first minute and rookie substitute John Brooks scored a late game winner as the U.S. defeated Ghana 2-1 Monday in the World Cup opener for both squads. Adobe's Creative Solutions Will Catapult Shares to the Clouds 4 Big Tech Stocks Getting Big Attention -- Written by Joseph Woelfel To contact the writer of this article, click here:Joseph Woelfel To submit a news tip, send an email to:email@example.com.
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