Updated from 6:57 a.m. EST.

NEW YORK (TheStreet) -- Here are 10 things you should know for Thursday, March 5:

1. -- U.S. stock futures were looking positive on a big drugmaker deal and after two down days in the market.

European stocks were tentatively positive as investors waited for word on the European Central Bank's meeting in Cyprus.

2. -- The economic calendar in the U.S. on Thursday includes the unemployment claims report at 8:30 a.m. Nonfarm business productivity data comes in at 8:30 a.m. Bloomberg's consumer comfort index arrives at 9:45 a.m. Data on factory orders is reported at 10 a.m.

3. -- U.S. stocks on Wednesday closed down after a disappointing ADP payrolls report.

The S&P 500 (SPY) - Get Report closed down 0.44% to 2,098.53. The Nasdaq (QQQ) - Get Report fell 0.26% to 4,967.14. The Dow Jones Industrial Average (DIA) - Get Report dropped 0.58% to 18,096.90.

4. -- Pharmaceutical maker AbbVie (ABBV) - Get Reportwill buyPharmacyclics (PCYC) for $21 billion, it announced. Sunnyvale, Calif.-based Pharmacyclics makes a blood cancer drug, Imbruvica, that is very promising and costs about $9,000 for a month of treatment. Johnson & Johnson (JNJ) - Get Report already owns half of the revenue from the drug due to a prior deal, however.

North Chicago-based AbbVie will pay a 13% premium on Pharmacyclics' closing stock price on Wednesday. AbbVie will host a conference call about the buyout at 9 a.m. EST Thursday.

In premarket trading, AbbVie stock was down 4.6%. Pharmacyclics stock was up 9.5%.

5. -- Brooklyn-based handicrafts Web site Etsy is filing for a $100 million IPO, according to the tech press. The company will likely adjust the amount that it seeks to raise. The company generated $195.6 million in revenue in 2014, though it posted a net loss of $15.2 million for the year.

Etsy seeks to join the Nasdaq with the ticker ETSY.

6. --When PayPal spins off from eBay (EBAY) - Get Report, the online payments company will pursue partnerships with credit card companies and wireless companies, its incoming CEO, Dan Schulman, told investors at a Morgan Stanley conference in San Francisco Wednesday. Schulman has previously worked at American Express (AXP) - Get Report, Virgin Mobile and AT&T (T) - Get Report, so he has a strong grasp of the field in which PayPal could make these deals.

In premarket trading, eBay shares were up 0.27%.

7. -- Citigroup (C) - Get Report has sold a 9.9% stake in Akbank, a Turkish bank, for $1.16 billion. Citi's role in smaller international banks has shrunk in recent years. However, Citi said it wanted to expand operations in Turkey.

Citi stock was up 0.26% in premarket trading.

8. -- The European Central Bank is meeting in Nicosia, Cyprus, to hammer out the details of its $1.2 trillion stimulus. Mario Draghi, the head of the ECB, will need to persuade Europe's various political leaders to cooperate in a plan to fight deflation and boost the eurozone economy.

The euro is at its lowest point against the dollar in 11 years. Meanwhile the European bank deposit interest rate is a negative 0.2% -- depositors pay the banks to hold their funds.

9. -- Scientists at the University of California, Santa Barbara, and at Google (GOOG) - Get Report (GOOGL) - Get Report published a report in Nature on Wednesday that took another step toward building a quantum computer.

If researchers could find a way to use quantum bits ("qubits") in computing, it would greatly improve possible performance in computers. 

Google's GOOGL share class was up 0.2% in premarket trading.

10. -- Data on new unemployment claims will be released at 8:30 a.m. Bloomberg reports that the consensus estimates are for 300,000 new unemployment claims for February. New January unemployment claims clocked in at 313,000.

-- Written by Nora Morrison

Nora Morrison is an editor, writer and researcher on music, popular culture and business. She is an associate editor at TheStreet, and is on Twitter at No Ticker.