Here are five things you must know for Tuesday, Feb. 13:
1. -- Stocks Under Pressure
U.S. stock futures were under pressure on Tuesday, Feb. 13, following strong gains during the previous session that saw the Dow Jones Industrial Average rise more than 400 points.
Contracts tied to the Dow Jones Industrial Average fell 144 points on Tuesday, while those tied to the S&P 500 declined 13.75 points.
The Dow gained 410 points, or 1.7%, on Monday, Feb. 12, the S&P rose 1.39% and the Nasdaq jumped 1.56%.
Investors were awaiting inflation data from the U.S. on Wednesday, Feb. 14, amid fears that a stronger-than-expected reading could trigger another stock selloff. Economists expect the Consumer Price Index at an annual rate of 1.9% in January, down from 2.1% a year earlier.
The 10-year Treasury note yield traded at 2.831% on Tuesday after rising on Monday to a four-year high of 2.902%.
The economic calendar in the U.S. on Tuesday is again light, with the only highlight being a speech from Cleveland Federal Reserve Bank President Loretta Mester in Dayton, Ohio, at 8 a.m. ET.
2. -- AmerisourceBergen Spikes on Report of Walgreens Interest
Shares of AmerisourceBergen Corp. (ABC) gained 15.3% to $103.10 in premarket trading Tuesday following a Wall Street Journal report that said the drug distributor had been approached about a takeover by Walgreens Boots Alliance Inc. (WBA) .
Representatives of Walgreens CEO Stefano Pessina reached out several weeks ago to representatives of AmerisourceBergen CEO Steven Collis, according to people familiar with the matter, the Journal reported. They discussed the possibility of Walgreens buying the portion of AmerisourceBergen it doesn't already own, though there isn't an offer on the table, the people said.
Walgreens currently controls about 26% of AmerisourceBergen.
The companies are in early-stage talks to combine, the people told the Journal, cautioning that no deal was imminent and there may not be an agreement.
Representatives for both companies declined to comment.
AmerisourceBergen is a pharmaceutical drug distributor, specializing in brand-name and generic drugs, products for home health care and other services to hospitals, health systems and pharmacies.
3. -- Amazon Confirms Layoffs of Corporate Workers
Amazon.com Inc. (AMZN) confirmed it was laying off hundreds of corporate employees at the online retailer's Seattle headquarters.
"As part of our annual planning process, we are making head count adjustments across the company -- small reductions in a couple of places and aggressive hiring in many others," a spokesman told the Seattle Times. "For affected employees, we work to find roles in the areas where we are hiring."
The layoffs, underway now, will fall on several hundred employees at the Seattle headquarters, along with hundreds more elsewhere in Amazon's global operations, one person familiar with the cuts told the Seattle Times. The layoffs are primarily focused on Amazon's consumer retail businesses, according to two people familiar with the matter.
While hundreds of layoffs are modest for a company of Amazon's size, the Seattle Times noted that broad layoffs are rare at the company.
The cuts come after a hiring binge that took the company's Seattle head count to more than 40,000 people, from just 5,000 in 2010, the Seattle Times said.
4. -- GM to Close a Plant in South Korea
General Motors Co. (GM) said Tuesday it would close an underutilized factory in Gunsan, South Korea, by the end of May as part of a restructuring of its operations.
A statement from GM said the automaker has proposed to its labor union and other stakeholders a plan involving further investments in South Korea that would help save jobs.
"As we are at a critical juncture of needing to make product allocation decisions, the ongoing discussions must demonstrate significant progress by the end of February, when GM will make important decisions on next steps," Barry Engle, GM executive vice president and president of GM International, said in the statement.
GM CEO Mary Barra has said GM urgently needs better cost performance from its operations in South Korea, where auto sales have slowed, the Associated Press reported.
South Korea's government expressed "deep regret" over the factory's closure. It said it plans to study the situation at the business and will continue talks with GM, according to the AP.
5. -- Barnes & Noble Trims Staff
The number of affected workers couldn't immediately be determined. Barnes & Noble employed about 26,000 people as of April 2017, according to CNBC.
"[Barnes & Noble] has been reviewing all aspects of the business, including our labor model," a spokeswoman told CNBC. "Given our sales decline this holiday, we're adjusting staffing so that it meets the needs of our existing business and our customers. As the business improves, we'll adjust accordingly."
At Barnes & Noble, 2017 holiday sales fell more than 6% to $953 million.
This article has been updated to include earnings from Under Armour.