Updated from 5:59 a.m. EST
If you'd like to receive "5 Things" in your email inbox every morning, please register for TheStreet Alerts and follow me.
Here are five things you must know for Thursday, Feb. 16:
1. -- U.S. stock futures were pulling back Thursday after Wall Street closed at records again on Wednesday, scoring the longest record-making streak since George H. W. Bush was in the White House.
Current president, Donald Trump, has received the credit for recent gains as he continues to tempt investors with details of a forthcoming though vague tax plan. Also boosting investor sentiment was stronger-than-expected U.S. economic data, which could give the Federal Reserve the impetus to boost interest rates, perhaps as early as next month's central bank meeting.
U.S. stocks ended Wednesday with their fifth record close in a row, the longest record-making streak since a six-session stretch from late 1991 to early 1992.
As for Thursday, the economic calendar in the U.S. includes Housing Starts for January at 8:30 a.m. EST, weekly Jobless Claims at 8:30 a.m., and the Philadelphia Fed Business Outlook Survey for February at 8:30 a.m.
European stocks could be on the verge of snapping their own winning streak of seven days as equities there declined Thursday amid a retreat in the U.S. dollar.
The dollar index, a measure of the currencies strength against a basket of its major trading partners, fell 0.3% to 100.76.
2. -- Snap Inc. set a valuation for itself of between $19.5 billion and $22.2 billion, The Wall Street Journal reported, citing people familiar with the matter, as the parent of messaging app Snapchat nears its initial public offering.
The valuation range, which equates to $14 to $16 a share, is near the low end of the $20 billion to $25 billion range that Snap Inc. had earlier targeted. The company and its underwriters will set a final IPO price based on feedback from investors in a roadshow that is about to begin, according to the Journal.
Even at the low end of the expected valuation range, the Snap Inc. IPO would be the largest U.S.-listed tech offering since Alibaba's (BABA) - Get Alibaba Group Holding Ltd. Report IPO in 2014, according to Dealogic, the Journal noted.
The shares could be priced as soon as March 1, the Journal reported, and begin trading the following day on the New York Stock Exchange under the ticker "SNAP."
3. -- Networking giant Cisco Systems (CSCO) - Get Cisco Systems, Inc. Report posted adjusted earnings of 57 cents a share in its fiscal second quarter on revenue of $11.58 billion, down 2% from a year earlier. The stock rose 1.6% in premarket trading as both earnings and revenue topped analysts' forecasts.
For the April quarter, Cisco guided for revenue to be flat to down 2%, and for earnings in the range of 57 cents to 59 cents a share, in line with consensus estimates.
On its earnings conference call, Cisco said product orders were flat in the second quarter, after having dropped 2% during the previous quarter. Service provider orders declined just 1%, after falling 12% in the prior quarter.
Cisco's mainstay switching business saw revenue drop 5% to $3.3 billion.
Cisco raised its quarterly dividend by 3 cents to 29 cents a share.
"All in, while we view the quarter as relatively in line, we believe this was enough to keep investors satisfied with the recent rally in shares when considering the opportunities that lie ahead, not only within the business (the transformation has shown continued strength, driven by software and security) but also in terms of the macro (tax reform and repatriation)," said Jim Cramer and the AAP team, which holds shares of Cisco in Cramer's Action Alerts PLUS Charitable Trust Portfolio.
Wendy's (WEN) - Get Wendy's Company Reportreported fourth-quarter adjusted earnings of 8 cents a share, missing forecasts by 1 cent. Revenue fell to $309.9 million but slightly topped Wall Street estimates.
Vote totals weren't immediately available Wednesday, according to the Associated Press, but the International Association of Machinists and Aerospace Workers' lead organizer said it's "the workers who dictate what happens next." National Labor Relations Board rules require workers wait a year before another union vote.
The balloting on Wednesday came just two days before Donald Trump was to make the first visit by a sitting president to the complex in North Charleston, where Boeing makes the 787 Dreamliner. Trump will be there to see Boeing roll out the first 787-10 model.