Here are 10 things you should know for Wednesday, July 16:
1. -- U.S. stock futures were rising Wednesday ahead of earnings from Bank of America (BAC) and Federal Reserve Chair Janet Yellen's second day of testimony before Congress.
European stocks rose after China reported that its economy expanded 7.5% in the April-June quarter after growing 7.4% in the first quarter.
Asian stocks ended the session mixed.
2. -- The economic calendar in the U.S. on Wednesday includes the Producer Price Index for June at 8:30 a.m. EDT, industrial production and capacity utilization for June at 9:15 a.m., the NAHB Housing Market Index for July at 10 a.m., and the Fed's Beige Book for July at 2 p.m.
3. -- U.S. stocks on Tuesday closed mixed, with the Nasdaq tumbling 0.54% to 4,416.39, dragged down by losses in biotech and social media names after Yellen said some sectors of the markets, notably biotech and social media, were overvalued.
The Dow Jones Industrial Average nudged 0.03% higher to close at 17,060.68, and the S&P 500 slipped 0.19% to 1,973.28.
4. -- IBM (IBM - Get Report) signed an exclusive deal with Apple (AAPL - Get Report) to sell more iPhones and iPads to corporate customers and government agencies.
The partnership calls for the two technology giants to work together on about 100 different mobile applications designed for a wide range of industries. The effort will bring together IBM's big data capabilities with the analytics and user-friendliness of the iPhone and iPad.
Bridget van Kralingen, senior vice president of IBM Global Business Services, said the deal had been worked on for some time.
"We came at this together," van Kralingen said in a phone interview with TheStreet. "We feel really quite strongly about one another's unique positioning. IBM is the gold standard for enterprise, and Apple is the gold standard for the consumer and consumability."
5. -- Bank of America is forecast by analysts to report on Wednesday second-quarter earnings of 29 cents a share on revenue of $21.61 billion.
The bank posted year-earlier earnings of 32 cents a share.
6. -- Intel (INTC), the chip giant, said second-quarter earnings jumped 40%, topping Wall Street forecasts, as revenue rose 8% to $13.83 billion.
For the third quarter, Intel said it expects revenue of $14.4 billion, higher than analysts' estimates of $14 billion. The company predicted a gross margin of 66%, 3 percentage points higher than analysts' expectations.
Intel said it would buy back an additional $20 billion in stock over time, with about $4 billion of those purchases in the current quarter, up up from $2.1 billion in the second quarter.
7. -- eBay (EBAY), the online retailer, is forecast to post earnings of 68 cents a share in the second quarter on sales of $4.38 billion.
8. -- Yahoo! (YHOO) agreed to hold onto more Alibaba shares, once the e-commerce giant goes public on the New York Stock Exchange in what is expected to be the largest-ever initial public offering in the United States.
Yahoo! said Tuesday it reached an agreement with Alibaba that reduces the maximum number of shares it is required to sell in the IPO. Yahoo! now is required to sell 140 million shares, down from a previous requirement that it sell 208 million of its Alibaba shares in the IPO.
Yahoo! also said Tuesday that second-quarter earnings and revenue declined, as the Internet company struggled again with display advertising sales.
10. -- Hershey (HSY) said it's raising prices for most of its products about 8%, on average.
The maker of Kisses, Reese's Peanut Butter Cups and Mounds bars said prices for ingredients such as cocoa, dairy and nuts have risen since the beginning of the year.
Hershey said profit in 2014 would be around the low end of its earlier forecast.
-- Written by Joseph Woelfel
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