Updated to include earnings from Allergan and Valeant.

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Here are five things you must know for Tuesday, May 9:

1. -- U.S. stock futures were rising and European shares traded higher Tuesday in relatively calm trading ahead of earnings from some heavyweights such as Walt Disney (DIS) - Get Report .

Stocks on Monday posted small gains as volatility sank to its lowest level since Bill Clinton was U.S. president. The Volatility Index, often referred to as the fear index, declined by 7.9% to 9.74 on Monday. The index rose slightly early Tuesday,

The S&P 500 rose on Monday to a new record close of 2,399.38. The Dow Jones Industrial Average added 0.03%. The Nasdaq also finished up 0.03% to a new record close of 6,102. 

Asian shares on Tuesday finished the session mixed as South Korean voters cast ballots for a new president. Japan's Nikkei 225 index fell 0.3% while the Shanghai Composite index gained 0.06%. Stock markets in South Korea were closed for the election.

The economic calendar in the U.S. on Tuesday includes the Job Openings and Labor Turnover Survey for March at 10 a.m. EDT, and Wholesale Trade for March at 10 a.m.

Boston Federal Reserve Bank President Eric Rosengren will be the keynote speaker at the Risk Management for Commercial Real Estate Conference in New York at 1 p.m., while Dallas Federal Reserve Bank President Robert Kaplan is scheduled to speak at the Dallas Regional Chamber Lower Middle Market Investment Summit in Dallas at 4:15 p.m.

2. -- Allergan (AGN) - Get Report reported first-quarter adjusted earnings of $3.35 a share, topping forecasts by 4 cents.

Shares of Valeant Pharmaceuticals (VRX) rose almost 12% in premarket trading after the company posted first-quarter earnings of $1.79 a share, smashing forecasts of 87 cents. The company also raised its outlook for 2017 earnings before interest, taxes, depreciation and amortization.

Reports are expected Tuesday from Fossil (FOSL) - Get Report , Office Depot (ODP) - Get Report , Discovery Communications (DISCA) - Get Report , WaltDisney (DIS) - Get Report , News Corp (NWSA) - Get Report , Dean Foods (DF) - Get Report , SeaWorld (SEAS) - Get Report , Priceline (PCLN) , Electronic Arts (EA) - Get Report , Nuance Communications (NUAN) - Get Report , Yelp (YELP) - Get Report  and Nvidia (NVDA) - Get Report  .

Allergan is a holding in Jim Cramer's Action Alerts Plus Charitable Trust Portfolio. Want to be alerted before Cramer or the AAP team buys or sell AGN? Learn more now.

3. -- Walgreens (WBA) - Get Report and Rite Aid (RAD) - Get Reporthave given the Federal Trade Commission until July 7 to reach a decision on their pending merger, which the commission has been giving antitrust scrutiny since December 2015. 

The companies announced Monday they have certified substantial compliance with the FTC's second request for information on their merger plans. Certifying substantial compliance puts antitrust enforcers on a deadline for either clearing a merger or filing a lawsuit asking a judge to stop the deal. Typically the deadline is 30 days, but in January 2016 Walgreens and Rite Aid entered an agreement with the FTC in which the two companies agreed not to close the merger until at least 60 full calendar days after both companies certified substantial compliance.

A number of signs indicate the FTC is inclined to filing a lawsuit seeking to stop the transaction.

Walgreens is a holding in Jim Cramer's Action Alerts Plus Charitable Trust Portfolio. Want to be alerted before Cramer or the AAP team buys or sell WBA? Learn more now.

4. -- Hedge fund Elliott Advisors, which has been pushing Akzo Nobel (AKZOY)  to enter takeover talks with PPG Industries (PPG) - Get Report , said on Tuesday it launched legal action to try to oust Akzo Nobel Chairman Antony Burgmans, Reuters reported.

Elliott, in an open letter, said Akzo Nobel's rejection of PPG's third takeover proposal, worth almost $29 billion, was "a flagrant breach of Akzo Nobel's Boards' fiduciary duties and of Dutch corporate law, and ... an arrogant dismissal of recognized principles of proper corporate governance."

The Dutch paint maker has said PPG's offer undervalues the company and demonstrates a "lack of cultural understanding." Akzo Nobel said it would instead focus on its strategic review plans, unveiled last month, that it feel offer "a superior route to growth and long-term value creation." Those plans include splitting the paints and coatings business from its specialty chemicals group within 12 months and returning the majority of sale proceeds to shareholders. 

Elliott said it filed a suit with Amsterdam's Enterprise Chamber petitioning judges to order an extraordinary general meeting of shareholders to debate Burgmans' dismissal, Reuters reported.

5. -- Amazon.com (AMZN) - Get Report plans to unveil a new Echo speaker with a screen that will incorporate video-calling capabilities, The Wall Street Journal reported, citing people familiar with the matter.

The new device, which is expected to be announced as early as Tuesday, will also allow users to make internet-based telephone calls, according to the people, setting the speaker up to be core to a home's communications.

The new Echo, which will come equipped with a 7-inch touch screen, could start shipping to consumers as early as next month, according to the Journal. It has been in beta testing with employees for a few months.

The new device is expected to be priced at more than $200, according to the Journal. The current Echo speaker, which doesn't have a screen, usually sells for $180.

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