Updated from 6 a.m. EDT
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Here are five things you must know for Thursday, May 11:
1. -- U.S. stock futures declined Thursday as oil prices surged and Wall Street awaited data on the jobs market and wholesale inflation.
The economic calendar in the U.S. on Thursday includes weekly Jobless Claims at 8:30 a.m. EDT, and the Producer Price Index for April at 8:30 a.m. Economists surveyed by FactSet expect jobless claims of 243,000 over the last week. PPI is forecast to have risen 0.2% in April after declining 0.1% in March.
Oil prices in the U.S. early Thursday jumped 1.7% to $48.11 a barrel after West Texas Intermediate crude gained 3.2% on Wednesday, its best one-day gain since December after a weekly reading on U.S. stockpiles showed the largest decline of the year. Brent contracts, the global benchmark, rose 1.5% on Thursday to $50.99.
U.S. stocks on Wednesday finished mixed after Donald Trump's firing of FBI Director James Comey wrapped the White House in another controversy, worrying investors holding out for progress on Trump's business-friendly agenda.
The S&P 500 gained 0.11%, just barely setting a new record close of 2,399.63. The Dow Jones Industrial Average fell 0.16% and the Nasdaq added 0.14%, also posting a new record of 6,129.14.
2. -- Snap (SNAP) - Get Snap, Inc. Class A Report shares were plunging 22% in premarket trading on Thursday after the social media upstart reported a loss of $2.21 billion, or $2.31 a share, in the first quarter, its first as a public company.
Analysts surveyed by FactSet were expecting a first-quarter loss of 21 cents a share. A year earlier, Snap posted a loss of $104.4 million, or 14 cents a share.
Snap attributed the loss in the first quarter to $2 billion worth of compensation-related expenses tied to its initial public offering in March. Of those expenses, CEO Evan Spiegel received a $750 million bonus for taking the company public.
Revenue in the period jumped 286% about $150 million, but still fell short of Wall Street's expected $158 million. Revenue also declined from the fourth quarter, when Snap's total sales were roughly $166 million.
Daily active users, a closely watched number in the report, grew 5% quarter over quarter to 166 million, compared to analysts' projected 168 million. Despite being lower than expected, Snap's user growth improved compared with the fourth quarter, when its DAUs grew 4% quarter over quarter. Still, Snap's user numbers pale in comparison to Facebook, arguably Snap's biggest rival, which just said it reached nearly 2 billion monthly users.
3. -- Earnings are expected Thursday from Kohl's (KSS) - Get Kohl's Corporation Report, Macy's (M) - Get Macy's Inc Report , Dillard's (DDS) - Get Dillard's, Inc. Class A Report and Nordstrom (JWN) - Get Nordstrom, Inc. Report .
4. -- Shares of Straight Path Communications (STRP) fell 22% to $175.10 after Verizon (VZ) - Get Verizon Communications Inc. Report confirmed it would buy the wireless spectrum holder for $184 a share, or about $3.1 billion, edging out its rival AT&T (T) - Get AT&T Inc. Report .
Straight Path has said Monday that an unnamed suitor had raised its bid for the second time to $184 a share, or $3.1 billion, an approach it deemed superior to a prior agreement with AT&T. The Wall Street Journal earlier Thursday reported Verizon was the unnamed suitor.
AT&T said Thursday it wouldn't make any new bids of offers from Straight Path.
Straight Path shares have been rocketing since AT&T said it would buy the company for $95.63 a share, valuing Straight Path at $1.6 billion on April 10. The company's close prior to the original AT&T deal was $36.48, meaning the stock has more than quintupled since bidding began.
The investment follows another $1 billion that Apple already made in the Reno Technology Park facility, according to the Reno Gazette-Journal.
Apple launched the plan to build the Reno data center in 2012, as part of a deal with the city, county and state that would provide $89 million in tax abatements over a decade. The tax benefits would increase with the new investment, the Gazette-Journal said.
The expansion of the Reno facility will help meet demand for iCloud service,Fortune reported in February.
Apple plans to spend $16 billion on data centers, manufacturing equipment, infrastructure and other capital expenditures this year, the company said in its second-quarter report.
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