NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Aug. 13:
1. -- U.S. stock futures were looking sunny this morning, building on a rise in the European markets.
European stocks were bouncing back this morning, ignoring the geopolitical gloom and even the troubling economic climate -- for now, anyway. Germany seemed more interested in first-half results from its biggest utility E.ON
(EONGY) than in the eurozone’s slowing inflation rate. Some countries, including France and Spain, have even been showing deflationary tendencies.
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-- The economic calendar
in the U.S. on Wednesday includes the retail sales report at about 8:30 a.m. and data on business inventories at about 10 a.m., both from the Census Bureau.
-- U.S. stocks
on Tuesday traded slightly down, after a period of consolidation in the afternoon.
The Dow Jones Industrial Average
closed with a loss of 0.06% to 16,560.54. The S&P 500
closed down 0.16% to 1,933.75. The Nasdaq
was down 0.27% to 4,389.25.
-- King Digital
(KING - Get Report)
, maker of the addictive Candy Crush video game, reported weaker second-quarter revenue
than analysts expected. Gross bookings fell by $30 million, or 5%. Earnings per share were 59 cents on revenue of $594 million, short of the expected $608 million.
The hand-wringing immediately began
over whether the company is merely a flash in the pan. King's Chinese-market rollout and its newer video games like Bubble Witch didn't quiet the alarm much.
King stock cratered by 22.8% in premarket trading to $18.20, despite CEO Riccardo Zacconi's promise of a special $150 million dividend for shareholders and a lockup extension for existing shareholders.
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-- Ahead of its IPO, Chinese Internet behemoth Alibaba
(to trade as BABA) restructured its relationship
with payments processor Alipay
, reducing Alibaba's risk in financial services but assuring it of receiving hefty fees. Alibaba is estimated to make $9.4 billion
from the deal at minimum.
Alibaba is partially owned by Yahoo!
, whose stock dropped 0.75% in premarket trading to $35.52.