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July 8 Premarket Briefing: 10 Things You Should Know

Here are 10 things you should know for Tuesday, July 8:

1. -- U.S. stock futures were pointing to a mixed start for Wall Street as second-quarter earnings season gets underway.

European stocks fell while Asian shares ended the session mixed. Japan's Nikkei 225 index slipped 0.4%.

2. -- The economic calendar in the U.S. on Tuesday includes Consumer Credit for May at 3 p.m. EDT.

3. -- U.S. stocks on Monday declined. The Dow Jones Industrial Average closed 0.26% lower to 17,024.21, remaining just above the psychologically important 17,000 milestone set on Thursday. The S&P 500 slid 0.39% to 1,977.65 and the Nasdaq dropped 0.77% to 4,451.53.

4. -- Samsung said second-quarter operating profit declined 24% from a year earlier to a two-year low.

The South Korean electronics giant said operating income was 7.2 trillion won ($7.1 billion) for the three months ended June 30, down 24% from a year earlier. Analysts were expecting about 8 trillion won. 

Second-quarter sales fell 10% to 52 trillion won.

Samsung will release its full quarterly financial results later in July.

The company blamed the lower profit on the South Korean currency's appreciation against the U.S. dollar and the euro, as well as most emerging market currencies. Samsung also said sales of medium- and low-end smartphones were weak in China and in some European countries because of stronger competition and sluggish demand. 

5. -- Aluminum maker Alcoa (AA) is forecast by Wall Street to report after Tuesday's closing bell second-quarter earnings 12 cents a share on revenue of $5.66 billion. 

6.-- Apple (AAPL) CEO Tim Cook is actively seeking new directors to add to Apple's eight-person board, The Wall Street Journal reported.

Six of the seven outside directors are aged 63 or older. Four of them have served for more than a decade, including two who have been on the board since the late 1990s: former Intuit CEO Bill Campbell and J. Crew Group CEO Millard S. "Mickey" Drexler, the Journal noted.

7. -- Box, the online-storage startup, raised $150 million in funding from private-equity firm TPG and hedge fund Coatue Management, the company said on Monday in a regulatory filing.

The new financing is rare for a company that already has filed for an IPO. The funding values Box at about $2.4 billion, people familiar with the matter told the Journal.

Box filed for an IPO in March but delayed those plans to wait out a period of weakening demand for U.S. technology stocks, the Journal noted.

8. -- General Motors (GM) has resisted recalling almost 1.8 million full-size pickup trucks and sport utility vehicles from the 1999 to 2003 model years for corrosion-related brake failures, saying the issue is one of maintenance, The New York Times reported.

The resistance from the automaker has come even though the National Highway Traffic Safety Administration has been investigating the issue since 2010, and the agency has now received about 1,000 complaints from owners, some of whom report narrowly avoiding crashes.

GM has made 54 recalls this year affecting about 25.7 million vehicles in the United States, according to the Times.

9. -- U.S. authorities have begun settlement talks with Germany's Commerzbank and Deutsche Bank  (DB) over their dealings with countries blacklisted by the United States, Reuters reported.

The talks with state and federal authorities have just begun, a source with direct knowledge of the regulatory investigations told Reuters, and the timing of a deal is unclear.

Last week, the U.S. Justice Department announced that French bank BNP Paribas agreed to pay nearly $9 billion to settle a case over allegations it processed financial transactions for Cuba and other blacklisted states in violation of U.S. trade sanctions.

10. -- Crumbs (CRMB), the cupcake shop, said it will close all its stores a week after it was delisted from the Nasdaq.

"Regrettably Crumbs has been forced to cease operations and is immediately attending to the dislocation of its employees while it evaluates its limited remaining options," the company said. That will include filing for Chapter 7 bankruptcy liquidation.

A press release from the Crumbs Web site in March listed 65 locations in 12 states and Washington, D.C. The Web site had not been updated with notification of the closures late Monday.

-- 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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