Updated from 7:07 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Tuesday, Aug. 11:
1. -- U.S. stock futures are sinking as investors consider Google's (GOOG) - Get Alphabet Inc. Class C Report (GOOGL) - Get Alphabet Inc. Class A Report transformation into Alphabet, and worry over China's devaluation of its currency.
European stocks fell lower on Tuesday, led by exporters, after China's surprise currency devaluation, and as an unexpected fall in German investor confidence stoked concerns about the pace of recovery in Europe's largest economy.
In London, the FTSE 100 was down 0.67%, while in Frankfurt, the DAX shed 1.22%. In Paris, the CAC 40 was lower by 1.11%.
Asian stocks were mostly lower, with Tokyo's Nikkei falling 0.42% and Hong Kong's Hang Seng down 0.09%.
China's central bank devalued the country's tightly controlled currency by nearly 2% after a barrage of disappointing economic news over the weekend.
2. -- The economic calendar in the U.S. on Tuesday includes the National Federation of Independent Business Small Business Optimism Index at 6 a.m., nonfarm productivity and costs data at 8:30 a.m., the comparable-store sales Redbook at 8:55 a.m., and wholesale trade numbers at 10 a.m.
3. -- U.S. stocks on Monday jumped in a relief rally as investors clung to hope that the Federal Reserve might not raise interest rates until late 2015 or early 2016.
The Dow Jones Industrial Average (DIA) - Get SPDR Dow Jones Industrial Average ETF Trust Report rose 1.39% to 17,615.17. The S&P 500 (SPY) - Get SPDR S&P 500 ETF Trust Report popped 1.28% to 2,104.18. The Nasdaq (QQQ) - Get Invesco QQQ Trust Report increased 1.16% to 5,101.8.
4. -- Internet search company Google (GOOG) - Get Alphabet Inc. Class C Report (GOOGL) - Get Alphabet Inc. Class A Reportwill morph into a new company, Alphabet, said CEO Larry Page. The new operating structure will be "cleaner and more accountable," Page said in a post on Google's Web page in which he called himself the CEO of Alphabet.
The new plan will allow Alphabet to operate more as a holding company of disparate businesses, and for Google itself (and other businesses like the Nest smart thermostat) to focus on more narrow business issues. That way Google can focus on core advertising and search. Alphabet will handle the big picture.
Market commentators are atwitter about the big structural move, suggesting that Page and Sergey Brin are taking a page from Warren Buffett's playbook, but with some questioning whether this will push the company's stock up only to submerge it again.
In premarket trading, Google's GOOGL share class was rising by 5.7% on the news.
5. -- A Greece bailout deal has been reached "in principle," a spokeswoman for the European Commission said. Greece has been hammering out the specifics of its new bailout, which it wants to have in place by the time a €3 billion debt payment is due to the European Central Bank on Aug. 20.
Greece is seeking refinancing and relief in a new €86 billion ($94.8 billion), three-year bailout.
6. -- On Monday, Warren Buffett's Berkshire Hathaway (BRK.A) - Get BRK.A Report (BRK.B) - Get Berkshire Hathaway Inc. Class B Reportagreed to buyPrecision Castparts (PCP), a manufacturer of aircraft components, its biggest deal ever. Including debt, the deal is valued at $37.2 billion, with Berkshire offering $235 a share, a 21% premium to Precision's Friday close. Berkshire was already one of Precision's largest shareholders, with a 3% stake in the company.
The deal will enhance Buffett's grasp on industrials and may have taken advantage of low oil prices to make a choice acquisition.
Precision Castparts stock rose 19.1% on Monday and was flat in premarket trading. Berkshire stock was fairly unmoved, falling by 0.1% on Monday and dropping 0.54% more in premarket trading.
7. -- China devalued its currency by 2% on Tuesday in a surprise move. The dollar rose in response, and global markets will likely be reverberating as investors consider the significance of the devaluation. China is looking to support its slowing economy and to boost exports.
The central government in China keeps a tight lock on its currency movements.
8. -- Antivirus maker Symantec (SYMC) - Get Symantec Corporation Report is selling its Veritas storage business to a group of investors that includes Carlyle (CG) - Get Carlyle Group L.P. Report. The deal is for $8 billion in cash, according to Reuters. The deal is expected to close on Jan. 1.
Symantec also reports earnings Tuesday after the market close. Its stock was rising by 2.5% in premarket trading.
9. -- Personal finance app Yodlee is being acquired by Chicago-based Envestnet , which makes online tools for investing and personal finance, in a deal valuing Yodlee at $590 million. The deal will be for cash and stock.
Yodlee tracks some bank-to-customer transaction data, something that can be quite valuable to research and investment companies.
10. -- Earnings reports for Tuesday include SPAR (SGRP) - Get SPAR Group, Inc. Report before the opening bell, and Computer Sciences (CSC) , Fossil (FOSL) - Get Fossil Group, Inc. Report and Symantec (SYMC) - Get Symantec Corporation Report after the closing bell.